Connect with us

Economy And Business

Fuel Scarcity: Nigerians Cry, FG Mute, Brace Up For N400/Litre – IPMAN



Fuel Scarcity

Nigerians are battling with food inflation, and general economic hardship, but fuel scarcity and its rising price has battered the average family in the country. This is as IPMAN has told Nigerians to brace up for N400/liter before the year ends.


Newsonline reports that amid the lamentations of the citizens the federal government has remained mute on fuel scarcity and its rising prices.


On Wednesday, across cities including Ibadan, Lagos, and Abuja, our correspondent gathered that most filling stations are selling above N300 per liter for premium motor spirit (PMS) called fuel in local parlance.


For roadside sellers of fuel in these cities mentioned, popularly called black market, the price of PMS has risen above N400 per liter.


READ ALSO: FG Makes Mother Tongue Language Of Teaching In Primary


In reaction to the biting fuel scarcity and the economic hardship it has imposed on Nigerians and with no end in sight, the National Public Relations Officer, Independent Petroleum Marketers Association of Nigeria (IPMAN ), Chief Ukadike Chinedu, in an interview with a national daily said most IPMAN members, who owned bulk of the filling stations across the country, were now subjected to purchasing PMS at about N220/litre, which was why many outlets currently dispensed at about N250/litre and above.


IPMAN spokesman added that the cost of the commodity had been rising due its unavailability and other concerns in the sector, stressing that consumers should be ready to pay between N350/litre to N400/litre before the end of this year.


While the Federal government has not released a statement to the fuel scarcity and its rising prices, the Nigerian National Petroleum Company Limited (NNPCL) formerly NNPC said there is enough fuel for the next 34 days at least.


Reacting to the concerns around PMS price and its availability, in an advisory issued in Abuja on Wednesday, the Nigerian Midstream and Downstream Petroleum Regulatory Authority, NMDPRA said, “This advisory addresses speculations on the price and availability of Premium Motor Spirit.


“The authority wishes to inform the general public that the Federal Government has no intention of increasing the price of PMS during this period. The Nigerian National Petroleum Corporation Limited has imported PMS with current stock levels sufficient for 34 days.


“Consequently, marketers and the general public are advised to avoid panic buying, diversion of products, and hoarding. In keeping with the authority’s responsibilities as outlined in the Petroleum Industry Act, the authority assures the public that it would continue to monitor the supply and distribution of all petroleum products nationwide especially during this holiday season.”