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 Petrol sells for N110 at depots

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PostSubject: Petrol sells for N110 at depots   2015-05-28, 04:09

Tankers loading petrol from depots
in Apapa, Lagos are currently paying
between N90 and N110 per litre
instead of the N82 before the
advent of the current scarcity of the
product in the market.
This, according to market sources, is
the reason behind the high prices
for which the product is selling at
filling stations across the country.
Since the National Association of
Road Transport Owners and the
Petroleum Tanker Drivers’ arm of
the Nigeria Union of Petroleum and
Natural Gas Workers called off their
strike, which was called to protest
the debts owed their members by
the petroleum product marketers,
nearly all the filling stations have
refused to sell petrol at the official
pump price of N87 per litre.
The product is currently being sold
for between N150 and N200 per
The Chairman, NUPENG, Lagos Zone,
Alhaji Tokunbo Korodo, confirmed
to our correspondent in a
telephone interview that loading
of products from the depots had
been intensive since the strike was
called off.
This, however, has not led to the
normalisation of the price at the
Korodo described the flow of
product at the depots as seamless,
saying, “For us now, loading is done
24 hours of the day. We are also
doing overnight loading to ensure
more products get to Nigerians.”
A marketer, who belongs to the
Depot and Petroleum Products
Marketers Association, who spoke
to our correspondent on condition
of anonymity, however, said the
supply of petrol “is not much
According to him, tankers are being
attended to on a first-come-first-
serve basis owing to the excess
demand situation, which currently
characterises downstream
Commenting on the high prices for
which the product is being sold at
the depots, the source said, “It will
be difficult to regulate the market
now because we have an abnormal
situation. Fixing the N82 per litre
price for petrol at the depots is not
feasible now. It will take some time
before it will be business as usual.”
Marketers of petroleum products
said on Tuesday that the current
petrol supply challenge would
continue throughout the week.
They also confirmed that loading of
petrol had resumed across board
with members of the Major Oil
Marketers Association of Nigeria
and DAPPMA driving the exercise.
But they told our correspondent
that because of the May 29 public
holiday, the supply hitch was likely
to prevail till next week because
there would not be product loading
on Friday and Saturday.
It was also gathered that Folawiyo,
Capital Oil and Nipco were
championing overnight loading of
petrol at the Apapa depots.
Meanwhile, the leadership tussle
rocking the Independent
Petroleum Marketers Association of
Nigeria has aggravated the scarcity
of refined petroleum products
across the country, the National
President of the body, Mr. Obasi
Lawson, has said.
According to him, the association
controls over 60 per cent of the
retail outlets for refined petroleum
products in the country, adding that
the crisis had prevented most
members of the group from having
access to the products.
For about two weeks now, the
country has witnessed severe
scarcity of petroleum products, a
development that has paralysed
economic activities across the
Lawson said during a meeting of
stakeholders in Abuja on
Wednesday that products meant for
IPMAN members’ filling stations
were diverted to the outlets of the
Major Oil Marketers Association of
Nigeria and the Depot and
Petroleum Marketers Association of
Nigeria as a result of the lingering
leadership crisis.
He said, “IPMAN is a major player in
the downstream subsector of the
oil and gas industry. We control
over 60 per cent of the retail
outlets across the country and we
have over 10,000 members with
over 30,000 petrol stations. What
the masses suffered because of fuel
scarcity was largely caused by the
crisis in IPMAN.
“Before the crisis started in IPMAN,
you will agree that there was no
problem of fuel scarcity for about
three years into the administration
of President Goodluck Jonathan.
“But the suffering started as a
result of this crisis and this is
because we control 60 per cent of
the retail outlets. As a result of the
crisis, we are not getting products
as and when due; the products that
were supposed to come to us were
diverted to MOMAN and DAPMAN.
And as of that time, most of our
petrol stations were not selling.
“It is not that we are not getting
the products, but we get them at
exorbitant prices and we have to
transport them ourselves. It wasn’t
the fault of the Pipelines and
Products Marketing Company, but it
was because we were not united.
They prefer giving products to
MOMAN and DAPMAN that are
Lawson, however, stated that the
crisis had been resolved as a result
due to the intervention of the
Federal Government.
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