IPMAN raises hope of end to fuel supply crises

The President of the Independent Petroleum Association of Nigeria, IPMAN, Mr. Chinedu Okoronkwo, has blamed the persisting crises in the distribution of Premium Motor Spirit, PMS, on artificial scarcity.“This came as checks by Vanguard revealed the cost of PMS still hover between N220 and N260 per liter in some stations belonging to the independent marketers.

“However, Okoronkwo insisted that the hic-ups in the distribution of products has been resolved, and called on marketers to desist from selling above regulated price.“Okoronkwo added, “Currently the higher prices are from marketers selling their old stocks which was purchased before the new agreements was concluded with the Nigerian National Petroleum Company Limited, NNPCL.

"I can assure you they would sell at the regulated price of N169/N170 per liter once they get enough products from NNPCL.“”The situation is a case of surge whereby subsequently it will gradually stabilise, our members have started getting products from NNPCL, with time it will go round.

"Distribution is not in our hands, take an instance, if over 1000 stations are not giving products and it gradually reduce to 500 stations, by the time they complete the 1000 stations, the market, of necessity will find itself.”

He also noted that Nigeria will not experience this fuel crisis again, adding that “NNPCL refinery will have its headquarters at Port-Harcourt and the sufficiency of NNPCL will be enough for the country. Also with existence of Dangote refinery which will commence next year, it will further reduce the issue of fuel crisis in the country.