Why most marketers temporarily halt fresh supply of petrol — IPMAN

The Independent Petroleum Marketers Association of Nigeria (IPMAN) says uncertainty over petrol prices has forced many marketers to halt fresh purchases, leading to the temporary closure of some filling stations.

The Zonal Chairman of IPMAN, Western Zone, Chief Oyewole Akanni, disclosed this on Sunday, in an interview with the News Agency of Nigeria in Ibadan.

Akanni said that the situation was triggered by the suspension of loading of the Premium Motor Spirit (PMS) at the Dangote Refinery about four days ago.

This, he said, forced marketers to source products from private depots at significantly higher prices.

According to him, the cheapest ex-depot price at private depots in Lagos currently ranges between ₦1,200 and ₦1,220 per litre, excluding transportation costs.

He said that marketers who bought products on Friday paid between ₦1,210 and ₦1,220 per litre.

“The non-availability of fuel at some filling stations and the closure of others are due to fluctuations in the price of lifting fuel from depots.

“Since Dangote Refinery stopped selling PMS about four days ago, private depot owners have increased their prices.

“Many filling stations that have exhausted their stock are waiting to see whether prices will come down when Dangote Refinery resumes sales or increase further.

“Only a few marketers are buying products for now because of the uncertainty,” he said.

Akanni, however, maintained that there was no fuel scarcity, urging motorists and other consumers not to engage in panic buying.

“There is no fuel scarcity, members of the public should not panic.

“Although there is a possibility of an increase in pump price, if the current situation persists,” he said.

The zonal chairman explained that Dangote Refinery neither gave prior notice nor explained the reason for the suspension of sales of PMS to marketers.

Akanni said that four truckloads of petrol meant for his stations had remained at the refinery since the suspension of loading.

“I was supposed to have received four truckloads of PMS since four days ago, but that has not happened because the trucks are at the Dangote refinery, which has not been selling.

“The company is not even loading its own trucks. They are all parked there,” he said.

The IPMAN chairman said that the Nigerian National Petroleum Company Limited (NNPC Ltd) was also affected because it also sourced products from the Dangote refinery.

According to him, private depots are now selling PMS for as much as ₦1,250 per litre, while marketers can obtain products from Nipco and Aiteo at about ₦1,200 per litre.

“The major issue now is the fluctuation in depot prices, which has created uncertainty in the market,” Akanni said.

He expressed hope that normal supply would resume once the situation at the Dangote Refinery was resolved.

NAN reports that many filling stations in Ibadan metropolis are closed, leaving customers puzzled on what was going on.

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