News

Fuel queues loom as Nigerian oil marketers halt imports

Fuel queues loom as Nigerian oil marketers halt imports

Seven oil marketers, who imported Premium Motor Spirit, popularly called petrol, about a month ago, have stopped bringing in the commodity into the market, leading to pockets of scarcity in some parts of the country.

It was gathered on Friday that the only importer of PMS at the moment was the Nigerian National Petroleum Company Limited, as many depots and filling stations now lack petrol, leading to queues in outlets that dispensed fuel.

According to Punch, the last private dealer, Petrocam, that imported petrol into Nigeria recently, cannot sell it due to the return of subsidy on the product and the insistence of the NNPCL not to raise the pump price.

Oil marketers told Punch that before last month, whenever they brought in the product, they would convince the NNPCL to raise the price in line with the landing cost.

READ ALSO:

This was due to the fact that President Bola Tinubu had announced the stoppage of subsidy payment on petrol. The cost of the commodity was raised twice to reflect the real pump price, as marketers resumed its importation at the time.

But following the harsh economic realities in the country and threats by labour unions to ground the economy should petrol price increase again, the government, through NNPCL, stopped raising the cost of the product.

This made the marketers to halt its importation, leaving only the NNPCL to continue importing it.

But the marketers explained that the NNPCL currently had so many retail outlets and was struggling to meet their demands, not to talk of supplying to third parties.

“The depots are dried up. That’s a statement of fact. For more than a month now, no other importer has brought in product except the NNPC,” a marketer, who spoke on condition of anonymity due to lack of authorisation, stated.

The National President, Natural Oil and Gas Suppliers Association of Nigeria, Benneth Korie, had earlier confirmed that a lot of depots were presently out of stock.

Fuel queues loom as Nigerian oil marketers halt imports

Trends Admin

Recent Posts

PH refinery to blend 1.4-million litre petrol daily – NNPC

PH refinery to blend 1.4-million litre petrol daily - NNPC   Rehabilitated old Port Harcourt…

7 minutes ago

Relief as Israel agrees to ceasefire with Lebanon

Relief as Israel agrees to ceasefire with Lebanon    Israeli Prime Minister Benjamin Netanyahu has…

38 minutes ago

US University opens 2025 scholarships for international students

US University opens 2025 scholarships for international students Montana Technological University (Montana Tech) has opened…

15 hours ago

200,000 repentant terrorists surrender, drop arms in North East – CDS

200,000 repentant terrorists surrender, drop arms in North East – CDS The Chief of Defence…

15 hours ago

Canadian university offers funded national scholarship program for 2025

Canadian university offers funded national scholarship program for 2025 Western University has announced that applications…

15 hours ago

Israeli strikes pound central Beirut, suburbs

Israeli strikes pound central Beirut, suburbs BEIRUT: Israeli strikes pounded a densely-populated part of the Lebanese…

15 hours ago