Updated: NNPC blames fuel scarcity on panic buying, hoarding, marketers disagree

Updated: NNPC blames fuel scarcity on panic buying, hoarding, marketers disagree 

The Nigeria National Petroleum Company Limited (NNPCL) has attributed the ongoing fuel scarcity in the country to panic buying and sharp practices by some petroleum marketers. But the marketers have refuted the claim, asserting that inadequate supply is the primary cause of the persistent scarcity.

The NNPCL assured the public that the fuel queues across the country would disappear by next week.

It stressed that it had sufficient fuel reserves to resolve the scarcity issue. This statement came in response to concerns raised by the Independent Petroleum Marketers Association of Nigeria (IPMAN) and other stakeholders regarding the scarcity.

The NNPC spokesperson, Femi Soneye, had earlier indicated that the corporation had over 1.5 billion litres of petroleum products, enough to last for at least 30 days.

But some individuals were allegedly exploiting the situation for profit.

Petroleum marketers maintained they were not responsible for the fuel scarcity, as they are not importers of petrol. According to the National Vice President of IPMAN, Hammed Fashola, blaming marketers for hoarding petrol was unfounded as they could only divert the product if available.

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Furthermore, Chinedu Ukadike, the National Public Relations Officer of IPMAN, emphasized that independent marketers operate their businesses to maximize profit and return on investment. He highlighted the challenges faced by marketers in ensuring product availability and dismissed allegations of sharp practices.

Similarly, the Executive Secretary of the Major Energies Marketers Association of Nigeria, Clement Isong, acknowledged the existence of sharp practices within the oil sector but argued that it is too simplistic to attribute the fuel scarcity solely to such practices.

To address the fuel scarcity effectively, stakeholders emphasize the need for increased distribution of petroleum products by regulatory authorities. They also call for the involvement of security agencies to deter profiteering and ensure fair distribution to consumers across the country.

Updated: NNPC blames fuel scarcity on panic buying, hoarding, marketers disagree