By Mandy Tina
Some members of the Independent Petroleum Marketers Association (IPMAN) in Rivers State, have blamed the recent scarcity of premium motor spirit (PMS) experienced in Port Harcourt to lack of distribution by NNPC
In an interview with our correspondent, one of the marketers, Dr. Joseph Obele, said for the past two weeks, NNPC had not supplied PMS in the state, adding that marketers are buying from any available source.
Dr Obele said there is a gap between demand and supply of PMS.
“Nigerians had earlier noticed long queues in some filling stations in Lagos on Monday 12, February 2023, as residents feared there might be a fresh scarcity of Premium Motor Spirit.
“The truth of the matter is the fact that we are currently experiencing a supply gap in Nigeria. Quantity demanded is not equal to quantity supplied by NNPC Ltd as the sole importer.
“Here in Port Harcourt, NNPC Ltd has not distributed to marketers for the past two weeks. Marketers are buying from any available third party source. Stations are gradually running dry.
“We call on NNPC Ltd to do something urgently before the scarcity will cause panic”.
He further explained that the recent PM’S shortage in Nigeria is caused by the outrageous landing cost of imported petrol which has surpassed N1,000 per litre as the country’s foreign exchange crisis deepened.
“At the black-market rate of N1,500 per dollar, findings showed the landing cost of petrol, which includes the product’s international price, shipping, insurance, and other charges, increased to N1,009/litre from N720/litre in October 2023.
“The rising landing cost of petrol is a result of the rising FX crisis.
“This has necessitated the government interventions in the market through further subsidy payment as most Nigerians cannot afford the market price for petrol at the current rate without subsidy.
“Continual denial by the Federal Government regarding further subsidy payment is to uphold the integrity and reputation of the statement of Mr President that ‘subsidy is gone’.
“I think the argument will now end going forward since the International Monetary Fund has exposed every fact that Federal Government through the backdoor has resumed the payment of subsidies since last year.
“Fuel price in Nigeria will continue increase arising from the external factors at the international market until our local refineries are functional,” he said.
