Politics
Marketers Announce Petrol Imports To Address Supply Shortage
Marketers Announce Petrol Imports To Address Supply ShortageOil marketers have reported that the production of Premium Motor Spirit (PMS), commonly known as petrol, from the Dangote Petroleum Refinery is currently insufficient to meet domestic needs. As a result, dealers will need to import petrol to supplement supply from the $20 billion Lekki-based facility.....KINDLY READ THE FULL STORY HERE▶
During a press briefing, industry representatives, including the Trade Union Congress (TUC), expressed concerns over the refinery’s output. They claimed it is producing approximately 10 million litres of petrol daily, significantly lower than the promised 25 million litres.
When the refinery began distributing PMS on September 15, the Nigerian National Petroleum Company Limited (NNPCL) indicated it would load 16.8 million litres from Dangote, contrary to earlier announcements of 25 million litres per day.
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) had previously stated that the refinery would start supplying 25 million litres of petrol daily in September, with plans to increase that to 30 million litres in October. However, marketers are now calling for the refinery to enhance its production levels or for the NNPC to source petrol from alternative suppliers.
TUC President Festus Osifo emphasized the urgency of ensuring petrol availability, stating that if Dangote’s production falls below 15 million litres daily, it is inadequate to meet demand. He urged the exploration of other sourcing options to bridge the gap until the refinery can meet production targets.
Concerns over supply levels have been echoed by oil marketers, with one claiming that actual output from Dangote’s facility is not even reaching 10 million litres. This has contributed to confusion in the downstream oil sector, with reports that the NNPCL currently lacks vessels to import additional petrol.
The high price of petrol and diesel has reportedly reduced consumption, preventing widespread queues at fuel stations, as many consumers are opting to limit their vehicle use.
In response to the situation, the Independent Petroleum Marketers Association of Nigeria (IPMAN) has started acquiring tank farms in Calabar and Lagos to facilitate future importation of PMS. Their National Vice President, Hammed Fashola, indicated that the association would soon secure import licenses as well.
Fashola defended the need for importation despite government efforts to regulate supply, arguing that full deregulation is essential to prevent monopolistic practices that would disadvantage consumers.
As the oil market faces these challenges, discussions about the balance between local production and imports continue, with a focus on ensuring competitive pricing and availability for consumers.
IPMAN has initiated loading operations with NNPCL, although concerns remain regarding pricing and the adequacy of supply, highlighting the complexities facing Nigeria’s oil sector.
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