Politics
Oil Marketers Explain Reasons Behind Current Fuel Scarcity
Oil Marketers Explain Reasons Behind Current Fuel Scarcity....KINDLY READ THE FULL STORY HERE▶
During an appearance on Channels Television’s Morning Brief on Monday, Billy Gillis-Harry, President of the Petroleum Products Retail Outlets Owners Association (PETROAN), addressed the ongoing supply challenges faced by oil marketers. He explained that the current constraints mean they can only distribute the limited stock they have……. CONTINUE READING
Gillis-Harry detailed that the primary issue lies in ship-to-ship transfers. Products cannot be delivered to depots until ships have completed their transfers, and consequently, retailers are unable to access these products until they reach the depots.
He stated, “Until we effectively and abundantly resolve our supply challenges, we will remain trapped in this cycle. The NNPC’s communications director has mentioned that the problems are still logistical. Until these issues are sorted, we will continue managing the limited supply we receive.”
Gillis-Harry emphasized that while NNPCL is making efforts to gradually increase product availability, the marketers can only distribute what they receive. He assured that discussions with NNPCL regarding these supply challenges are ongoing.
This clarification comes amidst persistent product shortages, particularly affecting northern regions, which have now extended to the Federal Capital Territory, Lagos, and other states. Prices for petrol have surged to between ₦800 and ₦1,000 per litre at some stations, impacting transportation costs. Some stations have stopped selling petrol, leading to an increase in black market activity.
Reports last week linked the scarcity to debts incurred by the Nigerian National Petroleum Company Limited (NNPCL) with international oil traders. However, Chief Corporate Communications Officer Olufemi Soneye refuted these claims, acknowledging that while debts are common in the oil trading industry, NNPCL is managing its obligations efficiently. Soneye noted that NNPCL Trading maintains several open trade credit lines and is paying invoices on a first-in-first-out basis.
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