Petroleum depots throughout Nigeria are experiencing a decrease in activity due to a lack of products brought on by fluctuations in the foreign exchange rate. As a result, the landing cost of Premium Motor Spirit (PMS), also known as petrol, has jumped from N651 per litre in August to N720, a development that is making it harder to sustain business operations in the oil industry.
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Stakeholders in Nigeria’s midstream and downstream sectors have urged the Federal Government to address key challenges and outline strategies for a sustainable future in the petroleum downstream sector.
The Independent Petroleum Marketers Association of Nigeria, IPMAN. says the management of the Nigerian National Petroleum Company Ltd. NNPCL has allocated petrol to its members directly to ease scarcity.
The Independent Petroleum Marketers Association of Nigeria (IPMAN) debunked the insinuations that marketers of Premium Motor Spirit, popularly called petrol, are getting set to shut down operations beginning from Monday once the government starts the enforcement of the N195/litre pump price.
Blackmarket petrol now goes for six hundred naira (N600) per litre in the Federal Capital Territory, FCT, Abuja.
Not surprising, petrol now sells for four hundred naira (N400) per litre in the Federal Capital Territory, FCT, Abuja.
There’s the possibility that Petrol Tanker Drivers may embark on strike as this action, if it eventually happens, would worsen the already existing fuel scarcity witnessed in mainly Lagos State and the Federal Capital Territory, FCT, Abuja.
The Independent Petroleum Marketers Association of Nigeria (IPMAN) has advised Nigerians to stop the panic buying of Premium Motor Spirit.
The Federal Government has said it has now taken a back seat in the issue of petrol pricing in the country.
Fuel marketers have kicked against the N5 reduction in petrol pump price announced by the Federal Government of Nigeria on Tuesday.
