A Review of the Nigerian Energy Industry

Oil marketers promise steady flow of PMS nationwide

08 September 2012, Sweetcrude, ABUJA – NIGERIA’S oil marketers on Friday in Abuja promised to ensure steady supply of petroleum products in the country.

They urged Nigerians to shun rumours and panic buying of the products.

Mr Dipo Makanjuola, General Manager, Folawiyo Energy Limited, gave the assurance when he addressed newsmen after a meeting with Minister of Finance, Dr Ngozi Okonjo-Iweala.

“We have resolved to collaborate with government in the effort to sanitise the system.”

He added that the ongoing verification of outstanding claims by a firm of auditors would be concluded by the end of next week for payment to commence afterwards.

“We are all basically on the same page. We hope that subsequently, we can move from there and continue to support government on the challenge.

“We want to assure Nigerians that there is no need for panic buying. There is adequate product in the country and distribution will be done,” he said.

Mr Venkataraman Venkatapathy, Managing Director, NIPCO Plc, said the meeting had made the marketers to appreciate what the government was facing.

“We have understood the position of government and it is very encouraging to know that there is enough support for us, and I am also happy to say that we have received most of the payments.

“As far as NIPCO is concerned, there is no product scarcity from our terminal. Be assured that we will be supporting government’s initiatives.

“There is no cause to panic, with time and continued discussion, Nigerians will be happy with no scarcity”, he said.

Also, Mr Yomi Awobokun, Chief Executive Officer of Oando Marketing Plc, said the marketers were happy with the ongoing verification of their claims, adding that the ministry had assured them that the government was not broke.

“We are doing everything we can to ensure that distribution continues, we will continue to distribute the products.

“The NNPC has been very supportive; there is a lot of oil in Apapa”, he said.
Mr Francois Bussagol, Managing Director of Total Nigeria PLC, also said there was no reason to panic, adding:”I am confident that the normal process of importation will resume very soon.”

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