A Review of the Nigerian Energy Industry

IPMAN blames hoarding, panic buying for fuel crisis

*Fuel queues return to Nigerian filling stations.

Ike Amos

08 December 2017, Sweetcrude, Abuja — Independent Petroleum Marketers Association of Nigeria (IPMAN), Thursday, blamed the ongoing fuel crisis partly on panic buying and majorly on the hoarding of products by some depots owners and marketers.

According to a statement in Abuja after a brief meeting with officials of the Nigerian National Petroleum Corporation, NNPC, National Secretary of IPMAN, Mr. Danladi Pasali, disclosed that despite the availability of the products in the country, some depots owners take advantage of the high demand for petrol during the festive period to create artificial scarcity in order to dupe Nigerians.

He reminded NNPC of the hitches in the current distribution system which allows some depots owners to determine prices on products that belongs to NNPC, while he assured the NNPC of the readiness of its members to assist in ensuring smooth distribution once the products are made available to them and at the affordable prices.

He said, “We are calling all our members that engaged in sharp practices to desist in doing so in the interest of the masses and country in general.”

He, however, urged the Department of Petroleum Resources, DPR, and other regulators in the petroleum downstream sector to exercise their civic responsibility by increasing their supervisory role on the marketers at all levels.

He also acknowledged the efforts of NNPC and the Nigerian Petroleum Marketing Company, NPMC, for taking the lead in restoring sanity into the system, more especially reviving the depots such as the Ibaban and Ejigbo-satellite depots.

He also acknowledged revival of Kaduna and Warri refineries, which he said would encourage smooth distribution of petroleum products to other parts of the country.

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