OpeOluwani Akintayo Lagos — The Major Oil Marketers Association of Nigeria, MOMAN over the weekend, urged Nigerians to stop panicking…
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*Laments members are “no longer favourites of banks” OpeOluwani Akintayo 18 January 2019, Sweetcrude, Lagos — Inaccessibility to funding is…
Prior to the development, IPMAN members were getting PMS from major oil marketers and depot owners, a situation the independent oil dealers kicked against, as they argued that the association had the highest number of filling stations across the country.
Kachikwu accused some marketers of illegally maximising profit by diverting fuel meant to be supplied in Nigeria.
Kachikwu noted that petrol scarcity was a major concern and Nigerians should not be made to suffer, assuring that the committee would come out with lasting solution to the persistent petrol crisis in the country.
“Sadly, some people have blamed marketers for hoarding products. Unfortunately, this is far from the truth. Hoarding is regarded as economic sabotage and we assure all Nigerians that our members are not involved in such illicit act.
“Right now, the landing cost of the PMS is N154. If you are importing at N305 to the dollar, by the time you add bank charges, it comes to N307 to the dollar. If you apply that to the current crude price, the landing cost is N154-N155. By the time you add all the margins, the pump price is about N160-N167.”
“The key issue is a price war. The marketers have made representation to the Federal Government and the Minister of State for Petroleum Resources, Dr. Emmanuel Ibe Kachikwu, to allow price hike of petroleum products and leave the sector to market forces,” the report noted.
Nigeria was among countries with highest gas flare rates, but a number of Clean Development Mechanism (CDM) projects aimed at appropriate gas utilization have improved the country’s standing in this the regard.
“The government and the NNPC had denied rumours of petrol price increase on several occasions. There is nothing of such for now. And assuming we are incurring losses, we have not complained. We have various roles to play in the country as supplier of last resort even when others are not supplying.”