– Cautions against panic buying
Mkpoikana Udoma
Port Harcourt — The Independent Petroleum Marketers Association of Nigeria says fuel scarcity which was already being experienced in other parts of the country, can be averted if marketers are allowed to sell product at N185 per litre and above.
IPMAN Chairman in Rivers State, Dr Joseph Obele, cautioned that there was no need for panic buying by residents of the State, since marketers still had old stock which would last for the next one week.
Obele in a chat with our correspondent, however, explained that once the old atock runs out, marketers will have to buy product from depots at N163 per litre and sell at N180 and N190 per litre, otherwise, there will be scarcity.
According to him, residents of Rivers State have no reason to engage in panic buying at the moment, as the scarcity was not yet telling hard on Rivers State.
“However, in the next seven to eight days, it will be telling hard on Rivers State, the private depots (our buying source) are selling at N163 per litre as at today, and the government directive to us as marketers, is to sell at the rate of N165 per litre.
“We cannot be buying product at N163per litre and sell at N165, hence we can only sell at N180 to N190 per litre.
“So if we agree to buy at N163 to sell at N185, then there won’t be any scarcity but if the public insist that we must sell at N165 then there will be scarcity in Rivers State.”
Obele who is also the governorship candidate of the AAC in Rivers State, further explained that marketers should not be blamed, but the landing cost of PMS and non functioning of the nation’s four refineries.
“Fuel price has increased in the international market and the landing cost to Nigeria as at last week is over N200 per litre. This is because our refineries are not working and we have been importing from the international market for a long time.
“So we shouldn’t blame marketers for what is about to come. The fuel scarcity will persist for a long time and it’s already biting hard in other states in Nigeria, but for people in Rivers State there is no need for panic buying because we have sufficient product in stock and we’re still selling at the old rate.
“But if we go out of stock in the next few days, that means we will have to buy at the new rate of N163 and sell at N185.”
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