July 8, 2020

Petroleum suppliers lament fluctuating fuel pump price

Petrol Subsidy, Subsidy pressures eroding fiscal space — CardinalStone

A fuel pump (stock photo).

By Davies Iheamnachor

PORT HARCOURT: Natural Oil and Gas Suppliers Association Of Nigeria, NOGASA, have decried the repeated changes in the price of petroleum products, adding that it is affecting their businesses.

The National President of NOGASA, Mr. Beneth Okorie, said the present incessant fluctuation of petroleum products pump price does not mean well for the industry, adding that it may lead to unnecessary scarcity.

Okorie, who was represented by Public Relations Officer of NOGASA, Chief Chinedu Ukadike, said it is ironical that when there is a downward review of price refunds are not made to suppliers and marketers.

He lamented that the upward review in pump prices as released by the Petroleum Products Price Regulatory Agency, PPPRA, on 2nd of July, 2020 from N123 to N143 per litre is unbearable to marketers.

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Okorie said: “This incessant up and down monthly review has caused a lot of untold hardship to marketers, suppliers and end-users.

“The depot owners whose petroleum products were purchased at N113.7 per litre are demanding differentials from marketers who had earlier paid them before the increment by PPRA while waiting for loading.”

He regretted that the situation has created crisis in lifting of petroleum products, adding that it may lead to unnecessary scarcity and hoarding of the product by private tank farm owners who insist on loading at the new price.

Okorie, however, promised that the association would support the Federal Government in ensuring distribution of petroleum products to all nook and cranny of the country.

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