February 3, 2023

PETROL SHORTAGE: Govt plans new ex-depot price

…As scarcity bites harder in Lagos, improves in Abuja 

…Crisis to normalise in one week —IPMAN

THE Nigerian Midstream and Downstream Petroleum Regulatory Authority, NMDPRA, has concluded plans to emerge with a new ex-depot price of petrol in Nigeria.

The new price, currently over N150 per litre, would guide operations in the downstream sector of the nation’s oil and gas industry.

The Chief Executive officer, NMDPRA, Engr. Farouk Ahmed, did not respond when called repeatedly yesterday.

But checks by Vanguard showed that the decision to emerge with the new price was taken at a crucial meeting of stakeholders on Tuesday this week in Abuja.

Massive importation, monitoring

The government, which was represented at the engagement, also resolved to embark on massive importation of petrol in order to tackle the prolonged shortage.

However, the National Operations Controller of the Independent Petroleum Marketers Association of Nigeria, IPMAN, Mike Osatuyi, who confirmed the development, pledged the support of independent marketers.

In a telephone interview with Vanguard, yesterday, he said: “Every stakeholder has promised to support the government in the implementation of new measures. As independent marketers, we are happy that we would be able lift the product at the same price as the major marketers.

“IPMAN members have agreed to join or support the government in monitoring the entire process of moving the product from one place to another nationwide.”

Expect relief — IPMAN President

Similarly, in another interview with Vanguard, the President of IPMAN, Mr. Chinedu Okonkwo promised that the current fuel crisis would be eradicated within one week.

According to him, “on a global scale, within one week, everyone will have access to the products at normal price of N185 per litre.”

Okonkwo said that issues on price pegging by private depots were discussed, added that transporters and others should bring down their prices.

He said: “There are price modulations, you cannot expect a marketer who bought products from Lagos at N185 per litre to sell at Ibadan at same price, and such private stations might sell between N190 and N200 per litre. The major thing is that price increase of N300, N400, and N500 per litre will not happen again.”