Shiraz Gany, the founder of Petrocam Group, disagreed, saying that deregulation had been beneficial for the nation because there were no longer any inefficiencies. Read Full Article
Premium motor spirit, or PMS, is available for purchase at market rates. The government can now invest on necessary infrastructure to improve the nation for Nigerians.
Lagos State residents may soon experience a fuel or petrol shortage as marketers are allegedly closing down filling stations to penalise drivers and other consumers of the commodity.
Yesterday, it was reported that many petrol stations were shuttered as cars checked in to get the goods.
Vanguard claims that after market deregulation, the Nigerian National Petroleum Corporation Limited (NNPCL) gradually lowered the volume of its imports to permit large and independent marketers to participate in importation.
However, it was discovered that the problem spread as a result of marketers’ inability to import, principally as a result of difficulties getting foreign exchange and local market volatility.
“The inability of the marketers to import as a result of NNPC Limited’s reduction in imports, which was intended to enable them to do so, has left a void that needs to be filled.
If many individuals were still purchasing the stuff, the situation may have been very bad. But due to the high cost of gasoline—which now ranges from N568 a litre to N590—many car owners do not drive frequently or have stopped altogether, according to a marketer who spoke to the publication on the condition of anonymity.
Although an operator confirmed that stockpiles had been reduced, a visit to the Ijegun and Satellite depots showed that fuel lifting was still occurring.
The Independent Petroleum Marketers Association of Nigeria (IPMAN) National President, Chinedu Okoronkwo, reportedly told journalists, “We are still loading.”
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) officials were not there to ensure compliance, so it was unclear if all of the supplies withdrawn from the depots were transported to the filling stations.
Patrick Ilo, Chief Executive Officer of Petrocam Trading Nigeria Limited, claimed that despite the difficulties, deregulation was still a wise move meant to boost the downstream industry.
“President Bola Tinubu was aware of deregulation,” he claimed. There are issues, but issues are designed to be resolved; we will get through them, and eventually they will no longer exist. There will, I can assure you, there will be no Fuel scarcity in Nigeria with deregulation”.
Shiraz Gany, the founder of Petrocam Group, disagreed, saying that deregulation had been beneficial for the nation because there were no longer any inefficiencies.
Premium motor spirit, or PMS, is available for purchase at market rates. The government can now invest on necessary infrastructure to improve the nation for Nigerians.
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