Rumoured fuel scarcity: NNPC cautions against panic buying despite private depot owners’ price hike

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Nigerians face another possibility of fuel scarcity as Independent Petroleum Marketers Association of Nigeria (IPMAN) are reluctant to lift or buy fuel from private depot owners who have increased pump price of fuel from N148/litre to N157/litre.

IPMAN’s National Vice President, Alhaji Abubakar Maigandi said the N9/litre difference, which is about 6.08 per cent increase, has culminated in the gradual withdrawal of sales.

He explained that the marketers were reluctant to lift the product since the Federal Government would not allow them to sell above the regulated band of between N162and N165 per litre.

It has given room to skeletal traces of petrol scarcity in some retail outlets, he said.

Maigandi, however, added that IPMAN has opted to meet the Nigerian Midstream & Downstream Regulatory Authority, Chief Executive Officer (CEO), Ahmed Farouk.

He said the association would ask the Authority to grant members of the association direct product allocations instead of allowing them to depend on a third party.

“If you go round, you will see the queues have started developing because the private depot owners have raised their prices.

Meanwhile, the Nigerian National Petroleum Corporation (NNPC) allayed fears of shortage of product.

Speaking on phone, its Group General Manager, Group Public Affairs Division, Malam Garba Deen Muhammad, said: “We have sufficient product that can last over 30 days. If they are panicking due to the change that followed the reforms, it is unnecessary.”

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