In the face of a continued fuel scarcity that has ravaged Nigeria, The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) have recently encouraged the Nigerian government to revoke the license of fuel marketers that have decided to sell above the official price. In a statement jointly signed by the president and secretary of the association, Festus Osifo and Lumamba Okugbawa respectively, the association noted that there was no justification to exploit the present situation and subject the populace to immense difficulties by inflating fuel prices.
Recall that in June last year, the federal government fixed the petrol price at N165 per liter, as stipulated in the petroleum product pricing template. This announcement was as a result of the disruption in the supply chain of petroleum products across the country, where all filling stations sold petrol for inflated prices. A month later, the marketers of the oil industry reportedly gave the federal government an ultimatum for retaining the N165 per liter price.
PENGASSAN to collaborate with stakeholders to curb this exploitation.
According to the marketers, it was imperative for the commodity price to be sold at an approved ex-depot price across the various depots in the country, regardless of whether privately owned or government owned. This, they noted would enable filling stations in the country to sell petrol at the official N165 per liter price. The marketers were critical of private depots selling the product at a higher rate of N160 per liter, above the approved rate, making it impossible to keep the price at the approved N165 per liter. With the inflated prices of petrol now out of control, PENGASSAN however insisted that it would collaborate with other stakeholders to ensure that Nigerians are not exploited.
On the scarcity, many roads and household users across the country are presently witnessing a tough time getting petrol. Despite the government claiming to have sufficient petroleum products in stock, the scarcity has somehow persisted. Last Tuesday, President Buhari approved the formation of a 14-member committee to look into the efficiency of distributing these petroleum products across the country. The NMDPRA also attributed the scarcity situation to a disruption in distribution chains caused by cross-border smugglers.
Scarcity, data shows Nigeria has sufficient fuel to last 30 days.
Despite the federal government’s claim of sufficient fuel reserves, reports suggest that Nigerians have continuously suffered the brunt of this fuel scarcity. Experts in the oil sector aver that fuel scarcity will continually be a resurfacing problem if the pricing issue is not addressed. The issue of subsidy, where the government regulates prices and spends trillions that it cannot afford yearly on subsidizing the petrol price pose as a major problem. As a result of the country’s lack of functioning oil-producing refineries, the government owned NNPC have been the only importer of petrol into the country, with most private companies withdrawing as a result of the subsidy challenges. This has also posed a serious problem to the oil industry in the country.
The association explained that by available data, there was fuel sufficiency to last about 30 days in the country and as such, there was no basis for the hardship and scarcity that Nigerians were subjected to. The Union importantly empathized with the populace on the cumbersome situation that the scarcity and drastic inflation of PMS price had caused. In the statement, the union further pointed out that they had been following up with their members in the NNPC Trading Limited who were responsible for allotting these products to marketers and their teaming members in numerous depots and terminals across the country who are also responsible for issuing cargo clearance, routing inspections, metering calibrations, record keeping to ensure that they responsively carry out their functions.
Overbearing marketers deploying paradigms to create artificial scarcity.
Union further noted that though they were aware that the parameters imputed into the NMDPRA template had undergone changes due to the economic oddities such as exchange rate fluctuations, hiring cost of vessels and AGO cost, there still was no sufficient justification for the inflated price of petrol. The association admitted that while some of the marketers were good enough to play truthfully by the rules, other overbearing marketers had deployed paradigms to create artificial scarcities, in a bid to inflate the fuel price. They however urged the management of NMDPRA to enforce the availability of petrol at the official price to all marketers.
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Marketers keeping fuel to have license revoke – PENGASSAN says there is no justification for inflating petrol price. – Express your point of view.
It is obvious that the market want the federal government to dance to their tone. It will be better if their license are revoked for unnecessarily hoarding and inflating petrol price to serve as a lesson.
Every marketers hoarding and inflating the petrol price unjustifiably should have their license revoked to serve as a deterrent. These are the corruption we are talking about.
Why are the marketers really keeping the fuel and causing artificial scarcity. It is so pathetic. Still, the government is doing nothing concerning it.
Why are marketers hiding the fuel and creating an artificial shortage? The administration has still taken no action.
The government should not let the marketer opinion win anyone keeping fuel among their license should be revoke to serve as lesson to other the inflation of the fuel price is too much
As advised, government should revoke the license of fuel marketers that have decided to sell above the official price. This is pure wickedness
Market participants evidently want government to respond to their rhythm. As a deterrent, it would be best if their business licenses were taken away if they were found guilty of artificially inflating the price of gas.
the licenses of fuel marketers in Nigeria who have chosen to sell at prices higher than the official price, which will be revoked by the government of Nigeria.
There was no reason for taking advantage of the current circumstances and putting a significant amount of stress on the general population by increasing the cost of fuel.
The market’s need for government compliance is plain to see. For the sake of sending a message, it would be best if their business licenses were canceled for fuel price gouging and hoarding.
As a deterrence, all gas station owners whose employees hoard fuel and artificially raise prices should have their business licenses removed. This is the kind of wrongdoing we’re referring to.
As a result of the interruption that occurred in the supply chain of petroleum products across the country, this announcement was made.
Because of the shortage, many drivers on the highways and others who use their cars for home purposes are currently having a difficult time obtaining gasoline.
Despite the federal government’s declaration of substantial gasoline reserves, studies imply that Nigerians have consistently faced the brunt of this fuel scarcity
Nice that the PENGASSAN has reiterated that it will work with other stakeholders to protect Nigerians from being taken advantage of, despite the fact that the spiraling increase in the price of gasoline is now completely out of control.
Marketers keeping fuel to have license revoke. Nigerians always take advantage of any bad thing that happens
While some marketers were honest and played by the rules, the group acknowledged that others had used paradigms to create artificial scarcities and artificially boost the price of petrol.
This notification was made as a result of the nationwide disruption in the supply chain for petroleum products, which caused all gas stations to overcharge for gasoline.
It is obvious that the market requires government conformity. It would be ideal if their company licenses were revoked for price gouging and fuel hoarding in order to make a statement.