Fuel price uncertainty forces marketers to temporarily halt supply — IPMAN

The Independent Petroleum Marketers Association of Nigeria says uncertainty over petrol prices has forced many marketers to halt fresh purchases, leading to the temporary closure of some filling stations.
The Zonal Chairman of IPMAN, Western Zone, Oyewole Akanni, disclosed this in an interview with the News Agency of Nigeria on Sunday in Ibadan.
Akanni said the situation was triggered by the suspension of loading of Premium Motor Spirit (PMS) at the Dangote Refinery about four days ago.
He said the development had forced marketers to source products from private depots at significantly higher prices.
According to him, the cheapest ex-depot price at private depots in Lagos currently ranges between N1,200 and N1,220 per litre, excluding transportation costs.
He added that marketers who bought products on Friday paid between N1,210 and N1,220 per litre.
“The non-availability of fuel at some filling stations and the closure of others are due to fluctuations in the price of lifting fuel from depots.
“Since Dangote Refinery stopped selling PMS about four days ago, private depot owners have increased their prices.
“Many filling stations that have exhausted their stock are waiting to see whether prices will come down when Dangote Refinery resumes sales or increase further.
“Only a few marketers are buying products for now because of the uncertainty,” he said.
Akanni, however, maintained that there was no fuel scarcity, urging motorists and other consumers not to engage in panic buying.
“There is no fuel scarcity. Members of the public should not panic.
“Although there is a possibility of an increase in the pump price if the current situation persists,” he said.
The zonal chairman said Dangote Refinery neither gave prior notice nor explained the reason for the suspension of PMS sales to marketers.
Akanni said four truckloads of petrol meant for his filling stations had remained at the refinery since the suspension of loading.
“I was supposed to have received four truckloads of PMS four days ago, but that has not happened because the trucks are at the Dangote Refinery, which has not been selling.
“The company is not even loading its own trucks. They are all parked there,” he said.
The IPMAN chairman said the Nigerian National Petroleum Company Limited was also affected because it sourced products from the Dangote Refinery.
According to him, private depots are now selling PMS for as much as N1,250 per litre, while marketers can obtain products from Nipco and Aiteo at about N1,200 per litre.
“The major issue now is the fluctuation in depot prices, which has created uncertainty in the market,” Akanni said.
He expressed hope that normal supply would resume once the situation at the Dangote Refinery was resolved.