According to the General Coordinator of the South-West region of the Nigerian Midstream and Downstream Petroleum Regulatory Authority, Ayo Kadoso, a total of 1.3 billion litres of petrol have been imported into the country.
This information was disclosed during a visit by the Federal Government’s task force team on petrol price compliance to Ijegun tank farms in Lagos.
The 1.3 billion litres of petrol consist of 580 million liters in inland depots and 690 million liters in marine/offshore depots.
Kadoso stated, “We have sufficient fuel in the country. I can assure you that everything will be fine in a few days because we will monitor distribution back-to-back and ramp up enforcement.”
He also reassured the public that the Federal Government was committed to selling products to consumers at a regulated price of N172 per litre.
The National Controller Operations of the Independent Petroleum Marketers Association of Nigeria, Mike Osatuyi, also spoke about the new pricing policy and said, “All of my members are going to load at N172 per litre. But what worries us is that, how can government sustain supplies to the depots, and keep price regulated as promised. But I want to believe that there’s commitment on the part of the government to keep supplies coming in.”
Osatuyi warned all IPMAN members to comply with the new price, as any member who fails to comply will be sanctioned.
It is important to note that the availability of sufficient fuel in the country will have a positive impact on the economy. When fuel is readily available and affordable, businesses can operate more efficiently, transportation costs will be lower, and consumers will have more disposable income.
Additionally, the Federal Government’s commitment to maintaining a regulated price for petrol will help to stabilize the market and prevent price manipulation by unscrupulous individuals or organizations.
The recent import of 1.3 billion litres of petrol into the country is a positive development, and the Federal Government’s commitment to ensuring that petrol is sold to consumers at the regulated price of N172 per liter is commendable. The regulatory authorities must ensure that the distribution of fuel is monitored effectively and that the pricing policy is strictly enforced, so that the benefits of this development are realized by all Nigerians.