Despite the production of Premium Motor Spirit, popularly known as petrol by Dangote Refinery, a fresh round of scarcity of the product has hit some parts of the country.
Earlier, Investors King had reported that independent marketers had declared that they would shun Dangote refined fuel for foreign products because they are unable to purchase petrol directly from Dangote Refinery.
To this end, many of the filling stations operated by independent marketers have shut down their facilities, thus creating queues in a few of the stations that are selling petrol.
Scores of motorists and other citizens have been experiencing difficulties purchasing PMS. The situation has also created a lucrative environment for black marketers to make exorbitant profits.
One of the affected states is the Federal Capital Territory (FCT), leaving motorists spending hours to buy petrol.
Findings showed that many filling stations in Abuja did not open, while there were long queues at the few stations that dispensed the product, particularly those operated by the Nigerian National Petroleum Company Limited (NNPCL) and some major oil marketers.
Outlets such as the NNPC mega station on the Katampe axis of the Zuba-Kubwa Expressway, AP station along Aguiyi Ironsi Street in the city centre, and NIPCO filling station also along the Zuba-Kubwa expressway, among others, had massive queues.
Meanwhile, the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has clarified inability of independent marketers to buy directly from Dangote Refinery.
Addressing a media briefing in Lagos, PENGASSAN president, Festas Osifo, explained that the issue stems from a pricing disparity between the costs at which the NNPCL buys PMS and the prices it sells to independent marketers.
Osifo explained that NNPC may purchase PMS at approximately N950, but sell it to independent marketers at around N700, leading to a significant shortfall that NNPC manages.
He said major marketers would buy directly from Dangote at a price similar to NNPCL’s purchase but would need to sell it at a higher price, potentially over N1,000.
He said independent marketers prefer to purchase from NNPCL to take advantage of the lower prices but noted that some crude oil has been tied to loan repayments, limiting the available supply for local consumption.
