Newsfront Online …Telling the Public as it is
…Ex-depot price rises to N195 per litre
IN spite of the availability of 1,847,558,138 litres stock of the Premium Motor Spirit (PMS) petrol stock, its scarcity persisted in the country at the weekend.
According to the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) in its document titled: “Petroleum Products Stock & Days Sufficiency Data,” which The Nation obtained in Abuja, the stock could last for 29.85 days.
The report that was dated 4th November, 2022, also pegged the average daily consumption of the product at 60million litres per day. In its breakdown, the data said land based stock, which is closing stock less dead stock, was 578,987,519 litres. It added that marine stock at berth plus offshore was 1,211,963,528 litres while total stock less dead stock 1,790,951,047 litres. Depot dead stock, said the Authority, was 56,607,091 litres.
The NMDPRA said as there was 9.65 days land based sufficiency, marine based sufficiency was 20.20 days, totally 29.85 days sufficiency.
Despite this robust data, only a few retail outlets vended PMS in the Federal Capital Territory at the weekend. While so many of the filling stations were not opened to customers, those that sold it vended with two or three pumps at N175 per litre. Black marketers sold in plastic cans for an average of N3,500 per litre.
Meanwhile, the Independent Petroleum Marketers Association of Nigeria (IPMAN) National Vice President, Alhaji Abubakar Maigandi, noted that the product was also scarce at the depots.
He said the private depot owners have hiked their rates to N190 to N195 per litre instead of the N149 per litre ex-depot price.
The National Vice President said the marketers are compelled to sell the product for N175; N185; N190 regulated rates. Besides, Maigandi revealed that the terrible state of the roads was worsening the fuel crisis.
He said for deplorable roads, it was taking the trucks five to six days to load the product from Lagos. His words: “The PMS has to be scarce. One factor is the condition of the road, especially inside Lagos. Before the trucks can load it takes five to six days.
“Secondly, there is no availability of the product. We have paid some money to the NNPC till now we cannot load. Then the issue of price is there. All these private depots are selling it at N190 to N195 per litre instead of N149 per litre. You know that we are asked to sell this product for N175; N185 or N190 per litre.”
(thenationonlineng.net)
