Marketers Agree To Allow Petrol Price Remain At N145

FG plans to increase fuel price to N180 per litre

FG plans to increase fuel price to N180 per litre

Ibe Kachikwu, minister of state for petroleum resources, says it's a shame that Nigeria can not refine its crude oil after 40 years of activities in the downstream.

The meeting, which was presided over by the Chief of Staff to the President, Alhaji Abba Kyari, wss held at the old Banquet hall of the Presidential Villa, Abuja.

Kachikwu said this on Thursday when he appeared before the senate committee on petroleum (downstream).

"The thing is even the Nigerians, who have suffered, will want to be sure that we find a lasting solution and find evidential basis upon which to punish people".

Representatives of the Independent petroleum marketers of Nigeria IPMAN and Depot and petroleum marketers of Nigeria DAPMAN denied reports that the current fuel scarcity was as a result of blackmail by Marketers saying that since October a year ago petroleum marketers have been unable to import petrol due to hike in the landing cost of crude.

Kachikwu made the call yesterday in Abuja during a public hearing organised by the National Assembly Joint Committee investigating the cause of recent fuel scarcity in the country.

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"But the greatest hard in Nigeria is that people make allegations but when you ask for evidence even one, everybody now goes back into the safety nets".

DAPMAN Chairman Dapo Abiodun told State House reporters late that there was no subsidy on petrol at the moment.

This is contrary to claims by the Nigerian National Petroleum Corporation (NNPC) and the Department of Petroleum Resources (DPR) which had both fingered marketers in the scarcity of fuel which marred the Yuletide celebrations for Nigerians.

"He wanted to know the truth and to ensure that this problem will be solved once and for all".

He blamed the crisis on the crude oil price between January and December 2017, which remained relatively stable following the hurricane Katrina in the month of September and October, which left marketers unable to import products and sell at government controlled price of N145 per litre.

The minister vowed that the Federal Government would ultimately address the problem. So you can imagine a situation where NNPC was importing in part and marketers were importing in part and then suddenly NNPC begins to import 100%.

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On his part, President of the Independent Petroleum Marketers Association of Nigeria, Chinedu Okoronkwo, said the meeting reached a resolution that would see the fuel supply problem resolved once and for all. Marketers are your brothers; they are Nigerian citizens; they are businessmen. "Since the price of crude is directly proportional to refined product, we could not import petrol and sell at N145 anymore".

The additional volumes is premised on the prevailing NNPC one-Cargo-per day fuel import arrangement created to guarantee the daily discharge of over 40 million litres of petrol.

The marketers stopped importing the product, making NNPC the sole importer since the removal of Petrol Support Fund (PSF) also known as subsidy.

According to him, a Presidential committee has been set up to look for how to cushion the effect of higher price crude and lower price downstream sales at N145, adding: "It is 18 months plan before private refineries come on stream".

Also in his presentation, the Group Managing Director of the NNPC, Maikanti Baru, enumerated reasons for the scarcity of fuel.

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