The Nigeria National Petroleum Corporation (NNPC) has attributed the ongoing fuel scarcity in the country to panic buying and sharp practices by some petroleum marketers. However, petroleum marketers have refuted these claims, asserting that inadequate supply is the primary reason for the persistent scarcity.
The NNPC has assured the public that fuel queues across the country will dissipate by next week, affirming that it possesses sufficient fuel reserves to resolve the scarcity issue. This statement comes in response to concerns raised by the Independent Petroleum Marketers Association of Nigeria (IPMAN) and other stakeholders regarding the scarcity of petroleum products.
Earlier assurances from the NNPC spokesperson, Femi Soneye, indicated that the corporation had over 1.5 billion litres of petroleum products available, enough to last for at least 30 days. However, some individuals were allegedly exploiting the situation for profit.
Despite these assurances, petroleum marketers argue that they are not responsible for the persistent fuel scarcity, as they are not the importers of petrol. According to the National Vice President of IPMAN, Hammed Fashola, blaming marketers for hoarding petrol is unfounded, as they can only divert the product if it is available.
Furthermore, Chinedu Ukadike, the National Public Relations Officer of IPMAN, emphasized that independent marketers operate their businesses to maximize profit and return on investment. He highlighted the challenges faced by marketers in ensuring product availability and dismissed allegations of sharp practices.
Similarly, the Executive Secretary of the Major Energies Marketers Association of Nigeria, Clement Isong, acknowledged the existence of sharp practices within the oil sector but argued that it is too simplistic to attribute the fuel scarcity solely to such practices.
To address the fuel scarcity effectively, stakeholders emphasize the need for increased distribution of petroleum products by regulatory authorities. They also call for the involvement of security agencies to deter profiteering and ensure fair distribution to consumers across the country.
