The Federal Government announced on Wednesday that marketers involved in racketeering are responsible for the rising cost and scarcity of Premium Motor Spirit (PMS) in parts of the country. Minister of State for Petroleum Resources Timipre Sylva made the statement while briefing State House correspondents on the outcome of the Federal Executive Council meeting, chaired by President Major General Muhammadu Buhari (retd.) at the Aso Rock Villa, Abuja.
Sylva noted that, although the Nigeria National Petroleum Company Limited (NNPCL) has ensured nationwide fuel supply, challenges persist at distribution points. The ministry has issued directives to end racketeering, which has driven fuel prices upward, but these directives have been ignored, and supply bottlenecks continue. Consequently, Sylva again instructed the regulatory agency to sanction errant filling stations.
In January 2023, the Federal Government raised the petrol price to N185 per litre from N170 per litre. Yet reports indicate that in some states petrol is being sold for as much as N500 per litre. While Sylva insisted that PMS is now available nationwide, he attributed the scarcity to factors beyond his ministry’s control. He assured that the distribution challenges would not affect the February 25 and March 11 elections, adding that NNPCL has guaranteed the Independent National Electoral Commission that petroleum products will be available for the exercise.
The council also approved N117 billion for the construction of the Oloibiri Oil and Gas Museum and Research Center in Bayelsa State. The project, awarded to MSSRS Julius Berger Plc, is expected to be completed within 30 months, marking a milestone six decades after commercial oil was discovered in the region.
Correspondent findings revealed that on Wednesday the price of petrol in Ilorin, Kwara State’s capital, jumped from N350 to between N450 and N500 per litre. Only private petrol stations were selling fuel, while major marketers had no stock to supply motorists.
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