Business
Why Fuel Scarcity Won’t End In Nigeria – PETROAN President
Joseph Ovoboguono Ediruo Report
Scarcity of petroleum products will continue to be an issue in Nigeria until local refining capacity is improved, the President of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), Billy Gillis-Harry, has said.
“The reality is that until we have our local refining capacity improved, efficient and in consistent production, we are not going to be able to say this is when this is going to end,” he said on Channels Television’s Sunrise Daily Programme on Thursday.
Gillis-Harry stated that product unavailability and logistic challenges are some of the reasons for recurring fuel scarcity, especially in Abuja, Lagos, and other parts of the country.
He blamed the recent floods for the scarcity of premium motor spirit also known as petrol in Abuja and other places in the North-Central as the roads are impassable.
The PETROAN president, however, attributed Lagos fuel scarcity to unavailability of the product at depots. “As far as Lagos is concerned, if there is a scarcity or price issue in Lagos it is simply based on the fact that there are no products in the depots, that’s the reality,” he said.
On the hike in prices of petroleum products, he said, “Let me explain this to all of us, petroleum product pricing is supposed to be dynamic in the sense that if we bought from (Pipelines and Products Marketing Company Limited) PPMC depots at PPMC price, everybody is expected to sell in their retail outlets at N165.
“But if we had to buy from other depots who had bought from the PPMC and had to ship it and go through the necessary protocols of delivering it to the depots from where we have to take it, the price will be higher because the cost is dollarised, everything about petroleum products is dollarized that is just what is happening.”
-
News5 days ago
EFCC slams Edu, Farouq, Shehu, says N32.7bn, $445,000 recovered from humanitarian ministry
-
Politics4 days ago
Work On Akaba-Okodi Road Impressive, Says Gov Diri
-
Crime4 days ago
Oyo State Police Mentions Names Of Who Invaded Oyo Sate Secretariat
-
News4 days ago
Nigerians Calls On Pastor Enenche Paul To make Apology To his Church Memeber Who He Embarrased While Giving Testimony
-
Entertainment5 days ago
Junior Pope: ‘I Blame Myself For Shooting In Asaba’, Adanma Luke Laments
-
News5 days ago
REWARD: Police Sets to Award Deserving Officers for Exemplary Performance
-
News3 days ago
Okuama: Gov Diri Urges Igbomotoru Residents To Return Home
-
Breaking News5 days ago
DSS arrests El-Rufai’s political ally, Aisha Galadima, for criticising Governor Sani