Financial Energy Review
…………by James Ikenna………
……..,assures the public of adequate PMS Stock…………..
The Chairman of Major Oil Marketers Association of Nigeria ( MOMAN) Mr. Tunji Oyebanji has assured members of the public that there is enough Premium Motor Spirit (PMS) otherwise known as Petrol in stock to meet the demand of Nigerians and that Nigerians should not engage in panic buying..
This assurance from MOMAN is coming on the heels of the queues noticeable in some filling stations in Abuja, Lagos and some part of South West. The queues were said to be as a result of Some Independent marketers refusing to loading from depots due to uncertainty in fuel price regime.
The MOMAN boss in his twitter handle said that there is no need for panic buying which may have resulted to the queues in some filling stations. “The authorities have assured of no plans to increase the pump price of PMS in March 2021. MOMAN assures the public that there is adequate PMS stock and urges all not to panic buy” Oyebanji said.
On its part the Nigerian National Petroleum Corporation (NNPC) has said that it has no plans to increase the ex-depot price of petrol, in March 2021.
NNPC, in the statement, warned petroleum products marketers against engaging in arbitrary price increases or hoarding petrol, so as to avoid artificial scarcity and undue hardship.
Meanwhile, the president of Independent Petroleum Marketers Association of Nigeria (IPMAN), Chinedu Okonkwo, declined to comment on the cause of scarcity, but an executive member of the association attributed the situation to anxiety over price of fuel.
The executive, who pleaded anonymity, said IPMAN refused to load at the depots because they wanted the NNPC to come clean on deregulation.
The deregulation of petroleum downstream and pump price increase have generated conflict between the Government and Labor for close to two decades.
