IPMAN explains reason for current fuel scarcity, reveals solution

IPMAN explains reason for current fuel scarcity, reveals solution

Mr. Chinedu Okoronkwo, the president of the Independent Petroleum Association of Nigeria, IPMAN, has attributed the ongoing problems with the supply of Premium Motor Spirit, PMS, to artificial shortages.

Okoronkwo made this assertion on Thursday, December 29, via a statement issued in Lagos.

However, the IPMAN Chairman insisted that the hiccups in the distribution of products have been resolved, and called on marketers to desist from selling above the regulated price.

“Currently the higher prices are from marketers selling their old stocks which were purchased before the new agreements were concluded with the Nigerian National Petroleum Company Limited, NNPCL.

‘‘I can assure you they would sell at the regulated price of N169/N170 per liter once they get enough products from NNPCL.“

The IPMAN Chairman also noted that Nigeria will not experience this fuel crisis again, adding that “NNPCL refinery will have its headquarters at Port-Harcourt and the sufficiency of NNPCL will be enough for the country. Also with the existence of the Dangote refinery which will commence next year, it will further reduce the issue of the fuel crisis in the country.

“The situation is a case of surge whereby subsequently it will gradually stabilise, our members have started getting products from NNPCL, and with time it will go around.

‘‘Distribution is not in our hands, take an instance, if over 1000 stations are not giving products and it gradually reduces to 500 stations, by the time they complete the 1000 stations, the market, of necessity will find itself.”

Meanwhile, the Senate has advised the Central Bank of Nigeria (CBN) to immediately extend the date from January 31, 2023, to June 30, 2023, for the removal of obsolete currency notes from circulation.

Sen. Mohammed Ndume (APC-Borno) raised a point of order at the Senate plenary on Wednesday, which led to the senate’s resolution.

The N200, N500, and N1,000 notes will be redesigned, the CBN stated on October 26.

Invoking Senate Standing Rules 41 and 51, Ndume argued that the request for a date extension should be treated as a matter of urgent national interest in order to prevent impending hardship for Nigerians.

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Ndume said, “This senate notes that many Nigerian banks on Thursday, December 15, opened their vaults to customers and depositors to exchange their old currency for the newly redesigned currency which has a stipulated deadline of Jan. 31.

“Some Nigerians are already envisaging long queues in the banking hall across the country as a result of people trying to get access to the new naira note.

“The old notes are expected to be in circulation along with the new ones until Jan. 31 when the old ones are expected to be phased out.

“It is expected that many Nigerian businesses will start to rejecting the old notes as soon as banks start paying redesigned notes to customers.”

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