Oil & Gas
A group, Natural Oil and Gas Suppliers Association of Nigeria (NOGASA), has expressed fears over possible scarcity of petrol in the country, following the recent increase in its pump price.
The National President of NOGASA, Mr Benneth Korie, represented by the Public Relations Officer, Mr Chinedu Ukadike, expressed the concern during a media briefing on Wednesday in Owerri.
The News Agency of Nigeria (NAN) recalls that the Petroleum Products Price Regulatory Agency (PPPRA), on July 2 reviewed the pump price of Premium Motor Spirit (PMS) also called petrol from N123 per litre to N143 per litre.
According Korie the instability and incessant increase in the petroleum product pump price would cause artificial scarcity.
He said: “This incessant up-and-down monthly review of petroleum price has caused untold hardship to marketers, suppliers and end users.
“The depot owners whose petroleum products were bought at N113.7 per litre are demanding differentials from marketers who had earlier paid them before the increment by PPRA while awaiting loading.”
Korie said that the current controversy over differential in payment would eventually lead to avoidable artificial scarcity of the product if not resolved.
The national president further stated that the situation had created a gap in the system in terms of lifting of products and funding, which had the propensity to cause unnecessary scarcity.
He noted that NOGASA had issued a circular to its members not to make the controversial differential payment demanded by tank farm owners.
The national president urged the Federal Government to urgently intervene in the issue to avert looming fuel scarcity.
He also appealed to government to ensure stability in PMS pump price to avoid unecessary hardship the masses experienced whenever there was fuel scarcity in the country.
He promised that the association would do everything possible to support government in distribution of petroleum products across the country.
NAN
– Jul. 8, 2020| 18:49 GMT |
Tags: Association hints on possible fuel scarcity over pump price fluctuation
