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Nigeria: Ibe Kachikwu Proffers Antidote To Scarcity Of Fuel

Unic Press UK: The Minister of State for Petroleum Resources and Board Chairman of the Nigerian National Petroleum Corporation (NNPC), Emmanuel Ibe Kachikwu, has proffered ways by which a seamless supply of petroleum products to various parts of Nigeria could be achieved prior to the country’s refineries operating at a level that meets the daily demand for petroleum products.

Kachikwu, who appeared Thursday before the Joint Senate and House Committees on Petroleum (Downstream) explained the need for sustained collaboration between the oil marketers and the NNPC to ensure that regular supply and proper distribution.

Kachikwu said: “One, is for the Central bank of Nigeria (CBN) to allow the marketers access FOREX at the rate of ₦204 to a dollar as against the official rate of ₦305 to keep the pump price of fuel per litre at ₦145. Two, to give room for modulated deregulation where NNPC would be allowed to continue selling at ₦145 per litre in all its mega stations across the country while the independent marketers should be allowed to sell at whatever price is profitable to them in all their outlets. Three, to look at the direction of blanket subsidy for all the importers in bridging the gap which would be like going back to a problem that had earlier been solved”, the News Agency of Nigeria reported.

There was an acute scarcity of fuel in Nigeria in December 2017, and the Depot and Petroleum Products Marketers Association (DAPPMA) issued a Press Release, saying that the Nigerian National Petroleum Corporation (NNPC) and the Pipelines and Products Marketing Company (PPMC) are responsible for the scarcity of petroleum products. The NNPC denied the allegations, explaining that it supplied appreciable volume to the Major Marketers Association of Nigeria (MOMAN), DAPPMA and Independent Petroleum Marketers of Nigeria (IPMAN) to solve the challenges in the supply and distribution of petroleum products.

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