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There is Confusion in the Oil Sector- IPMAN

There is Confusion in the Oil Sector- IPMAN

The Independent Petroleum Marketers Association of Nigeria, IPMAN has revealed that there is unsettling confusion in the oil sector in Nigeria, after the prolonged fuel scarcity that has been hitting hard on Nigeria’s economy for months since 2022.

The Deputy National President of IPMAN, Zahra Mustapha, made the revelation on Friday, January 19, 2023, during an interview on Channels TV’s Sunrise Daily program.

When asked about what was happening in the industry leading to the prolonged fuel scarcity, Mustapha lamented that the issue was a complex one, while also admitting that independent marketers do not also understand what was going on.

He had said:

“It doesn’t seem that NNPC is bringing in more, because if they are, we will be getting the volume we normally get before. Since July/August 2023 the volume of PMS we’ve received is not up to 40 or 50 percent of what we usually get.”

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While commenting on the recent price adjustments, the IPMAN deputy president remarked that the regulatory body would be in the best position to talk to the public and give details on why and how the price was re-adjusted to the new one.

Mustapha then further urged the government to develop the country’s local refineries, remarking that the issue of continuous fuel scarcity will persist until Nigeria’s local refineries are up and running. Mustapha then ended his interview while also condemning PMS importation by the government.

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