In fulfillment of its agreement oil marketers to stem the ongoing fuel scarcity, the Nigerian National Petroleum Corporation (NNPC) has increased its daily supply of petrol to Lagos from 295 trucks (9.7 million litres) as at Monday to 310 trucks yesterday, which is 10.2 million litres.
The Executive Secretary of Major Oil Marketers Association of Nigeria (MOMAN), Obafemi Olawore said marketers received the 310 trucks yesterday, adding that if the same quantity is received today, the long queues at filing stations will ease out by end of the week.
Olawore stated that there are vessels laden with products that were imported by NNPC but the problem is that the Corporation lacks storage and distribution facilities to distribute the products, which accounts for the current situation on ground.
He noted that when the importation ratio was 50:50 between marketers and the NNPC, the distribution situation was not this bad, adding that the 78 per cent importation ratio given to the Corporation may be reviewed in second quarter.
He confirmed that many filling stations were selling at above the regulated pump price, but explained that such situation obtains because the demand surpasses supply and many people sell at whatever price they like to make more profit.
He also said marketers are not importing because of lack of access to foreign exchange.
He said: ‘’Only NNPC has access to forex and that hinders adequate importation. However, government should have the courage to deregulate the downstream sector, so there will be local production and also encourage investors to invest in the sector. ‘’