The Nation Newspaper

Tag: Fuel marketers

  • Fuel marketers partner foreign refiners

    Independent fuel marketing firms are seeking partnership with some of foreign oil companies abroad to import fuel.

    The Nation gathered that the firms,  under the aegis of the Independent Petroleum Marketing Association of Nigeria (IPMAN), initiated the move, following the announcement last December by the Nigerian National Petroleum Corporation (NNPC) that marketers would resume fuel import soon.

    IPMAN’s National Operation Controller, Mike Osatuyi, said the development became necessary to get fair deals from the foreign crude refiners, as the landing cost of N181 per litre was too much for the marketers.

    Osatuyi said: “Efforts are on-going on the issue of partnering foreign crude oil refiners and hopefully, IPMAN would conclude negotiations with the firms very soon. It is an issue, which the leadership of IPMAN has started since 2017 and we (marketers) would try to do things that would benefit the generality of the masses in the future.”

    According to him, operators, especially marketers are waiting for an environment that is conducive enough for them to bring fuel.

    “NNPC remains the sole importer of petroleum products. When NNPC gives us express mandate to import fuel, we (marketers) would not hesitate to accept it. Another thing, which marketers are expecting the Federal Government to do is pay the subsidy, of which the Federal Government is wooing us,” he added.

    Osatuyi said marketers would be happy to import fuel under a situation devoid of restrictions, hoping that the period would come soon.

    NNPC has introduced an initiative known as Direct Sales Direct Purchase (DSDP) model, to import  more fuel. Through this means, the corporation last year approved 31 firms (local and foreign) for refining crude oil.

  • Strike suspension: Fuel marketers yet to reopen in Kano

    Fuel Marketers in Kano are yet to reopen filling stations despite the suspension of the strike embarked upon by Petroleum Tanker Drivers on Monday.

    The News Agency of Nigeria (NAN) reports that most of the filling stations in the metropolis had remained closed since the union announced plan to go on strike.

    NAN reports that following the closure of the stations, black marketers had started exploiting the situation by jerking up their prices.

    Other marketers, especially those who operate outside the state capital, had increased the pump price from N145 per litre to between N150 and N155 per litre.

    A resident, Mr Ted Odogwu, said he had to go to AA Rano filling station along Airport Road before he could get the product on Tuesday.

    He said that before now most of the filling stations were selling the commodity without any queue.

    “But today I had to join the queue before I bought the commodity for my car at the filling station.“

    When contacted, the Public Relations officer, Department of Petroleum Resources (DPR), Mr Paul Jezhi said he was attending a meeting.

    The chairman, Independent Petroleum Marketers Association of Nigeria (IPMAN), Alhaji Bashir Dan-Malam, also promised to call back, which he failed to.

    NAN reports that the drivers had on Monday announced suspension of the strike following government’s promise to look into their demands.

     

  • Fuel marketers suspend strike in Ekiti

    Fuel marketers in Ekiti State yesterday suspended their two-day strike called in protest against the withdrawal of their Certificates of Occupancy (C of Os) by Governor Ayo Fayose.

    This followed the intervention of traditional rulers led by the Ewi of Ado-Ekiti, Oba Rufus Adeyemo Adejugbe.

    The monarch summoned the marketers, under the auspices of the state chapter of Petrol Dealers Association of Nigeria (PEDAN) and security agencies to a meeting at his palace.

    The Ewi and other stakeholders persuaded the fuel marketers to end their indefinite strike and halt the hardship faced by the people.

    PEDAN Secretary Sulaiman Akinbami said: “The strike had been suspended and not called off.”

    Akinbami explained that the decision to halt the strike was hinged on the need to accord respect to the monarchs and elders who intervened in the matter.

    He, however, warned that PEDAN could be forced to resume the suspended action if the government implements the withdrawal of their C of Os.

    As the news filtered into town, vehicle owners and motorcyclists stormed filling stations in their hundreds.

    Before the strike was suspended, residents have been trooping to neighbouring states to purchase fuel.

    Commercial and private  cars and motorcycles travelled to Iju, Itaogbolu, Akure, Igbara Oke, Ogbagi and Irun, all in Ondo State to buy fuel .

    Others searched for fuel in Ijebu Jesa, Esa Oke, Ikeji Ile all in Osun State; Ekan, Ayedun, Odo Owa, Iloffa, Osi, all in Kwara State and Iyamoye in Kogi State.

    Black marketers  had a field day selling at cut-throat prices.

    Taxi drivers charged N100 per drop as against the former fare of N70 while the least fare charged by commercial motorcyclists in Ado-Ekiti was N150.

    Some parents lamented the inability of their wards to go to school.

    Fayose said the position of his administration  “remains unchanged.”

    In a statement by his Chief Press Secretary, Idowu Adelusi, the governor said his administration would not succumb to subtle blackmail and stick to policies aimed at protecting lives and property.

  • Fuel marketers laud new forex regime

    Fuel marketers laud new forex regime

    • ‘It‘ll spur investment’

    As the flexible foreign exchange regime takes off today,  enabling importers access to forex, petroleum products importers are upbeat that the policy will help improve their operation.

    The implementation of the new policy unveiled has bolstered importers confidence who hitherto, relied on the Central Bank of Nigeria (CBN) window for access to forex.

    A cross section of independent marketers told The Nation that the policy, coming on the heels of adjustment in the pump price of petrol from N86.50 per litre to N145 per litre, would benefit them in the long run.

    Petrocam Trading Nigeria Limited Managing Director, Patrick Ilo, said with the policy becoming effective this week, marketers would now be able to access forex easily, adding that market forces would be determining the exchange. He said  marketers and other importers would avail themselves of the opportunity to access enough forex for operation.

    He said: “We are very confident that the exchange rate will not be static. The exchange rate might be high, but it is not going to be static. The rate would go up and come down. It would be a matter of demand push and supply push equation.

    “The population is here and investors would leverage on  the size of the population to invest in the long run. There is going to be inflow of foreign investment into the country, and I’m sure everybody would like to be part of it. When this happens, importers would not be finding it difficult to get forex at lower rates.’’

    Ilo said marketers have had a herculean task getting forex to bring fuel into the country, arguing that the regime has opened a vista of opportunities for them to buy forex.

    Also, Managing Director, Ogbos Petroleum Limited, Chigozie Nwozuzu, said forex is the major problem of marketers, saying that marketers would no longer  struggle to get forex now that the government has liberalised the forex market.

    He said there would be flexibility in forex sourcing, adding that it is a good omen for the industry.

    The Managing Director, AFGON Oil Limited, Mr Adebuola Victor, said marketers have long been expecting opportunities to access forex at a more convenient ways.

    However, the National President, Independent Petroleum Marketers Association of Nigeria (IPMAN), Mr Chinedu Okoronkwo, said the body would take its time to speak on the issue.