The Nation Newspaper

Tag: marketers

  • Marketers tackle govt over N650b subsidy arrears

    The Depot and Petroleum Marketers  Association of  Nigeria (DAPMA) Executive Secretary, Mr. Femi Adewole, has said the Federal Government is yet to pay members over N650 billion subsidy arrears.

    He said the failure of the government to pay the money was having negative effects on their operations.

    He told The Nation on phone that the issue had forced many marketers out of business, while others were struggling to survive.

    Adewole said there was no truth in the statement that the government had earmarked money to clear  the debts, stressing that marketers had dismissed such statements.

    According to him, such statements were not enough. He added that the government had for long been telling marketers that they would soon be paid.

    Adewole said: “Marketers have tried many options to stay in business, following the failure of the government to pay them subsidies on the fuel they imported, which have grown over the time. While some have managed to still buy and sell petroleum products, others are not. In all, marketers have accumulated debts and are getting impatient over the issue.

    “It is difficult for marketers to believe the government again. It has severally reneged on its promise to pay the money, a development, which has made marketers hope to get the money. In 2017, the government told marketers that the money has been approved for payment. Up till now, marketers have not received a dime.’’

    According to him, the government made propaganda out of the issue of the payment as its promise is yet to be fulfilled. He said the promises of the government on the payment have become endless, adding that many marketers are weary of such promises.

    Failure of the government to pay the subsidies has made the debt to increase greatly due to bank interests and other charges, he added. According to him, marketers are going to react at the right time, adding that they are keeping their plans to their chest for now.

  • 2015 election: ‘Diezani collected N23bn from three oil marketers’

    2015 election: ‘Diezani collected N23bn from three oil marketers’

    The Federal High Court in Lagos yesterday heard that a former Minister of Petroleum Resources Mrs Diezani Alison-Madueke allegedly collected N23billion ($115.01million) from three oil marketers ahead of the 2015 general election.

    An investigator, Usman Zakari, said she allegedly distributed the money to Peoples Democratic Party (PDP) chiefs and others.

    Zakari was testifying before Justice Muslim Hassan in the trial of former Minister of the Federal Capital Territory, Jumoke Akinjide.

    She was charged along with former Senator representing Oyo Central Senatorial District, Ayo Adeseun; a PDP leader in Oyo State, Chief Olarenwaju Otiti and Mrs Alison-Madueke, who is said to be at large.

    The Economic and Financial Crimes Commission (EFCC) accused them of conspiring to directly take possession of N650million, which they reasonably ought to have known was part of proceeds of an unlawful act, and without going through a financial institution.

    Zakari, the second prosecution witness, said Akinjide and others allegedly received N650million cash in March 2015 at the Dugbe branch of a bank in Ibadan on Mrs. Alison-Madueke’s instructions, and that the money was part of N23billion which the former oil minister kept in the bank.

    According to the witness, the N23billion was the naira equivalent of $115.01million which Mrs Alison-Madueke allegedly collected from three oil marketers, including Lano Adesanya, ahead of the 2015 general elections.

    Led in evidence by prosecuting counsel Rotimi Oyedepo, Zakari said the commission received a “Category A intelligence” about a meeting at Mrs Alison-Madueke’s house in December 2014 with the bank’s Managing Director and some oil marketers.

    According to Zakari, she told the bank chief that the oil marketers would bring hard currencies to the bank, and that he should keep the money until further directives.

    The witness said Autus Integrated Limited took $17.8million to the bank; Northern Belt Oil and Gas lodged $60million; while Mid-Western Oil Services Limited paid $9.5million.

    “An individual, Lano Adesanya, brought the sum of $1.8million. Our findings further revealed that the three oil marketers made payment of the sum of $89million and some fractions.

    “Investigations further revealed that the then petroleum minister’s aides made available $25million and some fractions in suitcases…,” the witness said.

    Zakari said Mrs Alison-Madueke directed the bank to convert the dollars to naira, which was complied with, after which she allegedly directed that the defendants be paid.

    “They signed for the money and took it to the residence of the first defendant (Akinjide). The defendants made cash payment of N650million without going through any financial institution, an amount which was more than the amount authorised by law to be paid in cash,” Zakari said.

    He said Akinjide and Adeseun “admitted making cash payments in that amount.”

    Defence counsel Chief Bolaji Ayorinde (SAN) and Michael Lana urged the court to expunge Zakari’s evidence because he did not personally witness the meeting at Mrs Alison-Madueke’s house or the cash withdrawal at the bank.

    But, Oyedepo argued that Zakari’s evidence was not hearsay but was based on his investigative findings.

    “In view of the fact that the evidence that PW2 gave was the discovery he made in the course of his investigation, the law is settled that such evidence cannot amount to hearsay,” Oyedep said.

    Justice Hassan adjourned till March 23.

  • N650b debt: Oil marketers threaten to shut fuel depots

    N650b debt: Oil marketers threaten to shut fuel depots

    • 10,000 workers jobs on the line

    The Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN)  has threatened to shut all its depots in less than 14 day time and throw its workforce nof over 10,000 into the labour market.

    The oil marketers gave this fresh threat in a letter dispatched to the Minister of State, Petroleum Resources, Dr Ibe Kachikwu.

    The letter which was endorsed by DAPPAM’s Executive Secretary,  Olufemi Adewoleb was dated February 20.

    The association said the decision was taken because members could no longer continue operations due to N650 billion owed them by the Federal Government.

    The letter reads: “In the light of the foregoing, DAPPMAN members do not have any other option open to us to forestall increasing debt burden of borrowing to pay staff than (but) to immediately commence massive staff disengagement.

    “The unfortunate primary fallout of this step is the likely shutdown of all DAPPMAN depots nationwide due to lack of man power to operate same pending the ime the federal government will pay off its indebtedness to petroleum marketers.

    “This unfortunately will have a multiplier effect on the nationwide supply and distribution of petroleum products which presently is a struggle.

    “This letter serves as a fresh 14-day reminder from today and an opportunity for the Federal Fovernment tiers and its agencies to speedily approve and pay off its remaning subsidy indebtedness to all our members and indeed all petroleum marketing companies.”

    In an initial letter sent to President Muhammadu Buhari, DAPPMAN said members could no longer access bank funds for their operations and gave a 21-day notice beginning January 24 before it would lay off workers.

    The group also lamented that the banks, in conjuction with the Assets Management Corporation of Nigeria (AMCON), are in the process of auctioning the properties provided by its members as collateral for loans.

    According to the letter: “These debts came about as a result of: The foreign exchange differentials which arose as a result of the initial devaluation of the naira (by the last administration) from the initial N165/$; the interest component that arose due to delayed reimbursemnet also by the same administration which the Federal Government had approved for payment to marketers but which was not fully settled by the appropriate Federal Government agencies.

    “The second forex differential component and obviously the largest chunk is due to the last but further devaluation of the naira from N195 to N305 to $1, while the Federal Government agencies had based their reimbursement calculation on N197/$; this devaluation left petroleum marketers within our association with additional unplanned debt burden in excess of N300billon.

    “As a result of the above, the downstream sector as a whole, has been saddled with a debt burden of over N650billion which keeps rising alongside the previous debts because the banks keep charging interests and will continue to do so until the total debt is fully liquidated.”

  • Petrol marketers seek N240/$1

    Petrol marketers seek N240/$1

    Petrol marketers are insisting on the exchange rates of not more than N240 per dollar to import and recoup  their investment, the Independent Petroleum Marketers Association of Nigeria (IPMAN) National Operation Controller, Mr. Mike Osatuyi, has said.

    He said the body has met the Federal Government on the issue, noting  that foreign exchange (forex), especially dollar, was rising due to its growing influence in the international trade.

    He added that investors from developing countries needed an appreciable increase in the value of their currencies to play well in the highly-competitive global market.

    In an interview with The Nation, Osatuyi said: “The landing cost of fuel is N181 per litre, while the official pump price of fuel is N145 per litre. So, if we (marketers) import fuel at N181 per litre, and change a dollar at N340, there is no way marketers would cope with such condition. That is why we are requesting that the government sells dollar at not more N240 per dollar.”

    According to him, marketers irrespective of their affiliations or groupings are conscious of their costs and returns on investments.

    He said the group realised that there would be little or no profit left for the marketers, if the government did not sell dollar to them at N240.

    He advised the Nigerian National Petroleum Corporation (NNPC) to either double or triple the importation of refined petroleum products, adding the idea would help to improve the distribution of fuel in the country.

    He said poor distribution of fuel is one of the problems facing the country, stressing that the problem would be resolved when NNPC imports enough fuel.

    In a related development,   the  Independent Petroleum Marketers Association of Nigeria (IPMAN) has called for the full deregulation of the downstream sub-sector.

    Chairman, IPMAN Western Zone, Alhaji Debo Ahmed, made the call in Lagos.

    He spoke against the backdrop of the fuel scarcity in many parts of the country.

    He attributed the lingering fuel scarcity to inability of the Nigerian National Petroleum Corporation (NNPC) to meet the consumption demand.

    According to Ahmed, none of the depots of the Pipeline and Products Marketing Company (PPMC), an arm of NNPC, within the western zone has enough petrol to cater to the demands of the public.

    “The management of NNPC should increase petrol allocations to IPMAN marketers rather than allocating excess products to NNPC retail stations that have less than 25 outlet within Lagos.

    “IPMAN that has over 2,500 members and over 500 outlets across the Southwest was given 30 per cent against 60 per cent agreed by NNPC and marketers,’’ he said.

    Ahmed said most IPMAN members closed their filling stations due to the inability of NNPC/PPMC to distribute products to depots for marketers to load adequately.

    He said the limited products were having lopsided distribution formula.

    “IPMAN was given 30 per cent, Major Oil Marketers Association of Nigeria (MOMAN) 30 per cent and NNPC retail 40 per cent as against 60 per cent for IPMAN and 20 for MOMAN; NNPC retail 20.

    “The imported petrol by NNPC/PPMC is distributed through the Private Fund Initiative (PFI) system to private depot owners (DAPPMA) to sell to Independent Marketers at a controlled price of N133.28k.

    “But, DAPPMA members are selling between N160 and N162 above the regulated price, of which no marketer can buy at that price and sell at the regulated price of N145 per litre,’’ he said.

    The IPMAN boss urged the government to intervene and check the activities of DAPPMA as they sold above the recommended pump price. He also urged the Department of Petroleum Resources (DPR) to address defaulting depot owners who sold petrol above the approved pump price. DPR only descends on independent marketers by closing their stations.

    “You can only sell what you buy; we are business people, for how long do we close down our stations since we have financial obligations to the banks?

    “Probably, the Federal Government may have deregulated without the public being aware. During, the recent Senate committee meeting held with stakeholders in the oil industry, one of the suggestions from the Minster of State for Petroleum, Dr Ibe Kachikwu, was the introduction of dual price regime.

  • Marketers to NNPC: increase petrol supply

    Marketers to NNPC: increase petrol supply

    Executive Secretary, Depot and Petroleum Products Marketers Association (DAPPMA) Mr. Olufemi Adewole and National Vice President, Independent Petroleum Marketers Association of Nigeria (IPMAN) Alhaji Abubakar Maigadi, have urged the Nigerian National Petroleum Corporation (NNPC) to increase supply of petrol to marketers.

    They argued that the call was due to the persistent scarcity of the product nationwide.

    Adewole admitted that the corporation was giving fuel to marketers, stressing that if there were queues anywhere, it meant that the supply was insufficient and that NNPC should increase it.

    Asked to give an update on the petrol market in view of the unending queues in the country, he told The Nation on phone: “I really don’t have an update about happenings in the last few days now.

    “But I read in the news too. I came into Abuja this morning and I have seen one or two places that have fuel. To the best of my knowledge, NNPC is giving marketers fuel. If there are queues, it simply means they should give marketers more.”

    Also speaking on phone, Maigadi attributed the queues to panic buying. He noted that the scarcity started since last month and it was not easy for it to disappear nationwide immediately.

    According to him, “there has been improvement in terms of loading and supply of product. In Niger State, there are queues but they are not long.”

    NNPC Group General Manager, Group Public Affairs Division Mr. Ndu Ughamadu, who was also called for a reaction to the persisting scarcity, did not pick his call at press time.

    The fuel scarcity and its resultant queues that engulfed the Federal Capital Territory (FCT) seemed to have aggravated yesterday. Most of the independent marketers, apart from the Nipco petrol stations in Kubwa, Lugbe Airport road, were shut. Some major marketers as Total in Zone 6, Wuse District, however, sold the product.

     

     

     

     

     

  • Why NNPC relies on marketers for fuel supply

    Why NNPC relies on marketers for fuel supply

    The Nigerian National Petroleum Corporation (NNPC) is relying on members of Major Oil Marketers Association of Nigeria (MOMAN) to distribute fuel nationwide due to their reliable and administrative qualities, the Corporation’s spokesman, Ndu Ughamadu, has said.

    Others, he said, are their financial strengths, ability to undertake big ticket transactions and forthrightness. MOMAN members include Conoil, Forte Oil, Mobil, Total, Oando and MRS Oil.

    He said the body possesses qualities that are unique and also endear them to present and existing investors, adding that such attributes are vital to the growth of any business enterprise.

    In a telephone interview with The Nation, Ughamadu said the marketers are capable of delivering petroleum products supplied them by the NNPC, without delays.

    He said the National Oil Company is saddled  with the responsibilities of importing fuel, taking delivery of its cargoes and making it available to consumers across the country, adding that MOMAN has made the job of giving the product to consumers much easier.

    He said: “MOMAN outlets are strategically located in the country and this is a plus for NNPC that wants fuel to be distributed to consumers faster. Our duty as the nation’s sole importer of fuel into the country is to supply fuel and further ease scarcity, which we have been trying to achieve though the marketers and other relevant stakeholders in the value chain.

    “ Besides fuel, many of the firms are into upstream engagements through which they explore oil for growth, coupled with the fact that they deal with natural and Liquefied and  Petroleum Gas(LPG). These improve their records at the end of every financial year.”

    On portfolios, he said the marketing oil companies have huge financial portfolios, as evident by their subsidiaries, reservoirs or tank farms that can store huge volume of fuel, outlets, balance sheets and the confidence, they are enjoying in the downstream sub-sector of the nation’s oil and gas industry.

    He said many of the firms were quoted on the Nigerian Stock Exchange and other Exchanges, adding that their ability to ensure that people invest in business has further boosted  the confidence reposed in them by Nigerians.

    “In view of the fact the oil marketing firms are bringing in profits through their investments, of which listing on floors of the exchange is one of them, the companies are protecting‘’

    He said companies that are quoted on the floors of the Exchange run businesses worth several billions of naira, enjoy international recognition and always mindful of their image, adding that they are not ready to engage in transactions that are only illegal and capable of eroding the public confidence of the investors.

    He further said activities in the downstream sub-sector of the nation’s oil and industry are developing and require investors that can hold their own as evident by the performance of many of the marketers in the recent years.

     

  • ‘Why marketers insist on selling petrol above N145/litre’

    ‘Why marketers insist on selling petrol above N145/litre’

    FACTS have emerged on why  marketers want a hike in the petrol’s price.

    The Nation learnt that the reason  marketers are reluctant to sell at N145 per litre is because of artificial scarcity; most private depots are empty.

    The few that have are warehousing the product for the Nigerian National Petroleum Corporation (NNPC), which pay a commission for the service to the depot owners.

    Under this arrangement, the NNPC authorises the truck to load at such depots. However, due to the large number of trucks waiting to load, this causes scarcity. Such depots take advantage of the high demand to hike the price.

    The regulated ex-depot price by  NNPC, the sole fuel importer, is N133.28 per litre, but the depots sell at between  N158 and N162.

    Further investigation revealed that such depot operators connive with some NNPC officials to sell over the approved ex-depot price of N133.28 to make quick cash. Trucks from the East and other parts of the country that are far from the Lagos ports – the main source of fuel supply – make higher offer to the depots because petrol sells at such places at over N145 per litre. In some states, petrol sells for N180 and N200.

    Some marketers confirm that  some NNPC officials connive with private depot owners to divert petrol meant for Pipeline and Products Marketing Company (PPMC), an arm of NNPC, to private depots, pay throughput charges, to sell above ex-depot prices.

    The Nation’s investigation revealed that most of the NNPC depots are not working, while those that are functional operate at very sub-optimal levels, putting excess pressure on NNPC and private depots in Lagos and other parts of southwest as well as contribute to gridlock in Apapa.

    The Southwest Zone of the Independent Petroleum Marketers Association Nigeria (IPMAN) Chairman, Alhaji Debo Ahmed, told The Nation that he could only speak on the state of NNPC depots in the zone. According to him, there are five NNPC depots in the southwest.

    He said: “I can only talk about southwest, which is my constituency. In southwest, we have five depots – Ilorin, Ibadan, Ore, Ejigbo and Sagamu and their petrol storage capacities, I will tell you.

    “Of these five depots, the one in Ibadan is working, after almost three years of being out of operation. It started working last October. In Ejigbo, only two smaller tanks are working. They have a million litres capacity each, which can only load 33 or 66 trucks. The two that are not working have five million capacity each, which is 5000metric tons. At Mosimi (Sagamu), the tanks are working. It is the largest depot in the southwest and pumps products to all parts of the region and others. It loads Port Harcourt, Kano and other states.

    Ore has not been working for five years because of pipeline vandalism. Ilorin also has not been working for four years due also to pipeline vandalism. Ore depot is not big with its 10-million litre capacity. Ilorin has about 10 million litres. Of the five depots, three are working.

    The Group General Manager, Group Public Affairs Division, NNPC, Mr. Ndu Ughamadu, told The Nation that the corporation has 21-23 depots on land and two marine. He said the latter were working while some of the land depots were not – no thanks to pipeline vandalism.

    Ughamadu said Calabar, Warri, Port Harcourt, Benin, Mosimi, Ibadan, Ejigbo and Kano depots were  working, adding that Enugu, Aba and other depots would soon be in operation.

    According to him, the NNPC management is working relentlessly to bring the entire depots on stream to make fuel available across the nation.

    On the over-pricing of ex-depot price of petrol, Ughamadu said the NNPC has put measures in place to effectively enforce the N133.28 ex-depot price.

    Quoting the PPMC Managing Director, Umar Ajiya, Ughamadu said the measure became necessary to resolve the price differentials between some of its stakeholders.

    Ajiya said the throughput facilities, along with some of its coastal depots, woukd go a long way in ensuring that marketers access petrol at the approved government price.

  • Marketers to NNPC: increase petrol supply

    Owing to the persistent scarcity of petrol, nationwide, the Executive Secretary, Depot and Petroleum Products Marketers Association (DAPPMA), Olufemi Adewole, yesterday urged the Nigerian National Petroleum Corporation (NNPC) to increase its product supply to the marketers.

    He said the Corporation was giving fuel to marketers, stressing that if  there were queues anywhere, it meant that the supply was insufficient and that NNPC should increase it.

    Asked to give an update on the fuel situation, in view of the unending queues in the country, he told Adewole told The Nation on phone that “I really don’t have an update about happenings in the last few days now.

    “But I read in the news too. I came into Abuja this morning and I have seen one or two places that have fuel. To the best of my knowledge NNPC is giving marketers fuel. If there are queues it simply means they should give marketers more.”

    Speaking on phone, the National Vice President, Independent Petroleum Marketers Association of Nigeria (IPMAN), Alhaji Abubakar Maigadi attributed the queues to panic buying.

    He recalled that the scarcity started since last month and it was not easy for it to disappear from the whole country immediately.

    According to him, “there has been improvement in terms of loading and supply of  product. In Niger State, there are queues but they are not long.”

    The NNPC Group General Manager, Group Public Affairs Division, Mr. Ndu Ughamadu, who was also called for a reaction to the persisting scarcity did not receive his call at press time.

    The fuel scarcity and its resultant queues that engulfed the Federal Capital Territory (FCT) seemed to have aggravated yesterday.

  • ‘Fed Govt should punish marketers diverting fuel’

    ‘Fed Govt should punish marketers diverting fuel’

    The Vice President of Industrial Global Union, Comrade Issa Aremu, has urged the Federal Government to ensure marketers diverting fuel are punished.

    Aremu spoke in Ilorin, the Kwara State capital, at a special lecture to mark his 57th birthday.

    The labour leader said the nation was grappling with multitude of problems because it has been enmeshed in governance crisis and not fuel crisis as being insinuated.

    He identified the crisis in the petroleum as fundamental, saying it requires sustainable domestic supply with availability of refineries in the country.

    He called on President Muhammadu Buhari to rein in on cabals in the oil industry, who he alleged, were all out to inflict hardship on the entire populace.

    Aremu said: “Better late than never. I commend the two stakeholders meetings recently convened by President Buhari and the Senate leadership on the petroleum crisis. I follow the deliberations keenly.

    “Minister of State for Petroleum Resources Ibe Kachikwu listed the problems facing the downstream petroleum sector, as lack of sufficient reserve, low clearance speed of petrol at the ports, diversion of products as some of the reasons for the ongoing fuel crisis being experienced in the country.

    “All the identified problems show that Nigeria does not have fuel crisis but governance crisis. It is government through the NNPC that must have enough product reserve. It is the government that must clear products timely at the port. It is the government that must fix refineries at home. It’s the government that must put an end to criminal corruption ridden products imports for which Nigeria spends as much as $12 billion annually.

    “The Federal Government should not only make marketers responsible for every tank of fuel up until point of delivery, but there must also be severe consequences for product diversions. Diversion of critical inelastic indispensable product like petrol must be treated as an act of terrorism.

    “The current fuel crisis shows that there is no substitute for good governance. As we can see near deregulation over the years means nothing but fuel price increases for the masses, trillions Naira reaps off for the cabals.

    “The point cannot be overstated; President Buhari should know that market dogma in terms of deregulation, is no substitute for governance. There is the need for national as well corporate governance in both the upstream and downstream petroleum sector. There should be prompt sanctions for non-compliance and rewards for those who play by the rules. The National Assembly must make oversight function routine. Legislators must be more proactive. Notwithstanding their latest commendable efforts, their action is still reactive not proactive. Never again should government at all levels be off duty. Marketers are in business to make profit, which they would do through padded fuel price template or blatant products diversions as revealed not long ago by Minister of State, Petroleum, Dr. Ibe Kachikwu.

    “However the government is there to ensure the prosperity of the nation and the welfare of the citizens. It is wrong for government officials to privilege marketers who are just interested in profit making with special exchange rate with utter disregard for the real sector of the economy and welfare of all.

    “The challenge facing the petroleum downstream sector goes beyond pricing. The fundamental issue is sustainable domestic supply, which can only be made possible through reinvention of the existing domestic refineries and building of more.

    “Nigerians want to see the President and Vice President commissioning new refineries in line with the promise of Economic Recovery and Growth Plan that Nigeria will refine 80 percent in 2018. We don’t want to see Executive petroleum fuel attendant but Executive service and product delivery.

    “Unfortunately Nigerians have not seen much activism on the part of the government in this direction.”

  • NNPC to sell petrol directly to marketers

    NNPC to sell petrol directly to marketers

    The Nigeria National Petroleum Corporation (NNPC) will sell petroleum products directly to marketers, it was learnt yesterday.

    The middlemen in the chain are to be eliminated in one of the moves to combat fuel scarcity.

    A meeting of the committee of stakeholders set up at the Presidential Villa reportedly took the decision yesterday.

    Minister of State for Petroleum Resources, Dr. Emmanuel Ibe Kachikwu, chaired the meeting at his office yesterday.

    They predicated their decision on the rising price of crude oil which led to the increases price of petrol.

    Although the NNPC is supposed to supply 50 per cent of the products to complement the marketers, no other group is able to import petrol now because of the price.

    Its landing cost is N171 per litre and the Federal Government has said nobody should sell above N145.

    The marketers stopped importing the product, making NNPC the sole importer since the removal of Petrol Support Fund (PSF) also known as subsidy.

    A source close to yesterday’s meeting said: “We have already told them that it is only the NNPC that will be able to import the PMS.  The marketers cannot import the PMS because of the cost of the crude oil.

    “This has also caused the price of the PMS to increase. Thus, if the marketers import it at the rate at which they are selling it now, automatically they cannot sell it at N145 per litre.”

    The Federal Government, it was learnt, resolved to supply products directly to the independent marketers to remove the middlemen in the distribution chain and reduce the cost of the petrol.

    Owing to the decision, the Federal Government has removed the intermediary tDepot and Petroleum Products Marketers Association (DAPPMA), from who the independent marketers were getting the fuel.

    One of the fundamental decisions that the meeting arrived at was that there will be no increase in the price of the petrol.

    The Nation learnt that the minister raised a committee to look into the Premium Motor Spirit (PMS) scarcity that crippled transportation in the country in December last year.

    The source said that: “The discussion was how to make the fuel available nationwide.”

    The have formed a committee from today’s meeting to look into how to solve this fuel problem.

    “They told us that instead of a triple arrangement, they will be giving independent marketers their products directly. This is to enable us get our product directly and sell at the pump price. This is instead of passing it through DAPPMA to IPMAN,” the source said.

    The Chairman, Depot and Petroleum Products Marketers Association (DAPPMA), Mr. Dapo Abiodun, raised hope that petrol supply will soon stabilie.

    He told The Nation that government and marketers were talking and issues being resolved. He said four vessels laden with petrol were discharging at the Lagos port.

    “We are still in meeting but update on the ongoing supply situation will come as a surprise as it should not be the case as people think. There are four vessels discharging in Lagos as we speak,” he told The Nation.

    However, many filling stations that were selling petrol on Tuesday in Lagos shut down operations on Wednesday in anticipation that government/marketers dialogue would end in pump price hike.