My Blog

Tag: Fuel importation

  • IPMAN Blames NMDPRA For Substandard Petrol In Nigeria

    The Independent Petroleum Marketers Association of Nigeria (IPMAN) has placed blame on the Nigerian Midstream and Upstream Regulatory Authority (NMDPRA) for the sale of substandard petrol at filling stations throughout Nigeria.

    John Okwocha, the National Vice President of IPMAN, made this assertion during his address at the National Executive Council (NEC) meeting of the Natural Oil and Gas Suppliers Association of Nigeria (NOGASA) in Abuja. He also acknowledged that the lack of local refining capacity contributes to this situation.

    According to Okwocha, some of the products currently available evaporate easily, unlike the product that the country used to refine. He urged the federal government to ensure that the promise of refinery operation starting in December is fulfilled. He emphasized that only local refining can eliminate the importation of low-quality fuel.

    “The prayer of this assembly is that the government must look inward to ensure our refineries are operational, thereby creating the opportunity to reduce the high importation of petroleum products, as we are witnessing today,” Okwocha stated.

    He also pointed out the challenges faced by consumers who find that their fuel seems to vanish rapidly, leaving them puzzled. Okwocha emphasized the need to investigate whether the type of product currently available differs from the original product that consumers were accustomed to.

    Okwocha explained, “This is because competition has made it convenient for importers to bring in very light and various types of products into the country, and we accept them due to a lack of alternatives.”

    However, he highlighted the potential benefits of local production, stating, “But if we produce it in this country, we will have a choice. If we produce it in this country, we will select. If we produce it in this country, it will make it even more competitive and cheaper.”

    In conclusion, Okwocha urged the government to take action by ensuring the proper functioning of refineries, which would ultimately make life easier for the people by providing access to high-quality fuel.

  • Fuel Importation: Assist Us With Emergency Palliatives, Oil Marketers Beg FG

    The Natural Oil and Gas Suppliers Association of Nigeria (NOGASA) has warned that unless the federal government provides emergency palliative measures to oil marketers for three months to enable them import fuel, the country would not face an energy crisis by January 2024.

    In a communiqué he read at the National Executive Council Meeting of NOGASA Thursday in Abuja, its National President, Bennet Korie, added that the situation may force many marketers to close shop.

    According to the Union, it will go a long way in cushioning the harsh effect of the high cost of importation and equally bring about reasonable reliefs to the business and cost of living generally.

    While expressing worries that the removal of fuel subsidy and the volatility of the FX market were taking its toll on oil marketers inability to access forex, Korie said there were increasing losses of lives, businesses and jobs with the accentuation by mass shut down of filling stations and packing up of petroleum tankers, all due to unattainable high cost of importation, lifting, transportation and distribution of petroleum products.

    “Similarly, Depot Owners are so terribly affected by the increasing cost of the crude and exchange rate to the extent that many Depots are practically deserted as their owners are unable to secure Bank loans to fund their business due to high interest rates. Banks are not willing to guarantee funds release to stakeholders as a result of the difficulty, instability and galloping rates of foreign exchange and high cost of the Dollar. Many Depots are presently dried up or out of stock, and this is no gainsaying as it is evidently verifiable.

    He insisted that owners of filling stations find it extremely difficult to secure funds to procure products for their retail outlets as both the Independent and Major Marketers were terribly affected adding that filling stations were shutting down because of their inability to secure funds to facilitate orders for their stations.

    The NOGASA President urged the federal government on the maintenance of roads across the country in order to make distribution of petroleum products seamless.

    Therefore road networks and maintenance need to be positively impactful as it will also create thousands of jobs for jobless youths and other restive people in our communities.

    He said the dollarization of the economy was severely harming the country as businesses are dying and the system is not helping us at all.

    He insisted that urgent action is highly required to save our industry from total collapse.