Fuel price uncertainty forces marketers to halt petrol purchases – IPMAN

Many independent fuel marketers have stopped buying petrol, while some filling stations have temporarily shut down due to uncertainty over fuel prices, the Independent Petroleum Marketers Association of Nigeria (IPMAN) has said.

Speaking with the News Agency of Nigeria (NAN) in Ibadan on Sunday, IPMAN Western Zone Chairman, Oyewole Akanni, blamed the situation on the suspension of petrol loading at the Dangote Refinery about four days ago.

He said marketers were now buying from private depots at significantly higher prices, with ex-depot rates ranging from N1,200 to N1,220 per litre, excluding transport costs.

According to him: “The non-availability of fuel at some filling stations and the closure of others are due to fluctuations in the price of lifting fuel from depots.”

He added: “Since Dangote Refinery stopped selling PMS about four days ago, private depot owners have increased their prices.”

Akanni said many marketers whose stocks had been exhausted were waiting to see whether prices would fall when the Dangote Refinery resumed sales, while only a few were still buying due to the uncertainty.

He stressed: “There is no fuel scarcity. Members of the public should not panic.”

However, he warned that pump prices could rise if the situation persisted. He also said the refinery had not informed marketers why it suspended sales, adding that four truckloads of petrol meant for his stations had remained at the refinery since the halt in loading.

According to him, the price fluctuations had created uncertainty in the market, but he expressed hope that normal supply would resume once the issue at the Dangote Refinery was resolved.