Why marketers are forced to halt fuel supply, shut stations – IPMAN

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has explained why some marketers have stopped fuel supply and temporarily shut their filling stations.

The association said the development was caused by uncertainty over petrol prices following the suspension of Premium Motor Spirit (PMS) loading at the Dangote Refinery.

Speaking with the News Agency of Nigeria (NAN) on Sunday in Ibadan, the Western Zone Chairman of IPMAN, Oyewole Akanni, said many marketers had suspended fresh purchases because they were unsure whether prices would rise or fall when the refinery resumes sales.

According to him, marketers are now sourcing petrol from private depots, where ex-depot prices have risen to between N1,200 and N1,220 per litre, excluding transportation costs.

He said marketers who bought products on Friday paid between N1,210 and N1,220 per litre.

“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.

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

“Many filling stations that have exhausted their stock are waiting to see whether prices will come down when Dangote Refinery resumes sales or increase further.

“Only a few marketers are buying products for now because of the uncertainty,” Akanni said.

Despite the situation, the IPMAN chairman insisted there is no fuel scarcity and advised Nigerians against panic buying.

“There is no fuel scarcity. Members of the public should not panic.

“Although there is a possibility of an increase in the pump price if the current situation persists,” he said.

Akanni said Dangote Refinery did not give marketers prior notice or explain why it suspended PMS sales.

He disclosed that four truckloads of petrol meant for his filling stations had remained at the refinery since the suspension began.

“I was supposed to have received four truckloads of PMS four days ago, but that has not happened because the trucks are at the Dangote Refinery, which has not been selling.

“The company is not even loading its own trucks. They are all parked there,” he said.

He added that the Nigerian National Petroleum Company Limited (NNPCL) was also affected because it sources petrol from the Dangote Refinery.

According to Akanni, some private depots are now selling PMS for as much as ₦1,250 per litre, while marketers can still obtain products from Nipco and Aiteo at about ₦1,200 per litre.

“The major issue now is the fluctuation in depot prices, which has created uncertainty in the market,” he said.

He expressed optimism that normal supply would resume once the situation at the Dangote Refinery is resolved.