[UPDATE] Petrol shortage: IPMAN begins lifting at N172 per litre

Independent marketers, yesterday, commenced lifting of petrol at an ex-depot price of N172 per litre from the Ijegun-Egba Tankfarm in Lagos.

This was part of measures targeted at tackling the nation’s petrol shortage as the independent marketers were expected to deliver the product at the government-regulated price to motorists and other users.

Speaking at the commencement of lifting in Lagos, yesterday, the chairman of the association, Mr Adebowale Olujimi, said the operators would continue delivery to the marketers in order to reduce the pain on Nigerians.

He said: “We will like everyone to know that petrol, which Nigerians have been suffering from in the last few months is available and is sold at the government-regulated price in all the depots in Ijegun.

“As of today, the NNPC Limited has delivered over 150 million litres to us this month. Some vessels are currently discharging at the jetty. Nigerians can trust us to serve them.

“Going forward, we expect that the product will be sold at the retail end of the business at affordable prices, which the government has fixed for each area where Nigerians can get the product at the right pump price and in all the filling stations across the country.”

He said the daily cost of hiring a daughter vessel used for discharging the product had risen in recent times, thus affecting operations.

Olujimi said: “As of the beginning of 2021, the cost was between $21,000 and $24,000 a day and suddenly, due to the Russia-Ukraine War, everything around the world fully skyrocketed. So, at some point in time, depot owners and other marketers had to pay $85,000 a day, amounting to about $850, 000 for 10 days. 

“In some cases, we go into demurrage that might require us to pay almost $1.2 million because some of the agencies, including Nigerian Port Authority, NPA, and the  Nigerian Maritime Administration and Safety Agency,  NIMASA,  fees are charged in dollars, thus culminating high ex-depot price.”