In a bid to check the arbitrary increase in the pump
price of kerosene, the Federal Government has
placed an order for massive importation of the
product, oil marketers have sthan
price of kerosene, the Federal Government has
placed an order for massive importation of the
product, oil marketers have sthan
According to them, the government has also
ordered huge importation of Automated Gas Oil,
popularly known as diesel. They further stated that
with the increase in the supply of the United States
dollars by the Central Bank of Nigeria, the price of
Premium Motor Spirit, otherwise called petrol, will
not be hiked as earlier anticipated.
Last week, oil marketers had told The
PUNCH exclusively that the actual cost of petrol
should be N151.87 per litre.
They said the calculation was based on the ex-
depot price of the commodity and the scarcity of
forex.
To avert the hike, the government had met with the
marketers last week and it was learnt that the CBN
might intervene.
Speaking in Abuja on Wednesday during the
inauguration of the Eastern Zonal Executive of the
Independent Petroleum Marketers Association of
Nigeria, the association’s Chairman, Board of
Trustees, Mr. Abubakar Usman, said marketers
would start getting large volumes of kerosene and
diesel as the government had ordered for increased
importation of the commodities.
He said, “There is something that I am going to tell
you that shall make you happy. Very soon, the
products, DPK (Dual Purpose Kerosene) and the
AGO, will be in circulation under the leadership of
Chinedu Okoronkwo. Those that are not aware are
aware now. Sooner or later, I cannot say today or
tomorrow, but very soon, the AGO will arrive. The
DPK will also arrive in the country.”
I told IPMAN members that the current scarcity of
kerosene would soon be a thing of the past as the
product would circulate sufficiently when delivered.
He noted that upon arrival, no member would be
required to lobby or bribe to secure allocation.
Usman said, “And when it arrives, each and every
one of us will get his allocation. You don’t have to
come to Abuja to give bribe looking for allocation of
two or three trucks. Just go to your depot manager,
go to your zonal chairman and you will get it. You
don’t have to waste time going to Lagos or Abuja
for the product.”
When asked to state the price the product will be
sold when it arrived, Okoronkwo said, “It will be
lesser than what the NNPC retail outlets will be
selling.”
On the possible increase in the pump price of the
PMS, he said that the move by the CBN to increase
marketers’ access to foreign exchange would lead
to price stability, adding that the intervention would
warrant an appreciation of the naira.
He said, “Right now, you are aware that some
Bureau De-Change operators have qualified to get
the forex. And very soon, there will be forex in the
system where people can now leverage. And if we
have enough forex, it means that the price at which
people are getting it now will drop.
“This will impact in every other business. Very
soon, the CBN will release dollar and that will make
the naira to appreciate. For marketers, importers
and manufacturers, everything will come alive again.
“The IPMAN will also leverage this window to
ensure that our products come at prices that
members of this country will enjoy.”
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