Marketers reveal when petrol scarcity will end

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has announced that the ongoing petrol scarcity plaguing numerous states across the nation is expected to persist for at least two weeks before normalizing.

According to IPMAN’s Public Relations Officer, Chinedu Ukadike, the scarcity stems from a severe lack of product availability within the country.

He cited several factors exacerbating the situation, including maintenance activities in European refineries, importation hurdles, and the sluggish pace of marketers’ license renewals by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).

Ukadike revealed that out of the 15,000 marketers, only 1,050 have managed to renew their licenses with the NMDPRA, further complicating the supply chain.

“The current challenge stems from a dearth of product supply. When there’s insufficient or disrupted supply, scarcity ensues, leading to queues at filling stations,” Ukadike stated.

He elaborated on the logistical challenges faced by the Nigerian National Petroleum Corporation (NNPC), the sole supplier of petroleum products in Nigeria, attributing the disruptions to vessel issues and international supply chain breaches.

However, Ukadike expressed optimism regarding improvements in the supply chain, citing assurances from the NNPC Group CEO regarding the arrival of vessels to bolster supply. He anticipated that with the restoration of the 30-day supply sufficiency, normalcy could return within the next two weeks.

“We anticipate that by next week, NNPC should be able to restore supply, and within another week, normalcy should be reinstated,” Ukadike concluded.