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Oil Marketers Deny Hoarding, Accuse NNPC of Failing to Supply 800m Litres of Petrol Paid For

Oil marketers under the aegis of the Depot and Petroleum Products Marketers Association (DAPPMA) have faulted claims by the Nigerian National Petroleum Corporation (NNPC) that oil marketers have been hoarding petroleum products thereby creating an artificial scarcity.

The association in a statement signed by its executive secretary, Olufemi Adewole, said contrary to NNPC’s often repeated claim, the marketers actually had no supply of Premium Motor Spirit (PMS) more commonly referred to as petrol, in their tanks.

DAPPMA also accused NNPC of failing to supply about 800 million litres of petrol paid for by its members whereas the national oil company had repeatedly told the press it had been offloading products in depots across the country.

While we cannot confirm or dispute the NNPC’s claims of having sufficient product stock, we can confirm that the products are not in our tanks and as such cannot be distributed. If the products are offshore, then surely, they cannot be considered to be available to Nigerians.

Adewole stated that DAPPMA members were ready to undertake 24-hour loading and truck-out if petrol was provided to them by the Petroleum Products Marketing Company.

The NNPC imports and distributes through DAPPMA, Major Oil Marketers Association of Nigeria and Independent Petroleum Marketers Association of Nigeria. Our members pay the PPMC/NNPC in advance for petroleum products, and fully paid up PMS orders that have neither been programmed nor loaded are in excess of 500,000 metric tonnes, about 800 million litres as of today, and enough to meet the nation’s needs for 19 days at a daily estimated consumption of 35 million litres,” he said.

Adewole further stated that the unending fuel crisis was due to the challenges in the Direct Sales, Direct Purchase scheme, rising price of crude in the international market and the high interest rates charged by Deposit Money Banks on loans obtained by marketers.

Meanwhile, the Punch reports that the NNPC through its Group General Manager, Group Public Affairs Division, Mr Ndu Ughamadu, while reacting to the DAPPMA press statement, on Tuesday insisted that it had been supplying petrol to the marketers.

“We are verifying the authenticity of that claim because we have been supplying them with products. Even as of yesterday (Monday), we supplied products to the depots.

“However, they (DAPPMA) should complement the efforts of the NNPC. We have been supplying DAPPMA and MOMAN with products. We are replenishing their stock,” Ughamadu said.

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