The Independent Petroleum Marketers Association of Nigeria (IPMAN) disclosed yesterday that the ongoing petrol shortage, affecting several states in the country, is anticipated to persist for about two weeks.
While the Nigerian National Petroleum Company Limited (NNPCL) affirmed having sufficient product supply, the Public Relations Officer of IPMAN, Chinedu Ukadike, attributed the scarcity to sourcing challenges caused by ongoing refinery maintenance in Europe.
Ukadike stated, “The situation is that there is no product. Once there is a lack of supply or inadequate supply, what you will see is scarcity and queues will emerge at filling stations.”
He explained that disruptions in the international supply chain, coupled with refinery maintenance in Europe, have made sourcing petroleum products difficult. However, he expressed optimism about an imminent resolution.
“NNPC Group CEO has assured us that there will be improvement in the supply chain because their vessels are arriving. Once that is done, normalcy will return. This is because once the 30-day supply sufficiency is disrupted, it takes two to three months to restore it,” Ukadike added.
He also highlighted challenges faced by marketers in renewing their licences, leading to further complications in the supply chain. Despite assurances from NNPC, Ukadike urged for an extension of the licence renewal deadline and expedited issuance of licences by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).
“At this nascent period of deregulation, you will discover that this leads to scarcity, even when the product arrives,” Ukadike said, emphasizing the need for a streamlined process to mitigate future disruptions.
As stakeholders await resolution, consumers are urged to remain patient and avoid panic buying, while efforts are underway to address the underlying challenges in the petroleum supply chain.
