- Fuel Scarcity Sparks Widespread Anger and Protests
- Black Market Hits N1,200
- We’re Financially Strained –NNPC Ltd
Dangote Petroleum Refinery has commenced production of Premium Motor Spirit (PMS) and may export it if local demand is insufficient. Devakumar Edwin, VP of Oil and Gas, revealed this on Brekete Family live show, citing a “blockade” by local oil traders who prefer importing diesel and aviation fuel. Despite producing high-quality PMS meeting Euro 5 standards, the refinery faces challenges in selling locally.
Edwin expressed surprise at the obstacles, given the initial philosophy of adding value to local raw materials. He noted that Nigeria still exports crude and imports refined products, contrary to the refinery’s goal. The company has started building crude tanks to store imported crude due to low local supply.
Despite having a gantry capable of loading 2,900 tankers daily, the refinery has not reached 5% capacity due to low local patronage. Edwin emphasized the refinery’s commitment to environmental friendliness and energy efficiency. He defended Aliko Dangote against accusations of monopolism, stating that profits are reinvested in the country, creating wealth and jobs.
Industry sources confirm that Dangote PMS will hit the market soon, with the government and Dangote Group working out modalities for circulation. The sale and distribution of PMS are being sorted out with the Federal Government, with only NNPC authorized to sell Dangote fuel at present.
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As the petrol scarcity crisis deepens with no relief in sight, motorists are expressing their growing exasperation over the persistent problem that has defied solutions. They are urgently calling on relevant authorities to tackle the supply shortage and prevent a catastrophic impact on economic activities.
Throughout Lagos, from Maryland in Ikeja to Surulere, Ojota, Lagos Island, Ikoyi, Victoria Island, Isolo, Apapa, Ogba, and Abule-Egba, vehicles, motorcycles, tricycles, and the ubiquitous ‘Korope’ were seen forming long queues at gas stations.
Meanwhile, despite initially denying the reports around $6 billion debt to oil marketers,NNPC Ltd has acknowledged that it was battling financial strain due to petrol supply cost and poses a threat to the sustainability of fuel supply.
A statement by the Chief Corporate Communication Officer, NNPC Ltd, Olufemi Soneye, admitted that the financial strain has placed considerable pressure on the Company.
Global suppliers of petrol are no longer enthusiastic about supplying the product on credit to the Nigeria National Petroleum Company Limited NNPC Ltd due to piling debts totaling about $6 billion
This comes as protesters hit the streets of Abuja on Monday demanding the immediate dismissal of the Group Managing Director of the Nigerian National Petroleum Corporation Limited, Mele Kyari, over the lingering fuel scarcity in the country.
