Petroleum Marketers have heaved a sigh of relief as petroleum tank farms operating in Apapa are bubbling once again with activity. The depots, according to Shipping Position Daily findings are also selling the product as low as N136.50 per litre.
Recall that ex-depot price of the product, which had hit N160 per litre, is gradually returning to normal.
This is even as Shipping Position Daily gathered that cases of product hijacking on highways, which has been a major concern for marketers has now reduced drastically. Speaking with our correspondent last week at the IPMAN House at Ejigbo Lagos, an official who pleaded anonymity said that the association has recorded low reports of such cases.
“We have had more than 12 situations where trucks attempting to maneuver between Mile 2 bed Cele, some around toll gate area were hijacked and taken away, the drivers later found badly beaten and injured, others tied to the bush for several days, but this is no longer the case”
He noted that the Nigerian National Petroleum Corporation (NNPC) is now supplying adequately to marketers and that most depots are now working day and night trying to satisfy their customers.
“However it may not be very effective yet because of the traffic. A depot that has capacity to turn out 300 trucks day and night will end up turning out 100 trucks day and night, this is a shut fall of about 200 trucks, this means that the depot is being under-utilized but their capacity is beyond what they are turning out”
Apart from these, all the six major oil marketers – Conoil, Forte Oil, Mobil Oil, Oando, MRS and Total also had stock of petrol, which they were loading out to only their branded filling stations.
The major marketers sell at N145 per litre to their dealers at the depots and these dealers also sell at the same N145 at the filling stations.
It was gathered that the major oil marketing companies pay special margins to their dealers to encourage them to sell at N145 at the pumps.
The fuel supply situation has recorded a great improvement in recent days compared to the situation few weeks ago when only six – seven private depots had NNPC product, with most of them selling at N155 – 160 per litre.
However, the current price range of N136.50 – N139 per litre is still above the N123.28 – N133.28 per litre official ex-depot price band recommended by Petroleum Products Pricing Regulatory Agency (PPPRA) on May 11, 2016 when the N145 pump price took effect.
The Group Managing Director of NNPC, Dr. Maikanti Baru, had promised a reward for petroleum products marketers who make life easy for Nigerians by sticking to N145 per litre approved pump price for petrol.
Apart from the major oil marketers, the other 18 depots loading petrol in Lagos include: AA Rano, Aiteo, Bovas, Chi-Pet, D.Jones, Fatgbems, First Royal, Folawiyo, Gulf Treasure, Wosbab, NIPCO, Heyden, MRS, Mao Oil, Africa Tanker, Techno Oil and Stallonire.
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