Depot Owners Spark Fear Of Scarcity, Increases Fuel Depot Price

There are indications that petroleum tank farm owners may be forcing the Petroleum Product Pricing Regulatory Agency (PPPRA) to adjust its pricing template upwards as many of them have since abandoned the PPPRA template and increased their depot price of fuel.
Shipping Position Daily findings last week revealed that among the tank farms at Ibafon, Kirikiri and Dockyard area of Apapa in Lagos, only two depots; Rahamaniyya tank farm and NIPCO Plc had complied with the PPPRA petrol pricing template which had pegged the ex-depot price of a litre of petrol at N131-133.28. Rahamaniyya charged N131.50 per litre while NIPCO Plc charged N133.28 per litre.
Also, our correspondent noticed some filling stations were locked up last week, even as downstream sources confirmed that they were hoarding products as a preparatory action for the imminent scarcity. The action has however caused panic buying in some areas of Lagos.
Details of the fuel price at other depots are: Aiteo, Wosbab, Folawiyo and Heyden, sold at N137.50, while Zenon, Swift, Obat and Integrated sold at N137.
The highest ex-depot price of N138 was by Gulf Treasure, while Capital Oil, D Jones, Fatgbems,and MRS sold for N136.50 with T-Time selling for N135.
Speaking with Shipping Position Daily, a fuel marketer at MRS Tank farm located at Tin Can Island Port, Mr. Ganiyu Sulaiman alleged that the NNPC had lied when it had told Nigerians that there would not be an increase in fuel pump price.
“Behind every rumour there is an iota of truth, if you are going round now, you will see many of the filling stations have locked their gate, they are already preparing to hoard the product because of scarcity” he said.
Meanwhile, the Nigerian National Petroleum Corporation (NNPC) last week admonished Nigerians not to engage ‎in panic buying of petrol as there was no plan to increase its price.
‎In a statement released in Abuja by the Group General Manager, Group Public Affairs Division, Mr Ndu Ughamadu, the Corporation further assured motorists that there was enough supply in stock.
"The Corporation has 1.3 billion litres stock of PMS, otherwise called petrol, which is sufficient to serve the nation for more than 38 days.
"This plea comes on the heels of reports that some motorists have begun panic buying of petrol, following rumours that the government is about to increase the pump price of the white product from N145 per litre.
"NNPC wishes to assure Nigerians that there is no iota of truth in the rumor that government is scheduled to adjust pump price of petrol.
"Indeed, with the resumption of production by the Corporation's three refineries in Kaduna, Port Harcourt and Warri, complemented by imports, there is enough stock of petrol‎, diesel and kerosene," Ughamadu said