Mass supplies of Premium Motor Spirit, often known as gasoline, will start to be distributed in Lagos, Calabar, Port Harcourt, and Ogara starting next month thanks to a special cooperative agreement between the Nigerian National Petroleum Company Limited and 30,000-member independent petroleum marketers.
Osatuyi said that Stockman and marketers were meeting repeatedly to discuss how to get adequate supplies. He predicted that by January, the N148/litre agreement between NNPCL and oil merchants will be in place. The change came about as a result of IPMAN members’ accusations that they had previously been ignored by the NNPCL in favor of the Major Oil Marketers Association of Nigeria members.
Providing justifications for increased ex-depot costs, Olufemi Adewole, the executive secretary of the Nigerian Petroleum Products Marketers Association said that the price for renting a vessel had jumped from between $65, 000-$75, 000 per day as of a few months ago, to $80, 000/.
On his part, Chairman, MOMAN, Olumide Adeosun had during a session with journalists, advised the Federal Government to implement a phased deregulation of the petroleum downstream sector to cushion the adverse effects of the impact of a sharp rise in Premium Motor Spirit prices.