Major oil marketers assure of fuel stability this quarter

Federal Government has given sufficient allocations for the importation of petroleum products for this quarter, the Major Oil Marketers Association of Nigeria (MOMAN) has stated. This is expected to make more fuel available to Nigerians.

Akin Akinfemiwa, who is the chairman of the association and Group Chief Executive Officer of Forte Oil Plc disclosed this during an interactive session with the media last weekend in Lagos.

He said the allocation for importation of fuel has been evenly divided between the NNPC and the petroleum marketers.
According to him, the Federal Government, NNPC and the major marketers have put in place a structure to ensure the effective distribution of these allocations to the retail outlets and as a result, PMS will become readily available.

“In order for the populace to reap the benefit of our joint efforts, we advise the public to refrain from panic buying and we assure the buying public that we shall continue to work hand in hand with the NNPC and the Federal Government to ensure uninterrupted fuel supplies all year round”.

A combination of issues resulted in most oil majors completely pulling out from the importation business and NNPC assuming a near 100% importation obligation without the necessary logistics put in place.

The NNPC had said it would keep Nigerians abreast of the key actions taken in the downstream petroleum sector, saying it is on top of the petroleum products supply and distribution situation.

It said it remains committed to eliminating this endemic issue once and for all within the next few days.

The corporation said in line with the change agenda of this administration, its management initiated and made progress on various key solutions to providing a lasting end to a number of issues that have bedeviled the sector.

Such issues include the unpaid arrears arising from the subsidy regime had necessitated most oil marketers to stop all forms of involvement in petroleum products imports.