The Nigeria National Petroleum Corporation (NNPC) has identified panic buying and sharp practices by some petroleum marketers as the culprits behind the persistent fuel scarcity in the country.
Despite assurances from NNPC that the fuel queues across the nation would dissipate soon, petroleum marketers insist that inadequate supply remains a significant factor contributing to the ongoing crisis.
NNPC spokesperson, Femi Soneye, revealed that the corporation possesses over 1.5 billion litres of petroleum products, enough to last for at least 30 days. However, he acknowledged the exploitation of the situation by certain individuals seeking to maximize profits.
In response, the Major Energies Marketers Association of Nigeria reported the receipt of 300 million litres of fuel from eight vessels this week alone. Additionally, Ayo Cardoso, the South-West Regional Coordinator of the Nigerian Midstream and Downstream Petroleum Regulatory Authority, confirmed the offloading of over 240 million litres at various depots.
Despite these efforts, the queues and shortage of petroleum products persist, exacerbating the living conditions of Nigerians. Concerned by the situation, the House of Representatives Committee on Petroleum Resources has called for action against hoarders.
In the midst of the blame game between NNPC and petroleum marketers, Independent Petroleum Marketers Association of Nigeria (IPMAN) refutes accusations of involvement in sharp practices. IPMAN emphasizes their role as distributors and calls for cooperation to resolve the crisis.
As the nation grapples with fuel shortages, there are calls for increased vigilance against profiteering and illicit activities, with stakeholders advocating for collaborative efforts to alleviate the burden on Nigerian consumers.