The Independent Petroleum Marketers Association of Nigeria (IPMAN) has announced that the ongoing fuel scarcity will persist for an additional two weeks. CONTINUE READING
According to IPMAN’s Public Relations Officer, Chinedu Ukadike, the product shortage stems from a lack of availability in the country, compounded by challenges in sourcing fuel due to turnaround maintenance at European refineries.
Ukadike also attributed the supply crisis to importation bottlenecks and delays in license renewals by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA). Only 1,050 out of 15,000 marketers have had their licenses renewed by NMDPRA.
The Nigerian National Petroleum Company Limited (NNPC), the sole supplier of petroleum products in Nigeria, has attributed the challenge to logistics and vessel issues. The Group CEO has assured improvement in the supply chain with the arrival of NNPC vessels.
Ukadike estimates that it will take two to three months to restore a 30-day supply sufficiency once disrupted. He anticipates normalcy to return within a week after next week, assuming NNPC can resolve the supply issues.
Marketers are facing difficulties renewing their licenses with NMDPRA. NNPC has threatened to remove unlicensed marketers from its portal, further exacerbating the supply shortage.
IPMAN appeals to NNPC to extend the April 15, 2024, deadline for license renewals and urges NMDPRA to expedite the release of licenses for marketers who have completed the necessary processes. Reducing bottlenecks around license renewals is crucial to alleviate the scarcity. CONTINUE READING
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