Oil Theft: The Situation is Worsening- Marketers

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As of Wednesday, there were still long lines for gas in Lagos and Ogun states, despite the fact that oil marketers have forecast harsher days ahead for product availability.

Many drivers could be spotted in lines at gas stations across the US, and some businesspeople in the oil industry predicted that the fuel shortage might not end anytime soon.

In a statement regarding the current state of affairs, Akin Akinrinade, Chairman of Satellite Depot, Independent Petroleum Marketers Association of Nigeria, Lagos, described the situation as “worsening.”

According to him, “Nobody is saying anything to us yet. And as we speak, we are still not loading products here. In fact, the situation is worsening because the queues have continued. Even some of NNPCL Retail stations don’t also have products for sale. I believe it’s a stock issue, and the NMDPRA should be able to tell us what is really happening but, I know they won’t want to tell the truth.”

There is no reason for concern, according to Mike Osatuyi, National Controller Operations, IPMAN.

“Yes, there are still queues but NNPCL has assured us that there is no cause for alarm. So, let us rely on their statement for some days before we know what to do,” he said.

Elder Chinedu Okonkwo, President of IPMAN, also reported meeting with NNPCL Retail.

“I just left NNPC Retail, and they assured us that they have plenty of products. Go to the depots, they are loading,” he said.

Speaking further, he stated, “I don’t know the quantity in stock but all depots are loading.

There is an abundant supply of oil in the nation, according to a source from the Nigerian Midstream and Downstream Petroleum Regulatory Agency who begged to remain anonymous.

He claims that there are currently 200,000 metric tonnes at various depots in Lagos, which is equal to around 540 million litres of petroleum.

“We are taking concrete steps to close the gaps in product distribution, and I can tell you that there is no significant difference in what was trucked out last week and this week,” he said while declining to state what quantity was distributed last week.

Speaking further, “The depots are not dry. Everywhere is wet. There are two vessels discharging PMS at Apapa jetty, one at Ijegun, one at Coconut, Ibafo, and one at MRS, Tincan. Cumulatively, we are talking about 200, 000 metric tonnes of PMS, equivalent to about 540 million litres in various shore tanks in Lagos. So, we are taking time to close the supply gaps, and I can assure you that the queues would disappear just as they came.” 

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