Advertisers Sodality of Nigeria (ADVAN) Marketers Conference in Lagos on Friday, verbalized only the liberalization of petrol supply will ascertain the availability of the products. “Distinguished ladies and gentlemen, I can tell you that that decision is inevitably ineluctable, if we are to culminate the crippling fuel scarcity that has enveloped the country, ascertain the availability of the products and culminate the suffering that our people have been subjected to,” he verbalized.
He verbally expressed the crash in the price of crude oil, which has impacted negatively on peregrine exchange earnings, has further compounded the crisis in fuel supply. “With the drastic fall in the price of crude oil, which is the nation’s main peregrine exchange earner, there has withal been a drastic reduction in the amount of peregrine exchange available.
The unavailability offorex and the inability to open letters of credit haveforced marketers to stop product importation and imposed over 90% supply on the NNPC since October 2015, in contrast to the past where NNPC supplies 48% of the national requisite,” the Minister verbalized. He further elaborated that in the absence of available forex lines or crude volumes to perpetuate massive importation of PMS, it is pellucid that unless immediate action is taken to liberalize the petroleum supply and distribution, the queues will persist, diversion will worsen and the current prices will spiral out of control.
Alhaji Mohammed, however, verbalized the liberalization of petrol supply and distribution will allowmarketers and any Nigerian entity inclined to supply PMS to source for their forex and import PMS to ascertain availability of products in all locations of the country.
He noted that the resultant fuel scarcity has engendered an eccentric increase in price, resulting in Nigerians paying between N150 and N300 per litre as prevalent hoarding, smuggling and diversion of products have reduced volumes made available tocitizens.
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