Petrol: Hoping The Magic Lasts

AFTER over two month of petrol scarcity and queues at filling stations, sometimes at exorbitant rate and higher than the official price of N87, there is a sigh of relief for most Nigerians and motorists.

Minister of State for Petroleum, Dr. Ibe Kachikwu, while speaking with journalist in Abuja after monitoring compliance with the Federal Capital Territory (FCT), said any depot or filling station found selling petrol above the official N86.50 pump price would be sealed for three months, while licences of those found to have consistently breached the rules and regulations would be withdrawn to ensure discipline in the system.

He noted that despite the effort put in place to ensure availability and at approved prices, it was observed that many filling stations continue to sell at prices above the official prices, saying this was intolerable.

“It is ripping off innocent Nigerians and they are doing it at a time where there is very zero tolerance for this sort of behaviour, he said, warning owners of filling stations and depots to return to the prices approved by the Petroleum Products Pricing Regulatory Agency (PPPRA).

While urging the Department of Petroleum Resources (DPR) to raise enforcement to ensure complete compliance, Kachikwu added: “We cannot afford to allow indiscipline in the system when people know what to do.”

He debunked allegation that most depots are not buying at a cost that would enable them to sell to marketers to dispense at official pump price is false.

Ostensibly in support of the government efforts and avert a clampdown, both major and independent markets have set up a monitoring team to carry out a proper audit of the litres of fuel supplied to their outlets across the country since the new price regime on January 1 and ensure compliance.

This is just as the DPR, Product Pricing and Marketing Company (PPMC) and other agencies set up teams to monitor the level of compliance.

National President of Independent Petroleum Marketers Association of Nigeria (IPMAN), Chinedu Okoronkwo, said his members would soon comply with the new price.

The long queues at filling stations have disappeared, and so have the hoarding and sale at exorbitant and different prices by marketers.

Now, Nigerians buy petrol at ease, without fear of any sudden scarcity of price change, thanks to the government (policy of modulation).

And they hope the magic would last for long, even though some fear that the price might go up as soon as the price of crude oil goes up in the international market.