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Nigeria: Tank Farm Owners to Sell Petrol at Regulated Price

PMS is fully available and will be sold at the grocery regulated price of #172.

Owners of Petroleum Products Tank Farms in Ijegun, Satellite Town, Lagos have assured Nigerians that petrol is fully available, and will be sold at the government-regulated price of N172.  

Speaking on Thursday in Lagos, the Chairman, Tank Farm Association, Debo Olujinmi stressed that NNPC have allocated over a hundred and fifty million litres of petrol for the month of February while stressing that products would be distributed across Nigeria to lessen the burden of the continued fuel scarcity.

Olujinmi explained that about  33% of the entire nation’s distribution comes from Ijegun Tank Farm. He assured that other partners like AA.Rano will distribute a larger quantity because it supplies the North Central, North East and North West, while Rainoil distributes to the South Eastern part of the country.

He further explained that depot owners who refuse to adhere to the directive of selling at the government regulated price of B172 will ĺbe sanctioned.

On the part of his association, the National Operations Controller, Independent Petroleum Marketers Association of Nigeria, Mike Osatuyi, said it’s members have been told to comply with  the official government regulated pump price, and if not appropriate sanctions will be meted. Mike expressed his fear on the sustainability of how regular will deport owners get the supply. 

The Regional Coordinator, Southwest, Nigerian Midstream and Downstream Petroleum Regulatory Authority, Ayo Cardoso highlighted that the Petroleum Industry Act specified that prices will be determined by market forces, however, he assured that in few days everything will get better. 

Cardoso claimed that 580 litres of PMS is in the Inland depot’s and 619 million litres in marine/offshore which account for about 1.3million litres of PMS available abd will be sufficient for 22 days, he reiterated that the issues around distribution have also been addressed.

By Mosunmola Ogi-olu