The Nigeria National Petroleum Corporation (NNPC) went hard on some independent petroleum marketers on Tuesday, revoking three licenses.
The NNPC is of the opinion that oil marketers have been diverting the product; resulting in the biting fuel scarcity that has lingered on since before May 29.
The Pipelines and Products Marketing Company (PPMC), a subsidiary of the NNPC, announced that henceforth, dealers found to be guilty of hoarding petrol would have their Bulk Purchase Agreement revoked.
The PPMC revoked the lifting licences of “Funo Alfa, Organizer West Africa and Rich Oil. The sanction is with immediate effect,” it said.
The NNPC added that it was closely monitoring the market alongside its subsidiary, the PPMC, adding that the withdrawal of lifting licences of errant marketers was a continuous exercise.
But the marketers under the aegis of the Independent Petroleum Marketers Association of Nigeria (IPMAN) have strongly denied that they are diverting the product. They blame the NNPC for not being able to meet market demand and added that marketers take their products to outlets where they can maximize profit–away from the prying eyes of regulators.
“The NNPC knows very well that it cannot meet the whole demand for fuel in Nigeria and even at some of their depots, they sell fuel at high rates that after you transport the product to the destination, you cannot sell at the regulated price and make profit.
“As for diversion, that is not true. People take products to various destinations. The truth is that people prefer destinations where they can sell and make profits without being disturbed by the regulators. Nobody is diverting any product and the NNPC and PPMC know that”, one anonymous marketer told The Punch.
The post Petrol Scarcity: NNPC Goes Down Hard On Independent Marketers, Revokes Licenses appeared first on Ekekeee.