Ayo Kadoso, General Coordinator, South-West, Nigerian Midstream and Downstream Petroleum Regulatory Authority, disclosed this information on the sidelines of a trip to Ijegun tank farms in Lagos by the task force team of the Federal Government on petrol price compliance. About 1.3 billion liters of gasoline have been imported into the nation.
He claims that of the 1.3 billion liters of gasoline now in the nation, 690 million liters are stored in marine/offshore depots and 580 million liters are stored in interior depots.
He said, “We have sufficient fuel in the country. I can assure you that everything will be fine in a few days because we will monitor distribution back-to-back and ramp up enforcement.
“As of today, the inland depots have 580 million litres, the marine or offshore have 690 million litres as well. In total, that translates to 1.3 billion litres, which is about 32 days sufficiency.”
Kadoso assured the public that the Federal Government was serious about keeping the country wet by selling products to consumers at a regulated price of N172 per litre.
“We have always monitored the system from all the value chain right from the vessel coming in and right down to the retail pump. Now, we are seeing light at the end of the tunnel that things are getting better, and the federal government will ensure that there’s compliance to the regulated price”, he said.
The National Controller Operations, Independent Petroleum Marketers Association of Nigeria, Mike Osatuyi, assured motorists that IPMAN members were ready to comply with the new pricing policy as long as depot owners and the NNPCL would keep their end of the bargain.
“All of my members are going to load at N172 per litre. But what worries us is that, how can government sustain supplies to the depots, and keep price regulated as promised. But I want to believe that there’s commitment on the part of the government to keep supplies coming in”, he said.
Osatuyi also issued stern warnings to all IPMAN members to comply with the new price, as erring members would be sanctioned.