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Fuel scarcity looms as marketers decry high price at depots

Fuel scarcity looms as marketers decry high price at depots

Oil marketers have warned of impending fuel scarcity if the Federal Government does not find a lasting solution to rising cost of the product at the depots. National President of Petroleum Products Retail Outlets Owners Association of Nigeria, PETROAN, Dr. Billy Gillis-Harry in a statement, said members of the group can no longer bear the brunt of increasing cost of petrol at the depots, adding that the product is currently being sold between N158 and N160.

According to him, due to increased depot price, petrol at N162 per litre is no longer sustainable as members would not pay subsidy on behalf of consumers.Gillis-Harry’s reaction came on the heels of reports that members of the association had hiked pump price to N178 per litre.He explained that the body has no power to increase petrol prices, but, stated that if the problem is not resolved soon, there will be product shortages as there will be no capital to restock.

He said: “What we have done is to bring the condition of the business to the knowledge of both consumers and government that the retail outlets have been having very strenuous price pressure because we are buying products at depots at N156 to N159 and even N160, so we can’t sustain selling new products.

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Source: SweetCrudeReport

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