Oil marketers appeal to government to stabilise industry

The Natural Oil and Gas Suppliers Association (NOGASA) of Nigeria, a group of oil marketers, has called on the federal government to intervene in the oil industry to prevent a possible fuel scarcity and a collapse of the sector. This was made by the association at its NEC meeting that took place on October 9, 2023.

The president of NOGASA, Mr. Benneth Korie, said that the oil marketers are facing several challenges that are threatening their survival and the availability of petroleum products in the country. He listed some of the challenges as the high cost of diesel, the deplorable state of roads, the high exchange rate, and the taxes imposed by the Federal Inland Revenue Service (FIRS).

He said that these factors have made it difficult for marketers to import, lift, transport, and distribute petroleum products, especially Premium Motor Spirit (PMS), also known as petrol.

He cautioned that there could be a petrol shortage in the country from now until December if the situation is not urgently resolved.

He said that many depots are deserted or out of stock as their owners cannot afford to buy crude oil or secure bank loans due to high interest rates and unstable foreign exchange rates.

He urged the government to come to the aid of the industry by providing palliatives for the marketers, such as releasing N600 per dollar for the next three months.