Energy crisis: DAPPMAN empathizes with Nigerians as Energy crisis hits harder
By Eyo Nsima
The Member Companies of Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN) have empathized with energy consumers in Nigeria as the crisis hits harder.
In a statement obtained by The Daily, www.thedaily-ng.com, Executiv
“The above situation has had its adverse effects on the operating cost of managing the various petroleum products depots in Nigeria. You would note that the petrol we supply, is sourced, solely from NNPC Limited’s marketing subsidiary, Petroleum Products Marketing Company Limited (PPMC) for our onward sale to the public at the regulated price of N165 per litre. This purchase from the PPMC is achieved through funds sourced with high bank interest charges, alongside increased costs of hiring vessels utilized in the delivery of fuel cargoes to our depots.
“This is coupled with the intense scarcity of bunker fuel for running these vessels with the increase in the cost of diesel used in powering equipment and machinery in our depots and retail outlets.
“Over time, depot Owners and the Government have struggled to sustain the supply of petrol at the current pump price of N165 per litre despite the huge subsidy cost to Government and abysmal or no profit margins to the Depot Owners.
“But for its suspension, the implementation of the Petroleum Industry Act 2021 would have provided an ideal enabling environment by creating the free market in which demand and supply would affect fuel pump price.”
He added: “We hereby assure the public that Depot Owners, working tenaciously in concert with NNPC Limited, through its marketing subsidiary, will continue to ensure availability of products nationwide.”
