This was even as oil marketers disclosed that they have suspended the importation of Premium Motor Spirit, PMS, into the country due to the failure of the Federal Government to pay them their claims.
A top source in the depot and Petroleum Products Marketers Association, DAPPMA, told Vanguard that majority of the oil marketers are yet to be paid by the Federal Government, making it impossible for them to secure fresh funds from the banks to finance fuel import.
The source called on the Federal Government to pay the marketers the amount being owed, stating that out of the huge amount owed DAPPMA members only about N4 billion was paid to some of them a few days ago while others are yet to be paid.
The source said: “The money that the marketers were paid by the Federal Government was, according to the banks, like a tip of the iceberg, compared to the huge amount the marketers owe the banks. Majority of the marketers are not able to repay their indebtedness to the banks, making it impossible for them to secure new facilities from the banks to finance fuel import.
“We want the Federal Government to pay the debt owed marketers as it is only then will we be able to repay our debts to the banks and secure fresh credit facilities from the banks to enable us finance our fuel import.”
The source further stated that majority of the oil marketers have stopped importing fuel, despite the fact that they have gotten the approval of the Petroleum Products Pricing Regulatory Agency, PPPRA, to import.
The source noted:”We have approval to import fuel, but we do not have money to finance the import. The banks told us that they have a ceiling for borrowing and they have reached their borrowing limit, with oil companies accounting for a substantial portion of the loans.
“We are asking the Federal Government to pay us the claims we are being owed so that we can have money to offset our debts and finance fuel imports.”
Furthermore, with the worsening scarcity, majority of the petrol stations now engage in sharp practices. Specifically, most of the petrol stations in a bid to make huge profits, sell at between N120 and N140 per litre, while others prefer to sell to black marketers. The shady dealings, in most cases, were consummated in the night in a bid to escape sanctions from the authorities.
In Abuja, petrol stations sell to the black marketers at between N120 and N140 per litre, with the black marketers reselling same to motorists at between N160 to N250 per litre.
Scores of the black marketers were seen at the front of almost all the petrol stations in the Federal Capital Territory, FCT, beckoning motorists to patronise their wares which they carry in 10-litre plastic gallons.
All the petrol stations along the Airport Road were shut, while only the NNPC mega station and Conoil were selling, with queues stretching for about three kilometres, impeding traffic around the area.
The prolonged scarcity has also brought in its wake, a hike in transport fares, commodities and services in the FCT.BY HAVENS
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