The Independent Petroleum Marketers Association of Nigeria, IPMAN, yesterday said contrary to claim of unavailability of petroleum products, the Nigerian National Petroleum Company Limited, NNPCL, has directed marketers to begin loading at Pinnacle Depot in Ibeju Lekki, Lagos.
This is coming on the heels of current repairs ongoing at
the vandalised pipelines which supply products to satellite depots.
Speaking to Vanguard, the President of IPMAN, Chinedu
Okoronkwo, said NNPCL had assured marketers that it had enough supplies, and
was addressing the issue of pipeline vandalisation.
Okoronkwo said the issue of pipeline leaks would be
addressed soon and that NNPCL had now directed marketers to begin loading at
Pinnacle Depot in Ibeju Lekki in Lagos.
“NNPCL is doing something about the pipeline vandalisation
and has assured that normalcy will return soon,” he said.
He said some of its members were yet to begin petrol imports
due to exchange rate volatility, adding that its members were currently relying
on NNPC for petrol but would soon begin importation.
Investigations revealed that some petrol stations in Lagos
and Ogun states slightly adjusted their pump prices, with some selling the
product at between N570 per litre and N580 per litre.
Vanguard exclusively
gathered that the landing cost from August is expected to rise further as the
factors that propelled the rise in July
had worsened.
Giving further insight, sources around marketers who spoke
to Vanguard on condition of anonymity, insisted that it was unprofitable to
import as foreign exchange had been a major concern, while exchange rate had
also continued to deteriorate.
The marketers also noted that the cost of fuel import was
rising, in response to the recent rise in price of crude oil in the
international market.
A transactional analysis of a major operator sighted by
Vanguard, showed that marketers were paying N604.14 per litre as total direct
cost.
A breakdown shows product cost per liter at N578.46, freight
(Lome-Lagos) at N10.37, port charges at N7.37, NMDPRA levy of N4.47, storage
cost at N2.58, Marine insurance cost at N0.47, fendering cost at N0.36 and
”others” at N0.05 as well as a finance cost amounting to N28.04.
Specifically, the transactional analysis put the landing
cost of 28,000 metric tons of imported petrol at over $25 million, including
total product cost, total direct cost, total finance cost, capable of
generating more than N22 billion as sales revenue, indicating a loss of over N1.6
billion.
Consequently, the marketers said it would be unprofitable to
import at current pump price, while the government has not guaranteed a free
float of pump prices.
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