The Ijegun-Egba Tank farm owners and Operators have resolved to sell the Premium Motor Spirit (PMS) popularly known fuel/petrol to marketers at ex-depot price of N172 beginning from Monday, News Agency of Nigeria reported.
The move is to ensure that filling stations across the country sell the product at the government approved price and to reduce the hardship faced by Nigeria in accessing it, according to the report.
PMS sells between N400 to N500 per litre across many states in Nigeria with long queues witnessed in filling stations selling below N400.
In a communiqué by Mr Adebowale Olujimi, Chairman of the group, the owners said they are working with the Nigerian National Petroleum Company Limited (NNPCL) to achieve an uninterrupted distribution by Monday of the 127 million litres of its February allocation.
‘’We will utilize our storage networks to supply and distribute petroleum products to various part of the country to ensure that Nigerians have Premium Motor Spirit (Petrol) for their daily operations. We are also committed to maintaining our transparency in this respect.
“That our Tank farms will continue to sell and load at the government regulated price of N172 Ex Depot to all marketers. All our members’ retail outlets across the Nation will continue to sell petroleum products at the government approved price.
“We consider ourselves as an integral part of petroleum product supply chain in ensuring product supply, energy stability and energy security. We have played and will continue to play significant roles in the supply and distribution of petroleum products across the nation.
“Our members are committed to ensuring efficient petroleum product distribution, and by extension ensuring energy security in line with the Federal Government’s policies and regulations.”
The association is an umbrella organisation of all the oil companies currently engaged in the operation of petroleum storage tank farms and facilities at Ijegun – Egba, Satellite Town, Lagos, along the Ojo Creek Channel.
They are A.A. RANO Nigeria Limited, JGold Nigeria Limited, Chipet International Limited, Emadeb Energy Services Limited, First Royal Oil Nigeria Limited, MAO Petroleum Company Limited, Menj Oil Limited, Ocean Pride Energy Services Limited, Stallionaire Nigeria Limited, Wosbab Energy Solutions Limited and Rainoil Limited.
Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.
