Petrol: Major Marketers Meet Presidency, Restate Commitment to N145 Per Litre

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The Major Oil Marketers Association of Nigeria (MOMAN) has restated the commitment of its members to support federal government’s effort in ensuring sustained and stable supply of petrol across Nigeria at the official price of N145 per litre.


Rising from a two-day consultative forum of the downstream petroleum sector, which was recently convened by the Presidency, the marketers also pledged to ensure immediate importation of aviation fuel to stem the current shortfall, and at the same time, ensuring significant reduction in price of diesel at all MOMAN member retail channels in order to create a balanced supply system nationwide.

According to a statement issued at the end of the meeting, the forum reviewed the state of the downstream sector and addressed issues that may impede the uninterrupted supplies of petroleum product leading to price distortions.

“Discussions focused on designing proactive measures that will balance supplies and maintain the fixed pump price of N145 per litre for petrol. Furthermore, deliberations also extended to creating an affordable and stable price regime for deregulated products such as diesel and aviation fuel, which in recent times have been volatile,” said the statement.

In attendance at the forum were the Chief of Staff to the President, Mallam Abba Kyari; Minister of Finance, Mrs Kemi Adeosun; Minister of State (Aviation), Senator Hadi Sirika; the Central Bank of Nigeria (CBN) Governor, Mr Godwin Emefiele; Group Managing Director of NNPC, Dr Maikanti Baru; Director-General, State Security Service (SSS), Lawal Musa Daura; as well as the chief executive officers of major marketers, depot owners and independent marketers.

Also in attendance were top executives of the NNPC, Petroleum Equalisation Fund (PEF), PPPRA and various labour leaders including the NLC, TUC, NARTO, PENGASSAN, Petroleum Tanker Drivers (PTD) and NUPENG.

In his comments, the Chairman of MOMAN Chairman and Group Chief Executive Officer of Forte Oil, Akin Akinfemiwa lauded the Buhari administration for convening the stakeholders’ forum to discuss pertinent issues that would support the effective distribution of petroleum products nationwide.

“Our members are committed to ensuring more than sufficient supplies of PMS to the nation at the fixed pump price of N145/litre and to this end, Nigerians have no reason to panic. With the commitments from all the stakeholders present, I am optimistic that Nigeria shall remain the Aviation refuelling hub for West Africa,” he said.

The meeting also considered various frameworks and options for the reconciliation and resolution of outstanding subsidy claims from previous years, forex differential, delayed payments interest and bridging claims which is expected to boost and sustain the fuels supplies.

At the meeting, the federal government also stressed the importance of continued private sector participation in the entire downstream sector value chain and as such set up a committee to review and agree a structure that will sustain the current deregulation programme.

The government also resolved to support the petroleum industry in alleviating the current challenges it is facing.

Following the assurance by the government, the marketers subsequently committed to supporting government’s effort in ensuring sustained and stable supply of petrol at the official price of N145 per litre.

The marketers also pledged a ssignificant reduction in price of diesel at their retail channels.

MOMAN also committed to the immediate importation of aviation fuel to stem the shortfall that had affected aviation services in the last few weeks.

It also strongly opposed the peddling of refined petroleum products across the Nigerian borders to neighbouring countries and promised to apply strict sanction against any member of the oil marketing associations found culpable in this regard.

“To underscore our determination to ensure success of the initiative, we encourage the public to make use of the whistle-blowing platform recently instituted by the Government, to report any erring member of MOMAN,” Akinfemiwa stated.

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