THE audit put in place by the Federal Government to verify subsidy claims by fuel marketers will be completed this week, as marketers pledged not to create artificial fuel scarcity in the country.
The Chief Executive Officer of Folawiyo Energy, Mr Dipo Makanjuola, disclosed this at a press conference held after a meeting between the marketers and the Coordinating Minister for the Economy and Minister of Finance, Dr Ngozi Okonjo-Iweala, in Abuja, at the weekend.
He said the major petroleum products marketer had resolved to work with the Federal Government to successfully complete the ongoing subsidy payment audit and pledged to continue the distribution of fuel to their various outlets across the country.
Makanjuola said the audit was necessary, adding that the marketers were on the same page with the Federal Government team on the matter of verification.
He assured consumers that marketers would not create artificial fuel scarcity, adding that "we would like to assure Nigerians that there is no need for panic buying. There is adequate product in the country."
He regretted that the impression that the nation was running short of petroleum products was due to inadequate information, which unscrupulous persons took advantage of to create panic.
The Chief Executive Officer of Oando Plc, Yomi Awobokun, in his remarks, said the auditors had finished work in his company, stressing that the mandate of those undertaking the verification was clear.
According to him, "the process is ongoing. It is a necessary process that the industry needs and I am sure that Nigerians will be happy when that process is concluded."
He said the minister had also given the marketers the impression that the government was not broke, like it had been written in many newspapers.
Speaking earlier, Dr Okonjo-Iweala had said the two sides agreed to work together for a transparent process in the subsidy administration, adding that the marketers had agreed to continue to ensure adequate products supply across the country.
Meanwhile, fuel marketers, at the weekend, made brisk business, as petrol sold for between N110 and N170 in some major cities, while motorists queued up in long lines to get the commodity at most gas stations.
The persisting queues at the petrol stations provided moments for black marketers to also smile to the banks by selling petrol for between N200 and N300 a litre in some major cities.
Many petrol outlets across the country turned away motorists, as they claimed the product was not available, fuelling speculations that they might have started hoarding fuel.
A survey by the Nigerian Tribune showed that petrol price oscillated between N150 and N160 per litre in Makurdi, the Benue State capital.
Some of the attendants spoken to in the state could not give reason for the fuel price hike, just as the long queues witnessed in the last couple of days had disappeared, following the increase in the pump price of fuel.
Scarcity of the commodity persisted in Ibadan, Oyo State, through the weekend, with fuel selling for between N130 and N170 a litre, especially at the petrol stations owned by independent marketers.
Investigations revealed that attendants in most of the stations that opened in the metropolis were selling secretly early in the morning to those with jerry cans and those who could buy at the unofficial high price.
Some of the operators, who spoke with the Nigerian Tribune, on Sunday, noted that the situation might worsen today, calling on the Federal Government to find a solution to fuel scarcity in the country.
Consequently, transport fare in the city rose by about 50 and 70 per cent. Those returning from churches were stranded as a result of few commercial vehicles plying the road.
In Abuja, the few petrol stations that opened for business in Wuse, Garki and suburbs like Nyanya and Maraba, on Sunday, sold the product at the official price of N97 a litre, with long queues in such areas and other parts of the Federal Capital Territory (FCT).
But as a result of rumour doing the round that fuel scarcity was looming, there was panic buying of the Premium Motor Spirit (PMS) at the available stations.
In the few fuel stations in Port-Harcourt, Rivers State, petrol price ranged from N110 and N130 and as high as N200 per litre on the black market.
Oil marketers dispensed the product to motorists in Abia and Ondo states at N110 a litre, while it sold for between N105 and N110 in Ekiti, with the Nigerian National Petroleum Corporation (NNPC) mega station dispensing the product to motorists at N97 a litre in the state.
However, situation report from Ogun, Lagos, Kaduna, Kwara, and Kogi indicated that the few stations that were selling the product stuck to the regulated price of N97, but with attendant long queues.
Meanwhile, investi-gation by the Nigerian Tribune has revealed that the scarcity of petrol products may soon be resolved, as the NNPC has taken delivery of seven oil vessels.
According to findings by the Nigerian Tribune, the vessels berthed on Friday and offloading was said to have commenced.
An NNPC source, who spoke on condition of anonymity, said Lagos did not experience fuel scarcity, because marke-ters in the state did lift oil for the Lagos market.
SOURCE: THE TRIBUNE
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