DAPPMA TO NNPC: WE DON’T BUY FUEL ON CREDIT, SAYS NNPC OWES MEMBERS N600BN

LAGOS, Nigeria – Depot and Petroleum Products Marketers Association (DAPPMA) has said it does not purchase petroleum products on credit contrary to a statement issued by the Nigerian National Petroleum Corporation, NNPC that DAPPMA is indebted to it to the tune of N26.7 billion.

But in a statement DAPPMA’ Executive Secretary, Mr. Olufemi Adewole said the essence of our initial ‘Press Release’ was to throw light on salient issues surrounding the shortfall in current petrol supply which is presently solely handled by the NNPC and thst It was not an attempt to join issues with its partners, PPMC/NNPC.

DAPPMA said it has cooperated with NNPC and PPMC making sacrifice to keep the country wet with fuel despite “over N600Bn debt owed our members and over N800Bn owed marketers as a whole by the Federal Government”, he said.

He said NNPC’s view of initial press release stating its side of the story and seeking to defend marketers for the very first time, against the unwarranted accusations of hoarding and profiteering is rather unfortunate.

“It is an undisputable fact that DAPPMA members have paid for petrol supply (with bank funds) for over one month, the value of which is in excess of N90Bn, yet PPMC/NNPC had no cargo to allocate to them. As such how can we be held responsible for hoarding?

“PPMC/NNPC does not transact business with DAPPMA members on credit hence we are not aware of any indebtedness to PPMC/NNPC by our members. We again reject any attempt to blame marketers for the shortfall in supply as it is not our making since NNPC has been the sole importer since October 2017.

“Marketers have continued to sacrifice to keep the country wet with fuel despite over N600Bn debt owed our members and over N800Bn owed marketers as a whole by the Federal Government.

“We assure Nigerians, irrespective of NNPC’s stance, that all possible steps are being taken as we have always done, to cooperate with PPMC/NNPC to eliminate the fuel queues nationwide within the next few days”, he said.

(DSDP) partners of NNPC to deliver on their business obligations is unfounded and self-indicting as many of DAPPMA members patronize the same DSDP international counterparts as the corporation.

Despite the concession by the government giving access to DAPPMA to obtain FOREX at an official rate of N305 per dollar for PMS import, their members have not been able to do so, leaving NNPC as the sole supplier of PMS to the Nigerian market.

NNPC assures the public that despite the increase it effected in the supply of PMS in the December 2017, it has nonetheless, programmed to supply 1.2billion litres of the white products in January 2018, translating to about 40million litres of PMS supply per day. Ordinarily, Nigeria consumes about 700 trucks (about 27million – 30million) litres per day.

Despite the current challenges, Nigerians are reassured that there is no plan to increase PMS pump price above N145/litre and that NNPC will continue to maintain ex–depot price of N133.28/litre which guarantees the pump price not exceeding the N145 per litre capped by the government.

All stakeholders are implored to support the efforts of government to bring a speedy end to the current fuel distribution challenges being experienced in parts of the country as this is not the time to play the blame game.