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The black market for PMS boomed on Sunday as Nigerian National Petroleum Company Limited has vowed to end the long queues for Premium Motor Spirit, popularly called petrol, by Wednesday.
NNPC said that it did not owe international oil traders $6.8bn as claimed in some quarters, a development which some industry watchers described as a major reason for the widespread PMS scarcity in Nigeria.
But despite the national oil firm’s assurance that the queues for petrol would clear this week, oil marketers said on Sunday that the loading of products at depots had yet to improve.
Black marketers of petrol who sold petrol in jerrycans took advantage of the situation, as they dispensed PMS for as high as N1,200 to N1,500/litre, depending on the area of purchase.
The sole importer of the commodity (NNPC) blamed the petrol scarcity on evacuation challenges at PMS vessels.
NNPC is Nigeria’s only importer of petrol. Other dealers stopped importing the commodity due to their inability to access the United States dollar required for petrol imports.
Source: Swifteradio.com