The efforts of the Nigerian National Petroleum Corporation to sustain the availability of petrol in the country with massive importation of product have led to a glut of petrol in the market, with the corporation struggling for buyers, a weekend market survey revealed.
NNPC became the sole importer of petrol in October 2017 when the private marketers stopped importation on account of dwindling margins, occasioned by the high cost of foreign exchange and the rising price of crude oil at the international market.
Investigations showed that more than 22 depots were stocked with petrol imported by the NNPC in Lagos at the weekend, compared to the usual 10 – 14 depots at the best of times. It was also gathered that with the large availability of petrol in System 2B, there is a glut in the market.
Marketers, who spoke at the weekend, stated that it is now NNPC officials that chase the private marketers to buy petrol, as against the old practice where marketers would pay for NNPC product without getting the product for several months.