After FG’s Intervention, Ijegun Tankfarm Owners to Sell Fuel at N172 Ex-depot Price

* To begin distribution of 127m litres nationwide from Monday

Emmanuel Addeh in Abuja

There appears to be some respite in the horizon from the prolonged petrol scarcity, with the Ijegun-Egba Tankfarm Owners and Operators Association, which controls about 35 per cent of supply nationwide, resolving to sell products at the approved N172 ex-depot price.

It was learnt that some marketers currently buy the product for over N200 despite the official rate, following the rise in logistics and handling charges usually denominated in dollars.

Rising from its meeting at the weekend, the operators vowed to ensure that the 127 million litres allocated to it for the month of February are distributed to Nigerians without any hindrance.

The association is the umbrella body of all the oil companies currently engaged in the operation of petroleum storage tankfarms and facilities at Ijegun-Egba, Satellite Town, Lagos, along the Ojo Creek Channel.

Its members include A.A. RANO Nigeria Limited, JGold Nigeria Limited, Chipet International Limited, Emadeb Energy Services Limited, First Royal Oil Nigeria Limited and MAO Petroleum Company Limited.

Others include Menj Oil Limited, Ocean Pride Energy Services Limited, Stallionaire Nigeria Limited, Wosbab Energy Solutions Limited and Rainoil Limited.

In a communiqué signed by its Chairman, Mr Adebowale Olujimi, at the weekend, the association restated its commitment to continue contributing to government’s effort in building a robust business environment to stimulate economic growth, especially in making petrol available to Nigerians.

The group vowed to utilise its storage networks to supply and distribute petroleum products to various parts of the country and do so in a transparent manner.

“The tankfarms at Ijegun, Satellite Town, Lagos State play a very pivotal part in petroleum distribution in Nigeria; accounting for approximately 35 per cent national petroleum product distribution.

“Our members are committed to ensuring efficient petroleum product distribution, and by extension ensuring energy security in line with the federal government’s policies and regulations,” the operators pledged.

Stressing that its members have always risen to the occasion at all times, in ensuring efficient supply and distribution of petroleum products to avoid scarcity of products, the association said it was in the same line that it was responding to the present national call, in view of the challenges experienced across the nation.

“Having considered the current challenges in petroleum product distribution, resulting in scarcity across the nation with attendant impact on the national economy, business and commercial activities, Ijegun Tankfarms have resolved as follows:

“That, with the expected estimated over 127 million litres of Petroleum Motor Spirit (PMS) for our facilities in the month of February 2023, all our members will strive to ensure that the products are loaded and trucked without delay on receipt and discharge into our facilities. This will make the product available for Nigerians.

“That our tankfarms will continue to sell and load at the government regulated price of N172 ex-depot to all marketers. That all our members’ retail outlets across the nation will continue to sell petroleum products at the government approved price.

“That commencing from Monday February 6, 2023, we welcome all our esteemed marketers, in line with the protocols set by the federal government. The protocols must be strictly complied with for transparency and accountability,” the operators said.

To achieve this, the oil firms announced that they will work 24 hours daily to achieve the objective of making petroleum products, especially petrol, available to Nigerians across the nation.

In addition, to underscore utmost transparency, the firms made public their receipts and or expected receipts of petrol for the month of February 2023, amounting to 127 million litres.

“We wish to assure all our esteemed customers and Nigerians of our utmost transparency and commitment in our dealings in rising to this national call,” the operators noted.

They extended their appreciation to the Governor of Lagos State, Babajide Sanwo-Olu, for his actions in improving the state of infrastructure and maintaining a good business environment, especially the interventions to ensure that the operators have smooth access to evacuate petroleum products to address the challenges currently experienced in the nation.

“We will continue to contribute immensely to national economy, energy security and play our significant roles in the supply and distribution of petroleum products across the nation to ameliorate adverse effects the current challenges have on business and commercial activities,” the group said.

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