Nigeria: Year 2011 - Not Quite Good for the Oil Industry
20.05.12
Some distributors and marketers attributed the scarcity of the product to supply issues with the Nigerian LNG Limited, the major supplier of the product in the country.
Members of the National Association of Road Transport Owners (NARTO) withdrew their tankers from all fuel depots nationwide to protest high price of diesel, considered as a disincentive to profit needed to maintain and sustain the condition of fuel tankers lifting petroleum products.
Meanwhile, the failure of the Nigerian National Petroleum Corporation (NNPC) to pay up N450 billion debt owed the Federation Account has pitched the 36 state governments against the Federal Government.
Same time, price of kerosene soared to N200 per litre in most parts of the country, while stock keeps depleting at many depots and outlets. Oil marketers said NNPC has not supplied the market with kerosene for a year now, which led to the scarcity of the product.
While marketers and transporters decried high cost at which it was sold, between N105 and N110, in 2010, in January 2011, the product was sold at between N130 and N135 per litre at the filling stations across the country.
Source: AllAfrica.com