The Group CEO of the Nigerian National Petroleum Company (NNPC) has assured that the current fuel scarcity will soon come to an end as vessels carrying fuel are arriving in the country. According to the CEO, once the 30-day supply sufficiency is restored, normalcy will return to the fuel supply chain.
The CEO explained that the disruption in the supply chain, which has led to the current scarcity, was caused by the failure of marketers to renew their licenses. He noted that out of 15,000 marketers on the portal, only 1,050 have renewed their licenses, leading to a significant reduction in the number of marketers able to request new products.
The NNPC has set a deadline of April 15, 2024, for marketers to renew their licenses, but marketers are appealing for an extension of the deadline and a reduction in the bottlenecks around license renewals.
The CEO assured that NNPC is working to restore supply and expects normalcy to return within the next two weeks. He also noted that the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) is working to hasten the release of licenses to marketers who have completed their renewal processes.
Marketers have expressed concerns about the hostile environment they are facing, citing the stringent requirements for license renewal as a major challenge. They are appealing to NNPC and NMDPRA to address these challenges and ensure a smooth supply chain.
The current fuel scarcity has caused long queues at fuel stations and has disrupted economic activities in the country. The assurance by NNPC is expected to bring relief to motorists and businesses who have been affected by the scarcity.
