As Dangote Petroleum Refinery don suspend sale of fuel for naira, some filling stations don dey gather Premium Motor Spirit (PMS), wey people sabi as petrol.
Di retailers dey store di fuel so dem go fit sell am at higher price later, because dem believe say di price of petrol fit go up as Federal Government no gree continue to sell crude oil give Dangote refinery for naira.
But Independent Petroleum Marketers Association of Nigeria (IPMAN) don warn dem say make dem no dey panic buy fuel, because dem fit lose plenty money if di price no go up as dem expect.
Last week, Dangote refinery announce say dem don temporarily stop to dey sell fuel for naira, as di talk wey dem and NNPC dey do about di naira-for-crude deal no work.
Di 650,000 barrels per day refinery talk say di money wey dem dey make from fuel sale no match di money wey dem dey use buy crude oil, because di crude oil transaction dey happen for US dollars.
“Dear customers, we wan inform una say Dangote Petroleum Refinery don temporarily stop to dey sell petroleum products for naira. Dis decision dey necessary to avoid problem between di money wey we dey make and di one wey we dey use buy crude oil, wey be say na US dollars dem dey take sell am.
“Di money wey we don make from di naira sales of petroleum products don pass di value of di naira crude wey we collect. Because of dis, we go need change di currency wey we dey use sell di fuel for now to match di one wey we dey use buy crude oil,” di company announce.
Immediately after dis announcement, di price to load petrol for private depots inside Lagos rise go about N900 per litre. Before di announcement, e no pass N850 per litre.
Di National Publicity Secretary of IPMAN, Chinedu Ukadike, talk on Sunday say di depot owners dey use dis opportunity to make extra money, while some filling station owners dey rush to buy fuel keep.
E say since Dangote make di announcement on Wednesday, di demand for PMS don rise, and because of dat, depot owners don increase price to make more profit.
E still observe say government never talk anything about di matter since di refinery make di announcement, and dis one don make fuel marketers dey speculate on di next price movement.
Depot owners don already increase price because dem believe say fuel price go soon go up. Even though filling stations never increase dia price, dem dey buy fuel to sell later when di price rise.
But Ukadike condemn di depot owners wey dey use di opportunity to make extra money, as e say e no good for di economy.
E warn marketers make dem no buy fuel in large quantity, because Dangote fit later reduce di price, and anybody wey don buy at high price go lose plenty money.
“I dey hear say di Federal Government and Dangote refinery don dey settle dis matter so dem fit continue di naira-for-crude deal. But official statement never come out yet, we dey wait,” Ukadike talk.
Inside di Federal Ministry of Finance and Petroleum Resources, sources talk say di Technical Sub-Committee on di Naira-for-Crude Policy go meet again on Monday to discuss di matter.
Industry experts don talk say dis suspension of naira sales by Dangote refinery fit put pressure on di foreign exchange market, as marketers go need to find dollars to buy fuel.
Dem also talk say NNPC don use plenty crude oil wey dem never even produce take collect loan from international banks, and dis don make am hard for dem to get crude to supply di local market.
NNPC spokesman, Olufemi Soneye, don confirm say di corporation dey do fresh negotiation with Dangote refinery to renew di naira-for-crude deal, as di first phase wey start for October 2024 go end dis month.
E talk say NNPC don supply Dangote refinery 48 million barrels of crude oil since October.
Di suspension of di naira sales by Dangote refinery mean say marketers go need to find dollars before dem fit buy fuel from di refinery.
Di National Vice President of IPMAN, Hammed Fashola, talk say dis development fit put pressure on di naira and make am lose di small stability wey e don get recently.
Experts still talk say na di naira-for-crude deal make Dangote refinery fit reduce fuel price many times before, and e even force NNPC to reduce dia own price too, even when e dey affect dia profit.
