Ijegun-Egba Tankfarm Owners and Operators To Sell Petrol To Marketers At N172

In a concerted effort to address the lingering petrol scarcity through adequate distribution of the product countrywide, the Ijegun-Egba Tankfarm Owners and Operators Association has resolved to sell Premium Motor Spirit (Petrol) to marketers at ex depot price of N172 per litre.

The association said it was working hand-in-hand with the Nigerian National Petroleum Company Limited (NNPCL) to achieve an uninterrupted distribution of 127 million litres of petrol across the country beginning from Monday (February 6).

It said the 127 million litres represented the stock of PMS either already receipted or expected for the month of February by six members of the association, namely AA Rano, EMADEB, First Royal, Shell Plux, Chippet and RainOil. 

Rising from a crucial meeting that dwelled on distribution of petroleum product across the nation on Friday with a six-point resolution contained in a communique, signed by its Chairman, Mr Adebowale Olujimi, the association assured all its esteemed customers and Nigerians of its utmost transparency and commitment in its dealings in rising to what it described as a national call to ensure efficient petroleum product distribution and energy security in line with the Federal Government’s policies and regulations.

The communique quoted the association to have said: “We wish to categorically state that all Tankfarms in Ijegun are committed to working with the Federal and State governments, Agencies of government in addressing the petroleum distribution challenges currently experienced in the Nation and to utilize our storage networks to supply and distribute petroleum products to various part of the country to ensure that Nigerians have Premium Motor Spirit (Petrol) for their daily operations. We are also committed to maintaining our transparency in this respect.

“We consider ourselves as an integral part of petroleum product supply chain in ensuring product supply, energy stability and energy security. We have played and will continue to play significant roles in the supply and distribution of petroleum products across the nation. The Tankfarms at Ijegun, Satellite Town, Lagos State play a very pivotal part in petroleum distribution in Nigeria, accounting for approximately 35% 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. Our member companies have contributed immensely in ensuring energy stability and energy security in the Nation, and have always risen to the occasion, at all times, in ensuring efficient supply and distribution of petroleum products to avoid scarcity of products. Hence our response to the present national call, in view of the challenges experienced across the Nation.”

The association stated further that “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 126 million litres of 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, 6th February, 2023 we welcome all our esteemed marketers, in line with the Protocols set by the Federal Government. The Protocols must be strictly complied for transparency and accountability.

“That we will work 24 hours to achieve the objective to making petroleum products, especially PMS available to Nigerians across the Nation.

“To underscore our utmost transparency to Nigerians, we post hereby and make public our receipts and or expected receipts of PMS for the month of February, 2023 as indicated (in the table displayed at the top as illustrative image).”

The association added: “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.”

It added: “We wish to express our deep appreciation to the Executive Governor of Lagos State, for His Excellency’s immense actions in improving the state of infrastructure and maintaining a good business environment, especially the interventions to ensure that we have smooth access to evacuate petroleum products to address the challenges currently experienced in the Nation. We wish to restate our sincere commitment to making products available to Nigerians.”

“The Tankfarms in Ijegun-Egba, Satellite Town, Lagos State will continue to contribute immensely to National economy, energy security and play its 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 association resolved at the meeting.

It also restated its members’ commitment to continue to contribute to government’s effort in building a robust business environment to stimulate economic growth, especially in making Premium Motor Spirit (PMS) otherwise referred to as petrol available to Nigerians across the Nation.

The association is an umbrella organization 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, to wit: A.A. RANO Nigeria Limited, JGold Nigeria Limited, Chipet International Limited, Emadeb Energy Services Limited, First Royal Oil Nigeria Limited, MAO Petroleum Company Limited, Menj Oil Limited, Ocean Pride Energy Services Limited, Stallionaire Nigeria Limited, Wosbab Energy Solutions Limited and Rainoil Limited.

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