THE Managing Director of the Petroleum Products Marketing Company, PPMC, Mr. Umar Ajiya, yesterday, enjoined oil marketers, under the aegis of Major Marketers Association of Nigeria, MOMAN, to regulate the volumes of petroleum products dispatched to their members’ affiliate stations close to the country’s borders.
According to a statement by the Nigerian National Petroleum Corporation, NNPC, in Abuja, Ajiya explained that this became necessary to stem cross border leakages and forestall attendant products price hikes.
Ajiya, who spoke during an interactive session with MOMAN executives in Lagos, said price arbitrage, which is the differential between regulated price in Nigeria and the high products prices in neighbouring countries, encourages smuggling.
The PPMC chief executive expressed confidence in MOMAN, saying its members remain most reliable in the Nigerian downstream petroleum sector distribution network, even as he advised that members of the Association should endeavor to increase the respective storage in their depots and stations to avoid stock-out as the Yuletide approaches.
Credict : Vanguard