• Login
  • Register
Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
Nairametrics
No Result
View All Result
Home Business News

Fuel marketers believe this is the solution to ending Nigeria’s fuel crisis

Fikayo Owoeye by Fikayo Owoeye
January 3, 2018
in Business News
Petroleum minister highlights ways to grow crude oil reserves

Dr. Ibe Kachikwu, Minister of State for Petroleum Resources

Share on FacebookShare on TwitterShare on Linkedin

The Independent Petroleum Marketers of Nigeria (IPMAN), said the major solution to the petrol crisis is the building of modular refineries.

It was at a meeting of all stakeholders convened at the Presidential Villa in Abuja. The meeting was chaired by the Chief of Staff to the President, Mallam Abba Kyari.

Minister of State for Petroleum Resources Ibe Kachikwu, Nigerian National Petroleum Corporation (NNPC) Group Managing Director Maikanti Baru and marketers also attended.

RelatedStories

U.S. Consulate launches 29th American space in Nigeria, deepens people-to-people ties 

U.S. Consulate launches 29th American space in Nigeria, deepens people-to-people ties 

July 4, 2025
Qatar’s largest dairy producer, Baladna, to establish multi-million dollar dairy facility in Ogun State 

Qatar’s largest dairy producer, Baladna, to establish multi-million dollar dairy facility in Ogun State 

June 24, 2025

Chairman of the Depot and Petroleum Marketers Association of Nigeria (DAPMAN) Mr. Dapo Abiodun, said the meeting was to find out what went wrong and to proffer solution.

He explained that the marketers at the meeting made their submissions known to government and emphasized that the scarcity was not a marketer-induced problem.

“The problem that you saw is not willful on the part of anyone, either NNPC or marketers. The situation from our point of view is that from January to December, the price of crude remained relatively stable, following the hurricane Katrina in the month of September/October, crude prices went up and marketers lost the ability to import and sell at N145 per liter.” He said.

Abiodun aIso reveal that in  the past, marketers bring in about 60 per cent while the NNPC brings about 35 to 40 per cent. But, by October, marketers completely stopped importing because there was no more subsidy. Hence the burden of importing 100 percent then fell on the NNPC.

He noted that the volume of the consumption of petrol is highest in the country in the ’ember-months’. But thankfully, the NNPC rose to the occasion, they stepped up import, stepped up supplies that situation has since normalised.

Also at the meeting, the National President of Independent Petroleum Marketers Association of Nigeria (IPMAN), Chinedu Okoronkwo, gave assurances that the issue will be resolved by tomorrow (today) as a committee will be set up to ensure that the Major Oil Marketers Association of Nigeria (MOMAN), the IPMAN and all those that are supposed to be bringing in the products will contribute.

Dr. Kachiukwu noted the purpose of the meeting was to have a centrist analysis of what really went wrong and identify gaps in the supply chain.

A committee, raised at the meeting and chaired by the minister of state, will meet today to fine-tune the decisions.

It would be recalled that Vice President Yemi Osinbajo recently in Lagos, confirmed that 10 modular refineries were at advanced stages of development in the Niger Delta.

The 10 modular refineries located in five out of the nine states in the Niger Delta. The states include: Akwa Ibom, Cross River, Delta, Edo and Imo.

Osinbajo said two of the refineries, Amakpe Refinery (Akwa Ibom), and OPAC Refinery (Delta State), have had their mini-refinery modules already fabricated, assembled and containerised overseas and ready for shipment to Nigeria for installation.

The modular refineries are expected to cushion the effect of fuel importation into the country and also provide jobs for the unemployed youths in the restive region of Niger Delta.


Follow us for Breaking News and Market Intelligence.
Tags: Dapo AbiodunIPMANMajor Oil Marketers Association of Nigeria (MOMAN)NNPC
Fikayo Owoeye

Fikayo Owoeye

Fikayo has a degree in computer science with economics from Obafemi Awolowo University. ITIL v3 in IT service management. An alumnus of Daystar Leadership Academy. Prior to joining Nairametrics had stinct in Project management, Telecommunications among others. Also training in Consulting and Investment banking from Edubridge Academy. He has very keen interest in Politics, Agri-business, private equity and global economics. He loves travelling and watching football. You can contact him via fikayo.owoeye@nairametrics.com

Related Posts

U.S. Consulate launches 29th American space in Nigeria, deepens people-to-people ties 
Companies

U.S. Consulate launches 29th American space in Nigeria, deepens people-to-people ties 

July 4, 2025
Qatar’s largest dairy producer, Baladna, to establish multi-million dollar dairy facility in Ogun State 
Agriculture

Qatar’s largest dairy producer, Baladna, to establish multi-million dollar dairy facility in Ogun State 

June 24, 2025
NUPENG threatens nationwide strike over violent attack on workers in Kaduna
Sectors

IPMAN suspends strike after Lagos Govt agrees to talks on N12,500 e-call up levy for Lekki-Epe trucks 

June 18, 2025
NMDPRA bans 60,000-litre fuel tankers from depots to curb accidents  
Sectors

E-call up dispute: IPMAN warns N12,500 truck fee may trigger petrol price hike in Lagos 

June 17, 2025
NUPENG threatens nationwide strike over violent attack on workers in Kaduna
Sectors

E-call-up dispute: IPMAN transporters to boycott Lekki-Epe corridor over N12,500 levy 

June 15, 2025
Mamuda Group to invest $50 million in Ogun State industrial expansion 
Business

Mamuda Group to invest $50 million in Ogun State industrial expansion 

May 14, 2025
Next Post
Innoson Arrest warrant, Innoson and GTBank

Innoson partners Nigeria Army on military hardware.

Emple
nlng
first bank








DUNS

Recent News

  • Williams Fatayo exits as CEO of Nigerian startup truQ over leadership dispute
  • NDLEA arrests drug kingpin, intercepts 722,875 opioid pills, cocaine in Lagos
  • Climate change threatens global data centres, may cause billions in damages—Report  

Follow us on social media:

Recent News

Williams Fatayo exits as CEO of Nigerian startup truQ over leadership dispute

Williams Fatayo exits as CEO of Nigerian startup truQ over leadership dispute

July 13, 2025
NDLEA arrests drug kingpin, intercepts 722,875 opioid pills, cocaine in Lagos

NDLEA arrests drug kingpin, intercepts 722,875 opioid pills, cocaine in Lagos

July 13, 2025
  • iOS App
  • Android App
  • Contact Us
  • Home
  • Markets
  • Sectors
  • Economy
  • Business News
  • Financial Literacy
  • Disclaimer
  • Ads Disclaimer
  • Copyright Infringement

© 2025 Nairametrics

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Social Media Auto Publish Powered By : XYZScripts.com
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Login
  • Sign Up

© 2025 Nairametrics