2 hours ago
16
The Major Energies Marketers Association of Nigeria (MEMAN) has said that its members loaded over 251,797,142 litres of premium motor spirit (fuel) from the Dangote Refinery from Week 38 to Week 47 of 2024.
MEMAN Chief Executive Officer, Mr Clement Isong, represented by MEMAN’s Head of Economic Intelligence, Research, and Regulation, Mrs Ogechi Nkwoji, according to a statement on Thursday spoke during a quarterly press webinar organised by MEMAN titled: ‘Market trends, transparency and fair pricing.’ The session was meant to provide valuable insight into the factors shaping fuel pricing, from global crude oil dynamics to local landing costs.
He said: “From Week 38 to Week 47 of 2024, MEMAN members have so far loaded over 251,797,142 litres of PMS from the Dangote Refinery, with loading operations still ongoing.
“This includes 148,463,142 litres loaded by trucks at the gantry and 103,334,000 litres delivered to the Apapa depots via vessels.
Isong giving a breakdown of volumes lifted during the 10 weeks, said MEMAN members loaded 29,468,333 litres in Week 38 (September 16–22, 2024), 20,843,322 litres in Week 39 and 27,236,283 litres in Week 40.
He said, “However, volumes began to decline in subsequent weeks, reaching a low of 1,600,000 litres in Week 46. The supply slightly rebounded to 11,596,397 litres by Week 47 (November 18–24, 2024).”
A breakdown of products lifted from the facility in 10 weeks, showed that from Monday, September 16, 2024, to Sunday, September 22, 2024 (Week 38), MEMAN members loaded 29,468,333 litres of PMS.
It further revealed that the oil marketers loaded during week 39, 20,843,322 litres; Week 40: 27,236,283 litres; Week 41: 20,016,355 litres; Week 42: 16,525,714 litres; Week 43: 3,827,914 litres; Week 44: 14,037,929 litres; Week 45: 3,310,895 litre.
The data also showed that they loaded in Week 46, 1,600,000 litres; Week 47 (Monday, November 18, 2024, to Sunday, November 24, 2024), 11,596,397 litres.
Vice President of Crude Oil, Argus Media, Mr. James Gooder, during his presentation on “Market Trends, Transparency, and Fair Pricing,” underscored the critical role of logistics and pricing parameters in PMS cost determination.
He highlighted the potential for infrastructure upgrades—such as deeper jetties and larger vessels—to lower logistics expenses.
He also examined the impact of exchange rates and crude oil prices on fuel landed costs, emphasizing MEMAN’s adoption of average pricing models to stabilize the market amid volatility.
He noted that there is a need for transparency and health competition. He, therefore, urged all stakeholders to be on guard.
He also called on the regulatory authorities to be alert to their responsibilities to avoid sharp practices in a competitive market.
Gooder said: “The job of the press is to hold everybody to account. Competition is not something to be taken for granted even though there are people and organisations involved that would like to have a powerful market position.
“It is very important that competition is preserved because, otherwise, if you have a monopoly of any kind, then pricing, again, can be controlled and you do not want controlled pricing. You want fair pricing.
“Part of the job of monitoring the market in a deregulated economy is for everybody, the press, the regulator and everybody doing its world and consumers are looking around to know where the best price is and get their business. It is important to hold everybody to account and make sure that there is transparency.”
“That is an important thing to remember. Just because fuels are better does not mean they are more expensive. In the past low-quality products from Europe were being sold at international prices into Nigeria and that has been a burden to the subsidy system, taxpayers and the consumers.”
Please follow and like us:
