By Adaobi Rhema Oguejiofor
Oil marketers under the Natural Oil and Gas Suppliers Association of Nigeria (NOGASA) have said that many petroleum product depots are currently being abandoned due to the lack of products caused by foreign exchange rate volatility, as the landing cost of Premium Motor Spirit (PMS), also known as petrol, has increased to N720 per litre.
The National President of NOGASA, Benneth Korie, revealed this while speaking at the National Executive Council (NEC) meeting of the Association in Abuja on Thursday, where he also stated that a lot of depots were presently either dried up or out of stock.
In his own words, “filling stations are shutting down in great numbers on a daily basis and dealers are going out of business, with many more on the verge of bankruptcy because of their inability to secure funds to facilitate orders for their stations.
“The government must therefore, urgently come to the aid of the industry as quickly as possible to save it from an impending colossal collapse, which would result in a more devastating blow to the economy at large.”