An oil and gas merchant, Capt. Emmanuel Iheanacho, has attributed the persistent scarcity of petrol to monopoly of the product by the Nigerian National Petroleum Corporation (NNPC).
Iheanacho, also the Chairman, Integrated Oil and Gas Ltd., stated this in Lagos on Tuesday that inability of NNPC to create a window for private importers to import petrol also contributed to the scarcity.
According to him, the current shortage in fuel importation gap was caused by the landing cost margin of N171 per litre and the selling cost pegged at N 145 per litre.
Iheanacho said that this was not realistic for marketers to import and sell at that rate.
“The selling of the product at N145 per litre is no longer feasible with the current exchange rate.
“Shortage of foreign exchange and increase in crude prices have made it unprofitable to import petrol and sell same at N145 per…
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