Pensioners at the Pension Transitional Arrangement Directorate Stakeholders Forum in Abuja last Thursday.

The scarcity of Petrol in Port Harcourt, the Rivers State Capital, has remained high since last week with some filling stations selling at between  N110.00 and N120 per litre as against the official pump price of N87.00 while most do not have product.
The situation is even worse at the outskirts of Port Harcourt city as marketers sell at between N120.00 and N130.00 per litre.
It would be recalled that scarcity of the product resurfaced in the state since last week Saturday thereby engendering panic buying by helpless buyers who have the fear that full scale scarcity night hit the state.
A motorist, Mike Odeh said he bought petrol yesterday at Eliozu in Obio/Akpor Local Government Area at the cost of N120.00per litre.
Another commercial bus driver, Zubi Iyke, who plies Port Harcourt/Yenagoa route, said he bought a litre of Petrol at N120.00 in Ahoada.
“The problem is that there is no product in most filling stations on the way. So, you have no option than to buy it at any price”, lyke said.
Investigation by The Tide shows that marketers have started to hoard the product in anticipation of more serious scarcity and pump adjustment has become a bizarre thing.
A reliable source close to some of the marketers disclosed to our correspondents that there might be imminent shortage of product across the nation as marketers are not comfortable with the official reduction from N97.00 to N87.00 and the consistent depreciation of Naira, Nigeria’s official currency.
He blamed the Department of Petroleum Resources (DPR) for not effectively monitoring the activities of marketers in the state.
“DPR in Rivers State feels less concerned while marketers embark on all sorts of fraud as selling above official pump price and adjustment of meters”, he said.
The source, who expressed worry at the attitude of DPR, said it takes serious monitoring to check the excesses of the marketers.
The Rivers State Commissioner for Energy, Hon. Okey Amadi blamed the Federal Government over the situation, saying the circumstances surrounding the price adjustment is responsible for the situation.
Meanwhile, the NNPC, yesterday, promised that it is working to ensure that the situation is addressed quickly and assured Nigerians that the fuel supply situation will improve in the coming days. The fuel crisis in Abuja worsened weekend, as many of the petrol stations across the Federal Capital Territory, FCT, were shut down, leaving motorists stranded.
This was in spite of claims by the Nigerian National Petroleum Corporation, NNPC, on Friday, that it is injecting about 688 million of Premium Motor Spirit, PMS, into the market. Motorists had to resort to the black marketý, where roadside petrol sellers now sell the commodity for as high as N250 per litre.
Spokesperson for the NNPC, Mr. Ohi Alegbe, said, “On Friday, we had stated that in 48 hours we will wet the market with 688 million litres of petrol. Distribution of products is by trucking. You will agree that it is some distance from the depots and tank farms in the south to the depots and retail outlets in the hinterland. Expectedly, the ýqueues should disappear before long.”
Alegbe blamed the scarcity oný panic buying by motorists and sharp practices by some retail outlets who are hoarding the commodity, thereby frustrating efforts to stem the scarcity.
He said the NNPC has informed the Department of Petroleum Resources, DPR, of the ýthese sharp practices by some petrol stations’ owners for adequate sanctions against them.
He said, “Panic buying has persisted in spite of our appeal to motorists. Secondly, some retail outlets are hoarding product by dispensing from only one pump head. We have reported some of them to the DPR and we believe appropriate sanctions will be meted out to them.
A source in the Department of Petroleum Resources, DPR, disclosed that the scarcity currently being experienced in Abuja is as a result of panic buying and not because of non-availability of petrol.
According to the source who spoke on the condition of anonymity, DPR officers ýin depots across the country and even in the FCT have been sending in reports of availability of the commodity at the various depots and liftings by trucks to various petrol stations.
“The DPR had also had discussions with a number of petrol stations’ owners who told us that the long queues is as a result of panic buying. A particular owner of one of the petrol stations told us that he received a tanker load of fuel on Friday morning and is expecting to receive another consignment of the product before the end of the day. So, it is evident that the product is not scarce, just people buying the commodity out of fear of the unknown,” the source said.
In addition, the source urged motorists to avoid panic buying as there are large quantity of the products in depots across the country.
ýAlmost all the petrol stations in Wuse, Maitama, Nyanya, Abuja – Keffi expressway, Asokoro, Jabi, Gwarinpa, Kubwa Expressway, Airport Road among others were closed while the few that were selling had long queues of motorists to contend with.
Some residents said they had to abandon their vehicles at home throughout the weekend, hoping to conserve the little fuel they had for their journey to their various offices during the week.
Some of the respondents called on the Federal Government to intervene urgently and bring the situation under control, before it escalates.
ýThe crisis had started on Thursday when long queues resurfaced in petrol filling stations in Abuja, over rumour of an impending scarcity of the product earlier in the week.
The rumour of the impending scarcity was hinged on the debt owed marketers by the Federal Government, a development which was claimed has made it impossible for the marketers to import the commodity.
However, to forestall the crisis in the sector, the Federal Government quickly stepped in and promised to pay off about N264 billion between now and end of March, as subsidy reimbursement applications submitted to marketers as at end of January 2015.
The sum comprises 2014 outstanding debts of N164 billion in addition to N100 billion derived from foreign exchange and bank interest charges.
The decision to pay the debts was arrived at a crucial meeting with the Ministries of Finance, Petroleum Resources, the Central Bank of Nigeria, CBN, and oil marketers in Abuja on Monday at the instance of the Minister of Finance, Dr. Ngozi Okonjo-Iweala.