Re: Allegations of Astronomical Increase in Fuel Price; Naked Truth Behind the Scenes Laid Bare

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In the last few weeks or thereabout, there have been allegations and counter – allegations that there exist a “cabal” that dictate the availability and influence price of petroleum products in Kabba and its environs.

What however, catches our attention is the mere mention of the involvement of Marktot Oil & Gas Ltd in this unwholesome and inhuman practice.

For those who are still in the dark, the Petroleum Industry in Nigeria is regulated by the Federal Government through Nigerian Midstream & Downstream Petroleum Regulatory Authority (NMDPRA).

Basically, it is a free market where the petrol pump price can only be influenced by the forces of demand and supply.

However, it is instructive to note that, we have different players in this open market.

The major marketers like AA Rano, Nipco, Total etc have an edge over independent marketers who rely heavily on what they can get from the major stakeholders. Marktot Oil & Gas Ltd is an independent marketer.

Rome wasn’t built in a day! The very day we start supporting Local Content, that same day our people we start reaping the gains!

We will also be glad to compete favourably with the bigger market players like AA Rano, NIPCO, Total etc, then we would also be able to sell our products at a cheaper rate.

It might interest the reading public and vested parties to know that some of these major players have their “FARM TANK” based abroad!

Logically, Mr. A being a major player can get fuel at a cheaper rate and sell accordingly while Mr. B being a retailer is at a disadvantaged position in determining price.

Over the years, Marktot Oil & Gas Ltd have proven to be a fair player in conducting his business activities.

They’re determined to sell their petroleum products at a price that won’t hurt their business success and most importantly, provide value for money spent by their numerous customers.

For the records, the MD/ CEO Marktot Oil & Gas Ltd, Dr. Ralph Arokoyo is an entrepreneur whose penchant for community development and people – oriented services is top-notch.

We would like to state unequivocally that –

  1. Marktot Oil & Gas Ltd doesn’t belong to any “cabal” that influences price of petroleum products.
  2. That the MD/CEO Marktot Oil & Gas is not the Chairman of Independent Petroleum Marketers Association of Nigeria (Kabba Branch) as insinuated.
  3. That Marktot Oil & Gas Ltd being a retailer fixes its prices according to its purchasing power & capacities.
  4. That Marktot Oil & Gas Ltd has a culture of creating shared value for business sustainability and providing utility to its teeming customers.
  5. That for the avoidance of doubt, Marktot Oil & Gas Ltd can’t deliberately create unnecessary hardship, pains and suffering on the people as alleged in some quarters.
  6. That Marktot Oil & Gas Ltd via AF Ralph Foundation is a responsive and responsible entity who has routinely carried out his Corporate Social Responsibility (CSR). This include but not limited to
  • provision of scholarship to students in all levels.
  • Purchase of multi – millionaire digital computers, laptops, photocopiers etc to secondary schools.
  • Private Public Partnership with Local Government
  • Collaborative efforts towards Communal Development, Support System in the rehabilitation of township roads etc
  1. That Marktot Oil & Gas Ltd welcome any individual initiatives that would bring more competitiveness in the business environment in Kogi State in the Oil & Gas Industry.

Signed:

Abayomi Olaitan
For: Okun Youths Movement,
Lokoja, Kogi State.

23rd May, 2024.


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