Filling Stations Sell Fuel at New Price As Scarcity Spreads, Marketers Explain Situation

• Filling stations are now selling petrol at a new price significantly higher than the official pump price
• The changes reflect the ongoing scarcity of the product, especially in Abuja, which has now spread to various parts of the country
• Many filling stations visited by Legit.ng were closed; those open are selling above their initial price of N620

Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

Filling stations have increased their pump price for Premium Motor Spirit (PMS), popularly known as petrol, amid ongoing scarcity that started in Abuja and has spread to various parts of the country.

Daily Trust reports that fuel prices have surged, ranging between N800 and N900 per litre in some states, significantly higher than the official pump price.

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“It was impossible”: NNPC gives reasons for scarcity as filling stations adjust petrol pump price

Black marketers have also taken advantage of the situation, selling a litre of petrol for N1,000 to N1,500.

Although the scarcity is majorly in the north, Legit.ng observed several filling stations in Lagos closed on Monday, July 8.

A filling station manager at Ikotun, Gbenga Salau, told Legit.ng that they are closed due to a lack of supply.

He explained.

"It is not just us. Many filling stations are closed. We have no supply. Hopefully, by the end of today, we will get our supply, but definitely, we will not be selling at N620 per litre."

Another filling station visited on the same road, amid long queues, has adjusted its pump price to N720 per litre.

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New petrol prices as depots hike costs to N720 per litre, marketers give reasons for scarcity

Marketers speak on the situation

Reacting to the development, the Major Energy Marketers Association of Nigeria (MEMAN) has said that heavy rainfall across the country, particularly in Lagos, hampered ship-to-ship loading.

Clement Isong, the executive secretary, of the body who gave this explanation, noted that berthing at jetties, truck load-outs and transportation of products to filling stations created a disruption in station supply logistics.

Dangote refinery beats all 10 biggest refineries in Europe

Earlier, Legit.ng reported that the Dangote refinery has been ranked among the best in the world, surpassing major European refineries.

Completed in 2023, the Dangote refinery is expected to meet all of Nigeria's refining needs and also export its products.

Already, the refinery has released its first products, including diesel and aviation fuel, and the impact is already being felt.

Source: Legit.ng