NNPC Explains Reasons for Increase in Fuel Prices as Filling Stations Adjust Pumps

• The NNPC Limited has provided an explanation for the current fuel scarcity that has hit Lagos and Abuja
• The scarcity has led to filling stations selling petrol at a price significantly higher than the NNPC's pump price
• The black market has taken advantage of the situation, selling one litre of fuel for above N1,000 in some parts of Lagos

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.

The Nigerian National Petroleum Company Limited (NNPCL) has attributed the ongoing fuel shortage to a temporary disruption in the unloading of petroleum products from a few ships.

Olufemi Soneye, the chief corporate communications officer of NNPC Ltd, gave the explanation in a statement shared on X.

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According to him, the disruption has caused a tightness in fuel supply and distribution.

The statement reads:

"The NNPC Ltd. wishes to state that the tightness in fuel supply and distribution witnessed in some parts of Lagos and the FCT is as a result of a hitch in the discharge operations of a couple of vessels.

The Company further states that it is working round the clock with all stakeholders to resolve the situation and restore normalcy in the operations."

Petroleum stations grapple with consequences

Meanwhile, filling stations have increased fuel prices amid heavy traffic queues in Lagos.

Vanguard reports that, besides the Nigerian National Petroleum Corporation (NNPC), fuel stations sell at N650 per litre, while other independent marketers sell between N850 and N950 per litre.

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As a result, black marketers have taken advantage of the situation, selling the product to desperate motorists at exorbitant rates of up to N1000 to N1400 per litre.

Black market dealers were seen hawking the product at Egbeda, Ikotun, LASU-Iba Road, Ikeja, and Agege, among other locations.

Dangote confirms date to begin sale of petrol

Earlier, Legit.ng reported that the President of Dangote Industries, Aliko Dangote, has announced the date for petrol sale.

Dangote said petrol production has already begun, and very soon, Nigerians will start to enjoy the product

Nigerians are hopeful that when the refinery kicks off sale to marketers, it will help reduce the price of petrol at filling stations.

Proofreading by Nkem Ikeke, journalist and copy editor at Legit.ng.

Source: Legit.ng