Nigerians Groan Over Fuel Scarcity at NNPC Retail Outlets as Marketers Open up On New Petrol Price
- Many Nigerians are unable to buy fuel in several NNPC outlets across different locations in Lagos
- According to a report, the affected regions include Ikeja, Maryland, Ogba, Ojudu, Agege, and Ikorodu-Jibowu road
- Only a small number of filling stations that opened charged between N605 and N630 per litre for fuel
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Legit.ng journalist Zainab Iwayemi has over three years of experience covering the Economy, Technology, and Capital Market.
In several areas of Lagos, fuel scarcity has been observed at the Nigerian National Petroleum Company Limited (NNPC Ltd.) retail outlets.
Source: UGC
A New Telegraph investigation found that numerous NNPC retail locations did not distribute goods to customers in several places, including Ikeja, Maryland, Ogba, Ojudu, Agege, and Ikorodu-Jibowu road.
According to reports across various locations, many NNPC retail locations reportedly lacked petroleum products.
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Nigerians struggling with high energy bills found their situation worsened by scarcity as the few opening filling stations charged between N605 and N630 for fuel.
Drivers have expressed surprise at the lack of fuel at NNPC Ltd's gas stations.
They explained how the scarcity has compounded their problem as they are forced to buy fuel from other marketers who sell the product at a higher cost, starting from N605 to even N630 per litre.
This comes after reports that the Nigerian National Petroleum Company Limited (NNPC Ltd), through the federal government, appears to be spending N17.72 billion daily on fuel subsidies.
The decline in the value of the naira relative to the US dollar, according to Chief Chinedu Ukadike, the immediate past public relations officer of the Independent Petroleum Marketers Association of Nigeria (IPMAN), is a significant factor in the rise in gas prices.
He explained:
“Because NNPC is the sole importer of PMS in this country, it is tough for anyone to say the actual cost of importing PMS into the country.
"Simple mathematics will tell you that the price cannot be the same when a dollar was exchanged for N750 and now that it is N1,600 to a dollar. What this means is that the price is above N1,000 per litre."
NNPC finally explains why it borrowed N3.3bn
Legit.ng also reported that the NNPC Limited earlier explained the controversial $3.3 billion crude oil prepayment loan it signed with the African Export-Import Bank (Afreximbank) in 2023.
Femi Soneye, the chief corporate communications officer of NNPCL, disclosed this in an interview with journalists.
He said the 'Project Gazelle' deal was ultimately geared to provide dollar financing to the federal government.
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Source: Legit.ng
