NNPC Sends Message to Nigerians as Filling Stations Sell One Litre of Fuel at New Price

• Long queues resurfaced in some states in Nigeria, leaving many Nigerians stranded at filling stations and bus stops
• The intensity of the scarcity forced some motorists who could not wait to buy from the black market at over N1,000 per litre
• NNPCL provided an explanation and also assured that the reasons for the scarcity have been addressed

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 (NNPC) Limited has provided an explanation for the current scarcity of premium motor spirit (PMS), otherwise known as petrol, in some parts of the country.

Legit.ng had reported that there were long queues in many filling stations across the Federal Capital Territory, Nasarawa, Niger, Gombe, Sokoto, Kaduna, and Anambra states, leaving thousands of commuters stuck.

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It was more challenging for Kaduna motorists, who were forced to buy the product from black marketers for as high as N1,100 per litre.

It was also gathered that some filling stations dispensing the products adjusted their pump price to between N750 and N810 per litre.

NNPC gives reason for fuel scarcity

In response, Olufemi Soneye, NNPCL's chief corporate communications officer, attributed the scarcity to logistical challenges, Punch reports.

However, he assured that the matter has been addressed and encouraged motorists to refrain from panic buying.

Soneye emphasised that the national oil company, serving as the sole importer of petrol, possesses an ample supply to meet demand.

He said,

“The NNPC Ltd wishes to clarify that the tightness in the supply of Premium Motor Spirit currently being experienced in some areas across the country is a result of logistics issues and that they have been resolved.

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“It also wishes to reiterate that the prices of petroleum products are not changing. It urges Nigerians to avoid panic buying, as there are sufficient products in the country.”

Petrol landing cost hits new record

In related news, Legit.ng reported that while Nigeria's foreign exchange crisis worsened, the landing cost of imported petrol exceeded N1,000 per litre.

Findings indicated that the landing cost of gasoline—which includes the product's foreign pricing, transportation, insurance, and other charges—rose to N1,009/litre in October 2023 from N720/litre at the black-market rate of N1,500 per dollar.

Analysts believe the government is still quietly subsidising petrol to ease the hardship already faced.

Source: Legit.ng