Filling Stations, Vendors Sell Fuel at New Price Despite NNPC Assurance As Scarcity Persists
- Nigerians continue to purchase fuel at very high prices across the country despite NNPCL's assurances
- Reports indicate that motorists, particularly in northern states, are paying as much as N2,000 per litre
- There is optimism that with the commencement of operations at the Dangote refinery and PH refinery, petroleum product prices will fall
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.
Despite the Nigerian National Petroleum Company Limited's (NNPC Ltd) assurance of product availability, Nigerians continue to battle long queues and inflated pump prices at filling stations nationwide.
Source: UGC
Legit.ng reported that the NNPCL told Nigerians it had resolved the logistic issues causing fuel queues across the country.
A statement signed by NNPC Oplufemi Soneye, NNPCL's chief corporate communications officer, on Thursday, April 25, 2024, reads:
“The Nigerian National Petroleum Company Limited (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 due to logistics issues, which have been resolved.
“It also wishes to reiterate that the prices of petroleum products are not changing, avoid panic buying as there is a sufficiency of products in the country”.
Fuel scarcity persists across the country
The situation has not improved since the NNPC message to Nigerians. Long queues of vehicles continue to be seen at filling stations across the country.
Black marketers have also taken advantage of the situation and now sell petrol to residents for N2,000 per litre in states such as Sokoto.
Channels TV reports that commuters in the state said most filling stations are locked under the guise that there is no fuel, while black marketers are selling a litre of petrol between N2,000 and N2,500 across the state capital.
Similarly, significant marketers in some parts of Lagos State set the pump price per litre between N630 and N650.
Meanwhile, black market traders sell N800 to N1,000 per litre to motorists who cannot wait in long queues.
A Petrol station manager, Kunle Olawale, told Legit.ng that the situation was due to the unavailability of the products.
He said:
"Clearing products from the depot is proving to be challenging, and many filling stations are eagerly awaiting cheaper petrol prices from the Dangote refinery and Port Harcourt refinery. Consequently, they are hesitant to make significant purchases, as they have encountered difficulties in reselling for profit."
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.
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Source: Legit.ng
