Marketers Speak as Filling Stations Prepare to Reduce Fuel Prices After FG's Emergency Supply

• The federal government of Nigeria is determined to find a solution to the lingering fuel scarcity across the country
• A new emergency supply has been received, and now it is believed that in 15 days, all fuel queues will disappear
• Nigerians continue to hope that the operation of Dangote Refinery, Port Harcourt Refinery, and others will put an end to fuel scarcity

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 federal government has launched a 15-day emergency fuel supply to filling stations across the country.

This move comes amid persistent scarcity and skyrocketing prices at the pumps, which have placed undue strain on citizens and businesses alike.

Punch reports that the emergency supply ensures the commodity circulates throughout the country.

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According to the Major Energies Marketers Association of Nigeria, 300 million litres of fuel have already been received from eight vessels this week in Apapa.

Additionally, Ayo Cardoso, the South-West regional coordinator of the Nigerian Midstream and Downstream Petroleum Regulatory Authority, revealed that at least 325 million litres of fuel were offloaded between Monday, April 29, and Tuesday, April 30.

Also, more vessels carrying petroleum products are expected to berth at Nigeria's shore in the next few days.

The product will then be discharged to various depots, from which it will be distributed to different filling stations.

Marketers confirm supply improvement

Meanwhile, marketers have confirmed improvement in petroleum products supply, noting that Nigerians will soon begin to purchase fuel easily from filling stations across the country and at a reduced price instead of the N700 to N750 per litre.

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Finally, NNPC sets date to clear all queues at filling station, crash fuel price

James Tor, the national secretary of the Independent Petroleum Marketers Association of Nigeria (IPMAN), told journalists that the queues will begin to vanish from filling stations because the NNPC has intervened in the logistic issues that had breached the supply of the product.

He said:

“The fuel stations round show that the situation is calm. All stations have products and are selling.

"If there is no product, we cannot give out anything. But happily, there are products, and the federal government is doing much. Our national president explained to us that the NNPCL has opened up some of their depots so that we can have products supplied and distributed to the public.

“He even called me this morning (April 30, 2024) about the increase in the supply. So, what we are witnessing is just a bridge between what is going on and what is going on.

“But happily enough, I want to announce to the public that there shouldn’t be any panic buying, because when this thing happens, and people start rushing here and there and trying to accumulate the products, that effect will go a long way to affect everybody."

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“There’s enough”: IPMAN mentions Nigerian state not affected by scarcity, fuel sold cheaper

Filling stations sell petrol at new prices

Earlier, Legit.ng reported that several filling stations across the country have adjusted their pump prices in reaction to the scarcity.

In Lagos, some filling stations sell at N650 per litre, while in states such as Abia, it costs N700 to N750 per litre.

The scarcity is even worse in the northern part of the country, with reports of the black market selling a litre of fuel for as high as N2,000.

Source: Legit.ng