Marketers Make Demand To Crash Fuel Price, Filling Stations Ready To Adjust Pumps

• The NNPC and the NMDPRA have continued their efforts to make petrol available to filling stations across the country
• Petroleum marketers on their part have expressed readiness to reduce fuel prices in the coming days
• Nigerians continue to experience frustration as they struggle to buy fuel at filling stations at a price of N750 to N900 per litre

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) and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) intend to continue emergency fuel supply for another two weeks across the country to reduce the queues in filling stations.

Between Friday and Sunday, more than 300 million litres of petrol were loaded at various depots in Lagos.

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Punch reports that more vessels importing PMS would continue to berth at the shore to discharge fuel to different depots for onward delivery to retail outlets across the nation.

Ayo Cardoso, the NMDPRA's South-West Regional Coordinator, confirmed the development and promised that fuel queues would soon disappear.

He also said that the ex-depot prices of the product ranged from N556 per litre to N645.

The ex-depot price is the price fuel is sold to marketers or distributors at the depot before being transported to filling stations.

Marketers ready to buy

Marketers, on their part, have expressed readiness to crash current fuel prices, which are at N700 to N900 at filling stations across the country.

According to them, the availability of the product will allow filling stations to revert to the old prices.

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Isong, Executive Secretary of the Major Energies Marketers Association of Nigeria, noted that many station tanks were really down.

He said:

"When you restore supply, the queues will disappear. In the recent past, petrol stations have been operating from the bottom of their tanks."

Meanwhile, Legit.ng's check in some parts of Lagos shows that many filling stations remain shut, and those selling put their pumps at N800 per litre.

Fatai Lawal, a petrol station manager in the Ikotun area of Lagos, told Legit.ng that due to the lack of product, their working hours are limited.

"We are only here from 5 am to 8 am. If you check around, many filling stations are not selling. We are the only ones selling, and with the little we have, we sell and wait again until the next day because of the stress of the long queues.

"We are ready to adjust our pumps as soon as our supply improves."

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Marketers speak as filling stations prepare to reduce fuel prices after FG's emergency supply

Marketers offer hope to Nigerians

Earlier, Legit.ng reported that marketers offered hope to Nigerians that the current fuel scarcity will be over soon.

The marketers believe that it will take at least 2 weeks to see the end of the current scarcity across the country.

They believe when all the challenges are cleared, fuel prices at filling stations will revert to old prices.

Source: Legit.ng