Oil Marketers Give Reasons for Fuel Scarcity As Filling Stations Adjust Pumps To New Price
- Filling stations in Nigeria have once again adjusted their pump prices upwards following the scarcity of the product
- Oil Marketers are blaming the Nigerian National Petroleum Company Limited (NNPCL) for the new scarcity
- The new scarcity is majorly felt by residents of Abuja and other northern states like Jigawa, Kebbi
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.
Filling stations across Nigeria have adjusted their pump prices from N620 per litre to new prices following the scarcity of Premium Motor Spirit (PMS), also known as petrol, especially in Abuja.
The new scarcity comes amid reports that Nigerian National Petroleum Company Limited (NNPCL) owes around $3 billion to fuel traders for imported petrol.
Source: Getty Images
Marketers under the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) and the Independent Petroleum Marketers Association of Nigeria (IPMAN) confirmed the return of fuel scarcity.
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Why is there petrol scarcity?
The nation reports that PETROAN national president Harry Billy suggested the current scarcity is due to a lack of supply from NNPC.
He noted that the only source of petroleum products is when there is no fuel, which means the state-owned oil firm has not supplied it.
His words:
"We, as members of PETROAN, source our product exclusively from NNPCL. Whenever NNPCL supplies us with the product, we deliver.
"We are not the importers. We do not manage the daily inventory, so we cannot confirm whether NNPCL has the product or not."
“We are the extension that makes their efficiency. So if you see scarcity like this that is affecting the place, the way I saw it yesterday (Friday), it is simply the fact that our principals are working out the process to see how they can buy PMS for our members. That is exactly how it is.”
Depots adjust price
Meanwhile, IPMAN national president Alhaji Abubakar Maigandi confirmed that NNPC sells petrol at N570.
He, however, confirmed that private depots have adjusted prices.
"Prices at these depots have risen sharply from N630 to N715 per litre, significantly higher than NNPCL's unchanged depot price of N570/litre."
Petrol prices in Nigeria
On Saturday, the Federal Capital Territory (FCT) witnessed heightened tensions as only select outlets operated by NNPCL remained operational.
NNPCL filling station is said to dispense petrol at N617/litre, attracting long queues, while A.A. Rano and NipCo stations priced their fuel at N690/litre.
Black market traders sell petrol ranging from N9,000 to N11,000 per litre.
NNPC sends message to Nigerians
Legit.ng previously reported that the Nigerian National Petroleum Company Limited explained the current scarcity of premium motor spirit or petrol, in some parts of the country.
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.
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.
Proofreading by James Ojo Adakole, journalist at copy editor at Legit.ng.
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Source: Legit.ng
