Filling Stations Adjust Petrol Prices After NNPC's Message as Depot Owners Give Reasons for Scarcity
- Petrol stations have hiked their pump prices as the scarcity of the product bites harder nationwide
- Findings show that depots are dry, and black marketers currently sell the product for as high as N1,300 per litre
- Depot owners also said that they have exhausted their products as of Saturday, July 27, 2024
Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.
Petrol stations have adjusted their pump prices after the Nigeria National Petroleum Company Limited (NNPC) said hitches in discharging petrol are responsible for the scarcity.
Findings by Legit.ng show that black marketers are exploiting the situation to sell petrol for as high as N1,300 per litre and N1,500 in some parts of Lagos and Ogun states.
Source: UGC
Experts proffer solutions to perennial scarcity
The second petrol scarcity in two weeks has brought to the forefront the importance of local refining, as NNPC is the sole importer of the product in Nigeria.
Experts believe refining petrol locally is the only solution to Nigeria’s recurrent scarcity, which they say the Dangote and other refineries can curb.
Reports say long queues began to form in Lagos and Abuja on Friday, July 26, 2024, and have continued since.
NNPC speaks on reason for scarcity
The NNPC reacted on Saturday, July 27, 2024, saying that a hitch in the discharge operations of some vessels caused the queues and scarcity.
The NNPC said:
“The NNPC Ltd wishes to state that the tightness in fuel supply and distribution witnessed in some parts of Lagos and the FCT is a result of a hitch in the discharge operations of a couple of vessels.”
Following the Nigerian oil company's explanation, petrol stations across Nigeria adjusted their pump prices from N650 per litre to between N850 and N950 per litre, depending on the location.
Punch reports that no depots in Apapa were loading as of Sunday, July 28, 2024.
A depot operator reportedly said there was no fuel in almost all the depots on Sunday after exhausting the product on Saturday, July 27, 2024.
Reports say marketers are queuing at various depots to load petrol following NNPC’s announcement.
Petrol queues grow longer as scarcity bites
Legit.ng earlier reported that motorists and commuters in Lagos and its environs lamented the scarcity of PMS, popularly called petrol.
The development has resulted in hikes in transportation costs by commercial transport operators.
Proofread by Kola Muhammed, journalist and copyeditor at Legit.ng
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Source: Legit.ng
