New Petrol Prices at Filling Stations as Marketers Set Date Scarcity Will End

• Fuel marketers in Nigeria have warned that the ongoing fuel scarcity is likely to persist until next week
• The marketers attribute the scarcity to a combination of supply chain disruptions due to the hunger protest
• Filling stations continue to sell fuel at above N800 across the country, with black marketers selling above N1,000

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 Independent Petroleum Marketers Association of Nigeria (IPMAN) has said that petrol scarcity will be cleared next week.

Chinedu Ukadike, IPMAN's public relations officer, disclosed that many oil marketers are still apprehensive and are not opening their filling stations for business.

Fuel scarcity to end

Explaining the current challenges, Ukadike noted that the decision to close shop was because of the ongoing protests.

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Punch reports that he promised the queues would clear out next week, emphasising that it would be too risky to open filling stations, especially in areas where the protests had been violent.

His words:

The protest is ongoing, causing filling stations and trucks to operate suboptimally due to fears of attacks by protesters.

"During the ENDSARS protest, oil marketers' businesses were attacked and destroyed without any government compensation.

"Trucks carrying petrol and diesel were burned in Warri, Enugu, Sapele, and other areas, with no compensation provided by the government.

Petrol prices in Nigeria

Legit.ng observed that most filling stations sell at N820 to N850 per litre. At the same time, black marketers are selling at N1,000 to N1,200.

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Relief as filling stations adjust petrol prices, depots resume loading

The IPMAN spokesman admitted high prices but expressed an interest in seeing a reduction in petrol and diesel pump prices.

He said:

"The high prices of these commodities have caused their consumption to drop.

"People now have alternative sources and have reduced the purchase of these fuels, making our turn-around time drag and reducing profit margins."

Tinubu reacts to reduced diesel prices.

Earlier, Legit.ng reported that President Bola Tinubu commended Dangote Oil and Gas Limited for slashing the price of Automotive Gas Oil (AGO), also known as diesel, from N1200 to N1000.

The reduction was effected after the initial decrease from N1,650 to N1200 about three months ago.

Tinubu said the price review, which represents a 60% drop, would impact the prices of various goods and services.

Proofreading by James, Ojo Adakole, journalist and copy editor at Legit.ng.

Source: Legit.ng