Scarcity as Petrol Price Hits N1,500 In Abuja

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Scarcity as Petorl Price Hits 1,500 In Abuja

Fuel scarcity is gradually surfacing in Lagos, Abuja and other parts of Nigeria as private depot owners have increased the ex-depot price of petrol from N650 to N800 per litre. This has led to a deepening fuel shortage in Abuja and nearby states, with some filling stations selling petrol for as much as N1,500 per litre.

Reports indicate that many filling stations in Lagos, Ogun, and other states have run out of stock because they refuse to buy the high-priced fuel from private depots. The National Vice President of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Hammed Fashola, stated that many stations remain closed due to a lack of fuel.

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Fashola pointed out that the Nigerian National Petroleum Company Limited (NNPC), currently the sole importer of petrol, should clarify the situation to the public. He explained that independent marketers cannot afford to buy petrol at the prices set by private depots, which are between N715 and N720 per litre, due to the high costs of transportation and other depot expenses. Consequently, many stations are shut down as marketers cannot sell petrol at prices affordable to the masses in the current economic climate.

Previously, private depot owners sold petrol to independent marketers at N630-650 per litre, while the NNPC sold to major marketers at prices below or around N600. Despite repeated appeals from IPMAN leaders for direct supply from the NNPC, the situation remains unchanged. Fashola advised Nigerians to avoid panic buying and purchase only what they need to ensure the available fuel is distributed fairly.

The major marketers sold petrol below N650, while independent marketers sold it between N750 and N800 per litre. Officials confirmed that the NNPC directed depot owners in Apapa to prioritize fuel supply to Abuja, where fuel queues were first noticed. This directive resulted in a reduced supply to Lagos and other areas.

This situation follows a report by Reuters claiming that Nigeria’s debt to petrol suppliers had exceeded $6 billion, doubling since early April. Although the NNPC denied this, the report indicated that late payments for PMS imports had reached between $4 billion and $5 billion. Some suppliers have stopped participating in tenders due to the high debt exposure, reducing Nigeria’s typical petrol imports.

The fuel scarcity has led to long queues at filling stations in Lagos and other states. Motorists have reported significant price hikes, with some stations selling petrol at N820 per litre. Many stations remain closed, exacerbating the fuel crisis.

In Ogun State, petrol prices range from N700 to N800 per litre, with long queues at filling stations. Residents have expressed frustration over the return of fuel scarcity, which disrupts daily life and business operations.

In Ekiti State, particularly in Ado-Ekiti, many petrol stations have not been dispensing fuel, leading to long queues at the few stations selling at lower prices. Motorists have reported prices ranging from N650 to N760 per litre.

In Kwara State, petrol is available in Ilorin, but prices range from N600 to N750 per litre. In the Federal Capital Territory (FCT), some stations are selling petrol at N1,500 per litre, with motorists flocking to outlets operated by major dealers to buy at lower prices.

The ex-depot price increase has caused significant ch

allenges for independent petroleum marketers, leading to widespread fuel queues and higher prices at filling stations. The NNPC has been rationing petrol supplies to depots, prioritizing Abuja, which has further strained fuel availability in other regions. Independent marketers have appealed for increased direct supply from the NNPC to mitigate the crisis, but the volume remains insufficient to meet demand.

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