Exposed! Markers revealed why there is fuel scarcity in filling stations, estimates when scarcity will end

• Nigerians are advised by the Major Energies Marketers Association of Nigeria not to hoard petroleum by purchasing it quickly
• The association said this after queues reappeared in several areas of the city, causing many to stockpile the product
• He mentioned that the Nigerian National Petroleum Company Ltd. (NNPCL) is fortifying the supply chain to stop illegal smuggling

Legit.ng journalist Zainab Iwayemi has over 3-year-experience covering the Economy, Technology, and Capital Market.

The Major Energies Marketers Association of Nigeria gave Nigerians advice not to stockpile petroleum by buying it in a hurry.

Marketers said that petroleum products needed to be transported, dispensed, consumed, and stored under strict control. Photo Credit: PIUS UTOMI EKPEI / Stringer
Source: Getty Images

This came amid reports that queues have reappeared in several areas of the city, with cars crammed inside gas stations waiting to fill up.

Speaking with the News Agency of Nigeria, its Executive Secretary, Clement Isong, offered this counsel in response to the continuous lines at gas stations in Lagos.

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Isong clarified that, among other things, bad weather and thunderstorms that postponed ship-to-ship trans-loading were to blame for the supply shortage in the majority of stations.

Others, he claimed, included product transit to filling stations, truck load-outs, and berthing at jetties, all of which interfered with station supply operations.

Earlier Warning

The Punch reported that Isong mentioned that there had been a warning from the Nigerian Meteorological Agency not to load gasoline during lightning and rainstorms.

He emphasized that petroleum products needed to be transported, dispensed, consumed, and stored under strict control because they were flammable

Isong said,

“Any deviation from these regulations poses significant danger and risks, including fatalities.“We wish to reiterate that there is no cause for alarm. We strongly urge Nigerians to avoid panic buying or stockpiling of petrol.“This behaviour not only creates artificial scarcity but also poses a significant safety hazard.”

He added that filling stations didn't have enough inventory because storms caused delays in loading gasoline goods at depots.

He said,

“Many trucks could not load product for over 48 hours during the storm.“Now that the weather is clear, marketers have begun loading, and all trucks have commenced distribution of fuel to all stations across the country.“We want to assure Nigerians that there is no scarcity, and they should not stock petrol at home.”

How smuggling is being tackled

He noted that the Nigeria Customs had established a team dubbed "Operation Whirlwind" to prevent the smuggling of petroleum products to neighboring nations, as stated by Malam Mele Kyari, the Group CEO of NNPC Ltd.

He also cited that Kyari noted that the group will shield the economy of the country from the damaging impacts of petroleum product smuggling.

Isong added that the nation's daily use of the product had climbed to between 58 and 60 million liters due to illegal smuggling of the substance into neighboring countries.

He pointed out that the Nigerian National Petroleum Company Ltd. (NNPCL) is strengthening the supply chain to prevent illicit smuggling as a solution to this.

Reports show states motorists pay less

Legit.ng reported that the National Bureau of Statistics (NBS) says the average retail price of a litre of the Premium Motor Spirit, popularly known as petrol, increased in the month of May 2024 to N769.62.

The new petrol price indicates a 223.21% increase compared to the average petrol pump price of N238.11 recorded on May 2023.

NBS stated this in its latest PMS price watch report, which was published on its website and obtained by Legit.ng.

Source: Legit.ng