NNPC reveals why there is scarcity as marketers lament

• The Nigerian National Petroleum Company Limited (NNPC) has said that it has enough petrol in its depots
• NNPC’s spokesperson, Olufemi Soneye, disclosed that the company has enough supply
• However, marketers have lamented the scarcity of the product at private depots, leading to high costs

Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.

The Nigerian National Petroleum Company Limited (NNPC) said on Wednesday, August 7, 224, that it does not have issues with the availability of petrol.

The company’s Chief Corporate Communications Officer, Olufemi Soneye, disclosed that he is unaware of any supply issues in the market.

NNPC and marketers differ on petrol supply in Nigeria Credit: Bloomberg/Contributor
Source: UGC

NNPC promises to sort out distribution issues

However, markets lament the non-availability of the product at depots across the country.

The Nation reports that Soneye promised to contact the Nigerian Midstream and Downstream Regulatory Authority (NMDPRA) regarding petrol distribution in the country.

The NNPC spokesman insisted that the company has ample supply and is unaware of any distribution challenges.

Meanwhile, marketers, under the aegis of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), complained about the supply glitch, saying it has thrown them out of business.

Marketers hike prices at the pumps

PETROAN National President Billy Harry reportedly said that the marketers are not loading the product due to supply challenges.

He said the marketers still have the same glitch the NNPC disclosed weeks ago.

Harry noted that NNPC’s prices remain the same at its retail outlets, but there are no products at the depots.

The development led to black marketers making brisk money, selling a litre of petrol for N1,000.

Findings by Legit.ng show that marketers across Lagos still sell products as high as N850 per litre, citing issues in supply.

Marketers say private depots have hiked product prices, which is reflected in the pumps.

Filling stations adjust petrol prices after NNPC's message

Legit.ng earlier reported that 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.

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.

Source: Legit.ng