OMG! Petrol sells for twice its price in Lagos, Abuja, other regions

• The fuel scarcity across the country appears to have taken a new turn as black marketers take advantage of the situations
• The surrounding states and the Federal Capital Territory (FCT) were also impacted by the worst supply crisis in recent memory
• Despite long lineups that extended over a kilometer, roadside black traders were earning a healthy living

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

A fresh wave of gasoline shortages has hit Lagos State and other regions of the nation, resulting in long lines at gas stations and sharp price increases for fuel, with some stores selling it for an unsettling N900 a litre.

Many gas stations in the accross the country were closed. Photo Credit: BBC
Source: Getty Images

ThisDay reported that the supply crisis also affected the Federal Capital Territory (FCT) and the states around it, resulting in mile-long lines and severe traffic in the capital.

Filling stations shut down

On Monday, many gas stations in the Federal Capital Territory (FCT) were closed, and the handful that were open offered gasoline for as much as N900 per litre. The black market was also booming, with a 10-liter gasoline canister selling for as much as N12,000 at one point.

The lines in Abuja extended from the NNPC Mega Station on the Gwarimpa axis of the Zuba-Kubwa Expressway to the filling stations at Conoil and Total, which are located directly across from the national oil company's headquarters in the city center, and to the Salbas filling station, which is located at the Dei-Dei end of the Zuba-Kubwa expressway.

Zone 1 saw sales at the NNPC Mega Station on Olusegun Obasanjo Way and the one across from GSM Village, although the lines were rather long for this location. The product was absent from some nearby stations, such as the Total fueling station.

The situation in the states of Nasarawa and Niger was the same.

Although the NNPC mega stations continued to charge N617 per litre for gasoline, roadside black marketers were making good money despite the lengthy lineups that stretched over a kilometer.

The Nigerian National Petroleum Company Limited (NNPCL) ascribed the development to interruptions in the transportation of goods brought on by unfavorable meteorological phenomena, such as lighting and thunderstorms.

The national oil firm, NNPCL, said in a statement signed by Olufemi Soneye, Chief Corporate Communications Officer, that a recent rainstorm had caused a disturbance in the ship-to-ship transfer of fuel between mother vessels and daughter vessels.

According to Soneye, the unfavorable weather situation interfered with station supply logistics.

The NNPCL said that gasoline cannot be loaded during lightning strikes or rainstorms due to its flammability and adherence to NIMET (Nigeria Meteorological Agency) standards.

Dangote announces sale of fuel

Legit.ng reported that Nigeria's foreign exchange (forex) problem and the significant pressure it puts on the local Naira currency can be resolved by the Dangote Oil Refinery and Petrochemicals company, S&P Global, an international financial analytics company, has said.

As part of its evaluation of Nigeria's sovereign credit ratings, S&P Global, which has its headquarters in Manhattan, New York City, revealed this information while on site at the Dangote Refinery in Ibeju-Lekki, Lagos.

According to S&P, Nigeria's oil industry and expanding economy would benefit from the world's largest single-train refinery complex.

Source: Legit.ng