Petrol prices skyrocket as NNPCL stops selling to independent marketers

Legit.ng journalist Victor Enengedi has over a decade's experience covering Energy, MSMEs, Technology and the Stock Market.

The Nigerian National Petroleum Corporation Limited (NNPCL) has allegedly halted the sale of Premium Motor Spirit, commonly known as petrol, to independent marketers following a price increase on Tuesday.

Meanwhile, three ships arrived at the Apapa jetty in Lagos on Wednesday to offload imported petrol.

More trouble for Nigerians as NNPC suspends sale of petrol to independent marketers
Source: UGC

Investigations showed that the NNPCL’s recent price hike led to public protests, with many commuters across the country stranded or forced to walk long distances due to worsening fuel queues and scarcity.

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Hammed Fashola, the National Vice President of the Independent Petroleum Marketers Association of Nigeria, informed The PUNCH that the NNPCL stopped supplying fuel to independent marketers on Tuesday after raising the price of Premium Motor Spirit (PMS) to N855 and above per litre at its retail outlets across the country.

In response, independent marketers began selling the product for as high as N1,200 to N1,300 per litre in some states.

Fashola expressed concern over the NNPC's decision to halt petrol sales to marketers without formal notification, especially since the marketers had made payments for the product over two months ago.

Fashola said:

It was reported that the NNPC typically gave preference to major marketers, while members of the Independent Petroleum Marketers Association of Nigeria (IPMAN) turned to private depot owners, who sold at higher rates.

This resulted in a significant price disparity between the two groups of marketers.

Fashola expressed optimism that the new partnership between the Dangote Refinery and the NNPC would help reduce the price gap between major and independent marketers.

However, he emphasized that even with the price set at N855 per litre, the NNPC was still subsidizing petrol.

Source: Legit.ng