See date marketers promise to end fuel scarcity in Nigeria

• Fuel marketers in Nigeria have warned that the ongoing fuel scarcity is likely to persist until next week
• The marketers attribute the scarcity to a combination of supply chain disruptions due to the hunger protest
• Filling stations continue to sell fuel at above N800 across the country, with black marketers selling above N1,000

Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has said that petrol scarcity will be cleared next week.

Chinedu Ukadike, IPMAN's Public Relations Officer, disclosed that many oil marketers are still apprehensive and are not opening their filling stations for business.

Filling stations continue to sell fuel above N800 Photo credit: Bloomberg/contributor
Source: UGC

Explaining the current challenges, Ukadike noted that the decision to close shop was because of the ongoing protests.

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Punch reports that he promised that the queues would clear out next week, stressing that it would be so risky to open filling stations, particularly in locations where the protests had been violent.

His words:

"The protest is still ongoing, so filling stations and trucks are not functioning optimally. This is because of the fear of attacks on our stations by protesters. "During the ENDSARS protest, the businesses of oil marketers were attacked and destroyed, and the government did not pay any compensation for it. Trucks carrying petrol and diesel were burnt in Warri, Enugu, Sapele, and other areas, and the government did not pay any compensation."

Petrol prices in Nigeria

Legit.ng observed that most filling stations sell at N820 to N850 per litre. At the same time, black marketers are selling at N1,000 to N1,200.

IPMAN spokesman admitted that there are high prices but expressed an interest in seeing a reduction in petrol and diesel pump prices.

He said:

"The high prices of these commodities have caused their consumption to drop. "People now have alternative sources and have reduced the purchase of these fuels, making our turn-around time drag and reducing profit margins."

Tinubu reacts to reduced diesel prices.

Earlier, Legit.ng reported that President Bola Tinubu commended Dangote Oil and Gas Limited for slashing the price of Automotive Gas Oil (AGO), also known as diesel, from N1200 to N1000.

The reduction was effected after the initial decrease from N1,650 to N1200 about three months ago.

Tinubu said the price review, which represents a 60% drop, would impact the prices of various goods and services.

Source: Legit.ng