See filling stations new fuel price as scarcity returns

• Filling stations in Nigeria have once again adjusted their pump prices upwards following the scarcity of the product
• Oil Marketers are blaming the Nigerian National Petroleum Company Limited (NNPCL) for the new scarcity
• The new scarcity is majorly felt by residents of Abuja and other northern states like Jigawa, Kebbi

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.

Filling stations across Nigeria have adjusted their pump prices following the scarcity of Premium Motor Spirit (PMS), also known as petrol. especially in Abuja.

The new scarcity comes amid reports that Nigerian National Petroleum Company Limited (NNPCL) owes around $3 billion to fuel traders for imported petrol.

Nigerians queuing at petrol stations to buy fuel as scarcity persists. Credit: Bloomberg/Contributor
Source: Getty Images

Marketers under the umbrella of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) and the Independent Petroleum Marketers Association of Nigeria (IPMAN) confirmed the return of fuel scarcity.

Why there is petrol scarcity?

The nation reports that PETROAN National President Dr. Harry Billy suggested that the current scarcity is due to a lack of supply from NNPC.

He noted that the only source of petroleum products and when there is no fuel, it means the state -owned oil firm has not supplied.

His words:

"We, as members of PETROAN, source our product exclusively from NNPCL. Whenever NNPCL supplies us with the product, we deliver."We are not the importers. We do not manage the daily inventory, so we cannot confirm whether NNPCL has the product or not."“We are the extension that makes their efficiency. So if you see scarcity like this that is affecting the place, the way I saw it yesterday (Friday), it is simply the fact that our principals are working out the process to see how they can buy PMS for our members. That is exactly how it is.”

Depot price, NNPC petrol price

Meanwhile, IPMAN National President, Alhaji Abubakar Maigandi, reported sluggish loading processes at private depots in Lagos.

"Prices at these depots have risen sharply from N630 to N715 per litre, significantly higher than NNPCL's unchanged depot price of N570/litre," Maigandi revealed.

Over the weekend, the Federal Capital Territory (FCT) witnessed heightened tensions as only select outlets, primarily those operated by NNPCL, remained operational.

NNPCL filling station is said to dispense petrol at N617/litre, attracting long queues, while A.A. Rano and NipCo stations priced their fuel at N690/litre, prompting frantic consumer demand.

In a distressing turn, black market operators were seen selling petrol in makeshift containers, with prices ranging from N9,000 to N11,000 per litre.

NNPC sends message to Nigerians

Legit.ng previously reported that the Nigerian National Petroleum Company Limited explained the current scarcity of premium motor spirit or petrol, in some parts of the country.

There were long queues in many filling stations across the Federal Capital Territory, Nasarawa, Niger, Gombe, Sokoto, Kaduna, and Anambra states, leaving thousands of commuters stuck.

It was more challenging for Kaduna motorists, who were forced to buy the product from black marketers for as high as N1,100 per litre.

Source: Legit.ng