See why filling stations adjust petrol pump price to N1,000 per litre

• Nigerians are groaning as filling stations have again adjusted petrol pump prices amid ongoing scarcity
• The new fuel prices have increased transportation costs across the country; NNPC has reached the situation
• In an explanation, NNPC said the ongoing scarcity is due to distribution challenges of the products

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.

Amid the ongoing scarcity, the average price of a litre of premium motor spirit (PMS), also known as petrol, has reached N1,000 at some filling stations and black markets in Lagos.

Several filling stations in Lagos are closed, while those open in the Isolo, Ejigbo, Igando-Ikotun, Bariga, and Ojodu local council development areas (LCDAs) are selling petrol at N830 to N900 per litre.

Petrol scarcity persists across Nigeria Photo credit: Pius Utomi Ekpei
Source: Getty Images

BusinessDay reports that three filling stations in the Egbe-Idimu, Ojodu, and Ojokoro LCDAs are selling petrol to motorists at N1,000 per litre.

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The situation is similar in Abuja, where petrol stations are selling between N617/l and N980/l, particularly around Kubwa.

The black market has taken over the environs of various fuel stations that are closed, as observed by Legit.ng.

Many retail stations of the Nigerian National Petroleum Company (NNPC) Limited remain locked. Desperate motorists are buying fuel at prices ranging from N1,200 to N1,400 per litre, with a 10-litre gallon of petrol going for N10,000.

A manager, who gave his name as Segun, told Legit.ng that they are closed because there is no supply.

"We don't have the product at all; our head office has yet to assign fuel to us. We resume work daily, waiting for supply."

NNPC provides an explanation for fuel scarcity

Reacting to the current scarcity, in a statement signed by Olufemi Soneye, Chief Corporate Communications Officer, NNPC Ltd said it expects the scarcity to be resolved by Wednesday, August 21, 2024.

On the causes of the scarcity, he explained:

"The NNPC Ltd regrets the tightness in fuel supply witnessed in some parts of Lagos and the FCT, which is as a result of distribution challenges.“The Company further urges motorists to shun panic buying as it is working round the clock with relevant stakeholders to restore normalcy”.

Oil marketers speak as 2 refineries set to begin operation

Legit.ng earlier reported that the Independent Petroleum Marketers Association of Nigeria (IPMAN) had expressed optimism that the Dangote Refinery would begin selling petrol in Nigeria this August, as committed by Aliko Dangote, the chairman of the Dangote Group.

The association also anticipates that the assurance given by the group chief executive officer of the Nigerian National Petroleum Company Limited (NNPCL), Mele Kyari, regarding the Port Harcourt refinery becoming operational this month, would be honoured.

The chairman of IPMAN, NNPC Depot, Ore Western Zone, Shina Amoo, expressed this recently.

Source: Legit.ng