Why petrol stations adjusted prices as loading resumed at depots

3 months ago 12

Nigerians may experience some reprieve this week as petrol marketers resume loading at various depots
The lull in PMS supply across the country was blamed on the ongoing hunger protest in Nigeria
However, some oil marketers disclosed that they have started loading petrol as the situation returns to normal

Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.

The endless petrol queues at filling stations across the country may clear this week as PMS loading resumes at depots in Lagos.

On Saturday, August 3, 2024, depot owners refused to open for business due to an ongoing hunger protest that began on Thursday, August 1, 2024.

Petrol stations adjust prices of petrol, NNPC

Truck drivers resume loading

Truck drivers and owners were also scared of impending attacks while transporting petrol.

PAY ATTENTION: Share your outstanding story with our editors! Please reach us through info@corp.legit.ng!

Oil marketers also disclosed on Monday, August 5, 2024, that the reappearance of queues at filling stations in several states was due to dealers halting the supply of petroleum products to avoid losing their assets because of the nationwide protests.

Several states in Nigeria, including Abuja, saw different degrees of queues about two weeks ago, which the Nigerian National Petroleum Company Limited (NNPC) blamed on a hitch in discharging vessels.

While the NNPC and oil marketers worked to ease the challenge, the nationwide hunger protest began on Thursday, August 1, 2024. It disrupted the petrol supply and caused queues to reappear in some states.

NMDPRA supervise product loading

Punch reports that some trucks loaded on Sunday, August 4, and Monday, August 5, 2024, to supply petrol nationwide.

The report said that Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) officials were at the depots to supervise the process.

Also, reports say more vessels arrived at the weekend, supplying some depots with the product.

Findings by Legit.ng show that many filling stations in the cities have not opened for business since the nationwide hunger protest began, and many Nigerians are still at home for fear of violence.

Petrol stations crash prices

Also, several petrol stations crashed their petrol prices from N850 per to N700 as supply improved.

The stations disclosed that they crashed the prices due to improvements in supplies.

Many petrol depots were dry last week Sunday, leading to fuel scarcity and attendant queues in Lagos, Ogun, parts of Abuja, Niger, and some other states across the country.

Reports say black marketers exploited the situation to sell petrol for as high as N1,300 per litre and N1,500 in some parts of Lagos and Ogun states.