Depots raise PMS price to N720/litre as scarcity beckons in Lagos, others

Fuel scarcity is creeping back into the Lagos metropolis and several other states as depot owners seem to have jacked up the price of petrol from about N630 to about N720/litre.

This is following the spread of scarcity in Abuja and the adjoining states on Sunday, July 7, with some filling stations even selling at as high as N900/litre.

According to the National Vice President of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Hammed Fashola, many petrol stations did not open for business because they had no fuel in their reservoir.

He said the Nigerian National Petroleum Company Limited (NNPCL), the sole importer of petrol at the moment, owes Nigerians an explanation of what is going on.

“Those that shut their stations do not have fuel to sell. When you don’t have fuel, you cannot open your station. That is the problem. You know the NNPC is the sole importer of this product. I think it is in the best position to tell us what is actually going on.

“Currently, independent marketers cannot buy what the private depots are selling. They are selling fuel between N715 and N720 per litre. How much will marketers sell the product? Look at the cost of bringing it to their depots; with transportation and other depot expenses, it will be too costly for them. That is why the stations are shut down. Some marketers refuse to go and buy because they know the masses cannot afford high-priced petrol in this economy. That is the situation for now,” the IPMAN leader stated.

Private depot owners previously sold fuel to independent marketers at around N640/litre, while NNPC sold to major marketers at around N600.

Leaders of IPMAN have begged NNPC to supply them with petrol directly like they do to major marketers, but the NNPC hasn’t given a positive response so far.

Fashola appealed to Nigerians to avoid panic buying, saying they should buy what they need so that the fuel in circulation would get to as many users as possible.

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