Price of petrol reportedly hits N1,300 per litre as depots experience shortages
Fuel scarcity continues to disrupt daily life across Nigeria, affecting states such as Lagos, Ogun, and parts of Abuja. Many depots for Premium Motor Spirit (PMS), or petrol, are dry, leading to long queues at fuel stations. Black marketers have exploited the situation, selling petrol at exorbitant prices of up to N1,500 per litre, Punch Newspaper is reporting.
The Nigerian National Petroleum Company Limited (NNPC) has attributed the supply and distribution issues to a hitch in the discharge operations of a couple of vessels. Despite assurances from NNPC to resolve the situation, the crisis has worsened. Motorists face lengthy queues, and prices have surged, with some petrol stations selling fuel at N800 per litre while black marketers charge up to N1,200 per litre.
Depot operators have confirmed that many depots are out of stock, affecting the load-out of products. This scarcity has led to a significant impact on both consumers and marketers, with many unable to obtain fuel as they used to.
The National Vice President of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Hammed Fashola, has expressed optimism that the situation will normalize soon once products are pushed to the depots.
Meanwhile, in various parts of the country, from Lagos to Ogun, Abuja, and beyond, residents are struggling with inflated prices and limited supply. The ongoing fuel scarcity has compounded the economic hardship faced by Nigerians, with no immediate resolution in sight.
