Scarcity looms as fuel prices spikes nationwide

A potential fuel crisis is expected in Lagos and other Nigerian regions, as private depot owners have increased the wholesale price of petrol from N630 to N720 per litre.

A crippling supply crisis has resulted from the recent price increase, which has exacerbated the fuel shortage in Abuja and neighbouring states.

Some filling stations are selling petrol at an exorbitant price of N900 per litre.

According to report, numerous filling stations in Lagos, Ogun, and other states have run out of fuel and are hesitant to buy the more expensive fuel from private depots.

Hammed Fashola, the National Vice President of the Independent Petroleum Marketers Association of Nigeria (IPMAN), confirmed that numerous stations are closed due to a lack of fuel.

Fashola called on the Nigerian National Petroleum Company Limited (NNPC), the sole importer of petrol, to clarify the situation.

Fashola explained that independent marketers cannot afford the high prices set by private depots, which sell petrol for between N715 and N720 per litre.

The cost of transporting the fuel and other depot expenses make it unviable for marketers to sell at these rates. Consequently, many stations remain shut, as marketers are unwilling to purchase fuel that the masses cannot afford.

Private depot owners previously sold petrol to independent marketers for N630-650 per litre, while NNPC supplied major marketers at prices around N600 per litre.

As the fuel shortage persists, major marketers are selling petrol below N650, while independent marketers are charging between N750 and N800 per litre. NNPC officials have instructed depot owners to prioritize fuel supply to Abuja to alleviate the long queues in the city.

This directive has left Lagos and other areas with limited fuel supplies.

Some depots have stopped selling to independent marketers due to limited supplies from NNPC, further contributing to the scarcity.

Long queues have reappeared in Lagos, with prices climbing at various stations. The situation is similar in other states, including Ogun, where petrol prices range from N700 to N800 per litre.

Residents and motorists have expressed frustration over the high prices and scarcity, calling on the government to address the issue.

In Ekiti State, petrol prices range from N650 to N760 per litre, with long queues at the few stations that have fuel.

Similar conditions prevail in Kwara, Edo, and Sokoto states, where petrol prices vary but remain high.

In Abuja, some stations are selling petrol for N900 per litre as scarcity persists.

In Ekiti State, a dire fuel shortage has led to a price surge, with petrol prices skyrocketing to between N650 and N760 per litre, causing lengthy queues at the limited number of gas stations that still have fuel.

Similar scenarios are playing out in Kwara, Edo, and Sokoto states, where fuel prices are fluctuating but remain stubbornly high.

Despite efforts to address the issue, petrol scarcity continues in Abuja, leading to some filling stations selling petrol at the exorbitant price of N900 per litre.