Petrol Scarcity Deepens with Independent Marketers Charging N780 per Litre
Petrol shortages in Lagos, Ogun, and other states have worsened significantly. Independent marketers are now purchasing petrol from private depots at N780 per litre, a sharp increase from the previous price of N595 per litre. This marks a 31% hike in fuel prices.
The rise in prices is attributed to the imbalance between supply and demand in the domestic market. Chief Chinedu Ukadike from IPMAN mentioned that while the situation is currently tough, there is hope for improvement. He noted that more trucks are being dispatched to collect petrol, which might help alleviate the shortage soon.
Despite some reduction in visible queues, the petrol supply remains inconsistent. The rainy season is causing delays in deliveries, but Ukadike believes that things should get better in the next few days. He emphasized that the queues often clear by the afternoon, suggesting that supply issues may be temporary.
Petrol prices at filling stations have remained high, ranging from N685 per litre at major outlets to N950 per litre at independent stations. Some stations have even closed their gates due to lack of stock, while others have resorted to selling petrol at inflated prices, reaching up to N1,500 per litre.
The scarcity has also led to a significant rise in transportation costs, with fares increasing by over 200%. For instance, traveling from Ikorodu to Victoria Island in Lagos now costs around N6,000, compared to less than N2,000 before the shortage. Drivers are struggling with both higher fuel prices and reduced passenger numbers.
At depots in Lagos, many have depleted their stock, causing prices to rise further. It is anticipated that depot prices could reach N800 per litre as operators plan to increase their rates. The lack of effective monitoring by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has led to irregularities and price manipulations at stations.
NNPC’s Vice President, Dapo Segun, explained that the fuel shortage is due to rain, lightning, and poor road conditions. These factors have complicated the transport of petrol, causing ongoing supply problems. Segun assured that efforts are being made to address these issues.
PENGASSAN President Engr. Festus Osifo criticized the government’s economic policies, linking them to the current economic hardships. He warned that the country’s inability to meet its energy needs could push Nigeria towards becoming a failed state. Osifo highlighted the impact of currency devaluation and rising import costs on the daily lives of Nigerians.
