Fuel Prices Soar to N1,300/Litre Amid Nationwide Shortages

Across Nigeria, a significant shortage of Premium Motor Spirit (PMS), commonly known as petrol, has caused fuel prices to surge dramatically, reaching as high as N1,300 per litre in some areas. This crisis has resulted in long queues at petrol stations and a sharp increase in black market prices.

The current scarcity has left many depots dry, particularly affecting Lagos, Ogun, Abuja, Niger, and other states. Black marketers are exploiting the situation, with reported prices ranging from N1,200 to N1,500 per litre in Lagos and Ogun states.

On Saturday, the Nigerian National Petroleum Company Limited (NNPC) attributed the supply issues to disruptions in the discharge operations of several vessels. NNPC Chief Corporate Communications Officer, Olufemi Soneye, assured that efforts are being made to resolve the situation and restore normal supply.

Despite these assurances, the scarcity has persisted. By Sunday, several filling stations nationwide remained closed, and those that were open faced long lines of vehicles and customers purchasing fuel in jerrycans. In Abuja, fuel was sold at between N660 and N800 per litre at official stations, while black marketers charged around N1,200 per litre.

In Lagos and Ogun, many stations were shut, and those operating were severely congested. Black marketers in these areas sold fuel between N1,200 and N1,500 per litre, capitalizing on the high demand and low supply.

Fuel loading operations at the Apapa depots were halted on Sunday, exacerbating the supply issues. Depot operators reported that almost all depots were empty following minimal supplies on Saturday. This has led to an increase in fuel prices at the few stations still operating.

Independent Petroleum Marketers Association of Nigeria (IPMAN) Vice President, Hammed Fashola, highlighted that the lack of direct supply from NNPC and reliance on private depots has inflated prices. He expressed hope that the situation would improve within the week as NNPC addresses distribution challenges.

Clement Isong, Executive Secretary of the Major Energies Marketers Association of Nigeria, confirmed the low stock levels and ongoing supply issues, noting that only NNPC is capable of restoring normalcy.

In places like Benin City, Edo State, and parts of the North, including Gombe, Jos, and Minna, fuel prices and availability varied significantly. Black marketers have been selling at inflated prices, causing widespread frustration among motorists.