Fuel Prices Have Reached N630 Per Litre In Light Of Continuous Shortages

Fuel is reportedly being sold at a price between N625 and N630 per liter at gas stations all around Abuja, the Federal Capital Territory.

As a result of nationwide fuel shortages, numerous gas stations are closing. According to Nigerian Tribune.

The article claims that the current shortage is brought on by marketers' difficulties importing petroleum products due to a lack of foreign currency, which is made worse by their inability to purchase goods from the Nigerian National Petroleum Company Limited (NNPCL).

According to investigations, the majority of filling stations in the Federal Capital Territory (FCT) either don't dispense products or sell them for between N625 and N630 per litre.

Chief Chinedu Ukadike, the spokesperson for the Independent Petroleum Marketers Association of Nigeria (IPMAN), commented on the situation and praised the government's choice to preserve the existing PMS pricing in light of the several crises plaguing the industry.

He did, however, issue a warning that, should the current rate continue, gasoline costs should range between N900 and N1,000 a litre, potentially putting Nigerians in a dire situation.

"The Federal Government has shifted away from deregulation and is now subsidizing petroleum products due to importers' inability to source dollars from the parallel market, where the dollar rate is nearly N1,300.

"The government's intervention, through its subsidiary NNPCL, has emerged as the country's sole fuel importer, thus ensuring continued subsidy for Nigerians.

"In Abuja, marketers are selling at N630 per litre because they are buying from Lagos, and the transportation cost from Lagos is now approximately N2.3 million, depending on the truck's capacity, compared to the previous N400,000," he said.