Fuel scarcity: Petrol Price Hits N720 Per Liter, Independent Marketers Cry Out

Removal of fuel subsidies - Petrol reaches N720 per litre as shortages return

Nigeria's fuel scarcity worsens as petrol price hits N720/liter, causing long queues and economic hardship. Get the latest news and updates on the crisis.

Oil scarcity is progressively becoming apparent in Abuja, Lagos State, and other regions of the nation due to private depot owners raising the price of gasoline from N630 to N720 per liter.

Stations in Ogun, Lagos, and a few other states are out of stock because they won't buy the expensive fuel from private stores. In the meantime, gas outlets are charging up to N900 per liter for fuel.

According to IPMAN (Independent Petroleum Marketers Association of Nigeria) National Vice President Hammed Fashola, many filling stations stay closed because they are empty of fuel. He urged Nigerians to learn about the present state of the fuel supply from the Nigerian National Petroleum Company Limited (NNPCL), the country's only importer of fuel at the moment.

“Those that shut their stations do not have fuel to sell. When you don't have fuel, you cannot open your station. That is the problem. You know the NNPCL is the sole importer of this product. I think it is in the best position to tell us what is actually going on.

“Currently, independent marketers cannot buy what the private depots are selling. They are selling fuel between N715 and N720 per litre. How much will marketers sell the product? Look at the cost of bringing it to their depots; with transportation and other depot expenses, it will be too costly for them. That is why the stations are shut down. Some marketers refuse to go and buy because they know the masses cannot afford high- priced petrol in this economy. That is the situation for now,” the IPMAN leader stated.

Petrol was previously sold by private depot owners to independent marketers for between N630 and N650 per litre, while major marketers purchased fuel from the NNPCL for approximately N600.

The leaders of IPMAN have repeatedly requested that the NNPCL provide them with petrol directly, much like it does for large merchants, but the NNPCL has not complied with this request as of yet.