The prolonged petrol scarcity worsened yesterday in Lagos, Ogun, and other states as independent marketers began lifting the product from private depots at N780 per litre, up from N595 per litre, reflecting a 31 percent increase.
According to the marketers, this price hike mirrors the current supply-demand dynamics in the domestic market.
IPMAN’s Public Relations Officer, Chief Chinedu Ukadike, confirmed this in a recent interview and expressed optimism that the situation could improve soon.
He noted that more trucks had left depots in the past few days, and although independent marketers are still sourcing the product at higher rates, more of them are now able to load their trucks.
He mentioned that the NNPC has started releasing products to independent marketers, adding that the long queues seen at filling stations are now mostly “ghost queues,” which tend to disappear by the afternoon or evening. Ukadike expects the situation to stabilize in the coming days as supply becomes more consistent.
However, petrol distribution challenges, ongoing for about six weeks, have resulted in long queues at filling stations nationwide, with some marketers raising their pump prices.
In Abuja, while queues have lessened around the central area, the supply situation remains tense in other parts of the Federal Capital Territory. Pump prices have also stayed high, ranging from N685 per litre at major marketers’ outlets to N950 per litre at independent stations.
Ukadike also noted that transportation costs have soared, with the product they usually source for N800,000 now costing N3.5 million due to the high cost of diesel and truck maintenance.
He disclosed that IPMAN is awaiting a meeting with the management of the Dangote Refinery before its expected release of petrol and emphasized that independent marketers aim to eliminate middlemen in their dealings with the refinery to avoid added costs.
The scarcity has intensified in Lagos, Ogun, and other states, where long fuel queues have reappeared after a brief improvement. Some filling stations, particularly those operated by the NNPC and major oil marketers, sold petrol at around N568 per litre, while independent marketers charged between N900 and N950 per litre.
Many stations without fuel simply closed their gates, and hawkers sold petrol at prices ranging from N1,000 to N1,500 per litre, depending on the location.
Transport fares have increased significantly as motorists pass on the high fuel costs to commuters. A trip from Ikorodu to Victoria Island, Lagos, now costs about N6,000, compared to less than N2,000 before the shortage.
Drivers are feeling the impact, with many struggling to fill their vehicles with passengers and facing delays due to fuel queues and the risk of insecurity on the roads.
The situation has made it increasingly difficult for transport businesses to remain viable, with some drivers considering halting operations.
Visits to depots in Lagos, including Satellite Town, revealed that many have depleted their stocks, contributing to the price hike. Some operators are reportedly planning to raise their depot prices further to N800 per litre.
Regulatory oversight by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) appears lacking, as officials were not seen monitoring filling stations, leading to irregularities such as pump manipulation.
NNPCL’S Vice President (Downstream), Dapo Segun, attributed the shortage to weather-related challenges, including rains, lightning, and thunderstorms, which have hindered the transportation of petroleum products, particularly PMS.
He apologized to Nigerians and assured that efforts are being made to address the issues, although the poor state of roads in the country exacerbates the problem.
Meanwhile, the President of the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), Engr. Festus Osifo, warned that Nigeria is on the path to becoming a failed state if it cannot meet its energy needs.
Speaking at the PENGASSAN Energy and Labour Summit in Abuja, he criticized government policies like the currency floatation, which he blamed for the current economic hardships, including the high landing price of PMS and rising costs of imported goods.
He urged for policy changes to alleviate the suffering of Nigerians.
