Marketers reveal date when petrol scarcity will end

• Filling stations successful Nigeria person reportedly adjusted their pump prices upwards pursuing the scarcity of the product
• Investigations amusement that petrol is present selling for betwixt N750 and N800 per litre successful parts of Nigeria
• The Independent Petroleum Marketers Association of Nigeria (IPMAN) said it volition instrumentality 2 weeks to reconstruct the supply

Legit.ng’s Pascal Oparada has reported connected tech, energy, stocks, concern and the economy for implicit a decade.

Filling stations crossed Nigeria person adjusted their pump prices pursuing the scarcity of petrol, which has entered the 2nd week.

Legit.ng findings amusement that petrol stations successful Lagos, Abuja, Port Harcourt, and Kano person adjusted their prices upwards owed to the scarcity.

Nigerians queuing astatine petrol stations to bargain substance arsenic scarcity persists. Credit: Bloomberg/Contributor
Source: UGC

Filling stations merchantability petrol astatine higher costs

Most petrol stations selling the merchandise successful Lagos adjusted their pump prices to N750 per litre from the N630 they sold the merchandise earlier the scarcity began.

Station attendants told Legit.ng that the caller prices were not conscionable owed to the scarcity but besides due to the fact that freighting costs person skyrocketed owed to diesel prices.

One David Adigun astatine a Mobil petrol presumption successful the Lagos country said that the prices accrued owed to the clip and resources it takes to motortruck the merchandise to the station.

He stated that portion of the crushed the scarcity had persisted was logistics.

“Right now, logistics is 1 of the apical reasons we are experiencing scarcity due to the fact that not lone is the merchandise not available, but it takes a batch of wealth to determination to our stations,” helium said.

Marketers acceptable 2 two-week deadlines to extremity scarcity

Motorists person reported buying petrol higher than the mean N620 per litre.

They study that the scarcity has driven up the commodity's terms and that their lone enactment is to walk the outgo connected to the commuters.

Meanwhile, the Independent Petroleum Marketers Association of Nigeria (IPMAN) disclosed connected Sunday, April 28, 2024, that the existent scarcity volition instrumentality astatine slightest 2 weeks to clear.

The improvement comes arsenic the Nigerian National Petroleum Company Limited (NNPCL) said it has capable banal to extremity the scarcity.

Vanguard reports that IPMAN's spokesman, Chinedu Ukadike, said the merchandise is presently retired of banal successful Nigeria.

Scarcity is blamed connected import challenges

He said it is challenging to root petrol due to the fact that astir European refineries are undergoing turnaround maintenance.

A Legit.ng report said the IPMAN spokesperson blamed the acute scarcity connected import bottlenecks and the dilatory gait of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA)'s renewal of marketers' licenses.

According to him, lone 1,050 marketers person had their licenses renewed by the agency.

Also, the NNPC had said that the crushed for the existent scarcity was owed to logistic issues, which person since been sorted.

He said:

“The concern is that determination is nary product. You volition spot scarcity erstwhile determination is simply a deficiency of oregon inadequate supply, and queues volition look astatine filling stations.“NNPCL, Nigeria's sole supplier of petroleum products, has attributed the situation to logistics and vas problems.”

Ukadike said the marketers expect an betterment by adjacent week, erstwhile NNPC volition person restored supplies, and different week earlier normalcy returns.

“We expect that by adjacent week oregon so, NNPC should beryllium capable to reconstruct supply, and normalcy should instrumentality wrong different week.”

Petrol hits N900 per litre connected the achromatic market

Other findings amusement that galore motorists and different users were forced to patronise achromatic marketplace sellers who openly sold the merchandise for betwixt N900 and N1,000 per litre successful immoderate parts of Lagos.

The lipid marketers besides blamed NNPC for not supplying capable petrol to them, according to a Nairametrics report.

NNPC sends connection to Nigerians

Legit.ng antecedently reported that the Nigerian National Petroleum Company Limited explained the existent scarcity of premium centrifugal tone oregon petrol, successful immoderate parts of the country.

There were agelong queues successful galore filling stations crossed the Federal Capital Territory, Nasarawa, Niger, Gombe, Sokoto, Kaduna, and Anambra states, leaving thousands of commuters stuck.

It was much challenging for Kaduna motorists, who were forced to bargain the merchandise from achromatic marketers for arsenic precocious arsenic N1,100 per litre.

Source: Legit.ng