Many fuel stations in Lagos and Abuja have shut down operations and hiked pump prices above N600 per litre amid worsening petrol scarcity in major Nigerian cities.
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Our correspondents observed long queues at the few stations still dispensing fuel in Lagos on Thursday, while some major outlets belonging to NNPC have suspended sales. Independent marketers selling petrol have increased prices between N600-N650, up from N568-N585 previously.
In Abuja, only a handful of stations were operational, charging as much as N630 per litre. Major marketers like Conoil sold petrol at N623 in the capital while NNPC retail stations in Central Area and other locations maintained the official price of N617.
Transporters and motorists in Lagos decried wasting hours on queues and high prices, stating it has compounded economic challenges. Experts blamed the supply shortfall on rising dollar rates, bad roads hampering distribution, and hoarding by dealers anticipating future scarcity.
The Naira has plunged beyond N1000 against the dollar on the parallel market while the official Investors and Exporters window fails to meet demand volumes required for petrol importation. Most marketers now source dollars at black market rates, escalating costs.
Trucking petrol via bad roads from coastal depots to inland cities has also become unprofitable for transporters, discouraging supply. Meanwhile, some dealers are hoarding stock, anticipating worsening scarcity per market economics.
Major Marketers Association of Nigeria confirmed dollar shortages, road infrastructure deficits, and speculative hoarding as factors triggering the supply crisis. IPMAN leadership cited NNPC’s monopoly on petrol imports, urging local refining capacity to end recurring scarcity.
With the scarcity worsening despite assurances of sufficiency by NNPC, marketers have requested access to cheaper official forex rates to import petrol competitively. But NNPC GMD Kyari says this will undermine forex unification efforts, promising pump price will remain profitable.
The supply shortfall has sparked concerns of economic and social disruption as transport costs rise. Nigerians continue to endure long queues at pumps amid uncertainty if scarcity will persist into the holiday season.
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