Fuel scarcity is once again becoming a significant concern across Nigeria as private depot owners have hiked the ex-depot price of petrol from N630 to a staggering N720 per litre. This increase has led to shortages in Lagos and other states, with some filling stations reportedly dispensing petrol for as high as N900 per litre in Abuja.
Reports indicate that many filling stations in Lagos, Ogun, and other states have run out of stock due to their refusal to purchase fuel at the elevated prices set by private depots. Hammed Fashola, National Vice President of the Independent Petroleum Marketers Association of Nigeria (IPMAN), highlighted that numerous stations remained closed due to lack of fuel, emphasizing the need for clarity from the Nigerian National Petroleum Corporation (NNPC) on the current situation.
The NNPC, as the sole importer of petrol, has faced scrutiny over its distribution practices amidst the escalating prices. Independent marketers are reportedly unable to afford purchasing fuel from private depots selling at rates between N715 and N720 per litre, which includes additional costs such as transportation and depot expenses.
In response to the growing scarcity, the NNPC has purportedly rationed petrol supplies to depots, prioritizing the Federal Capital Territory (Abuja) to alleviate fuel queues observed there recently. This allocation strategy has left Lagos and other regions with reduced supply, exacerbating the situation.
Meanwhile, concerns over Nigeria’s fuel supply chain have been exacerbated by reports of escalating debts to petrol suppliers, reaching over $6 billion according to some sources. These financial challenges have reportedly impacted import volumes, affecting availability and contributing to price hikes in the local market.
As queues reappear at filling stations across Nigeria, motorists and residents are facing renewed uncertainties and challenges. The fluctuating availability and rising costs of petrol underscore broader issues within the country’s energy sector, prompting calls for transparency, accountability, and sustainable solutions to mitigate future crises.
The ongoing fuel scarcity serves as a stark reminder of Nigeria’s dependence on imported fuel, the vulnerabilities in its distribution networks, and the urgent need for comprehensive reforms to ensure stable energy supply for its populace.
