Okechukwu Nnodim, Dare Olawin and Anozie Egole

Fuel scarcity is gradually surfacing in Lagos and other parts of the country as private depot owners hiked the ex-depot price of petrol from N630 to N720 per litre.

This came as fuel scarcity deepened in Abuja and the adjoining states on Sunday with some filling stations dispensing PMS as high as N900/litre.

Our correspondents report that a number of filling stations in Lagos, Ogun and some states have run out of stock as they refused to buy high-priced fuel from the private depots.

Speaking in an interview with one of our correspondents on Sunday, the National Vice President of the Independent Petroleum Marketers Association of Nigeria, Hammed Fashola, said many filling stations did not open for business because they had no fuel in their tanks.

He said the Nigerian National Petroleum Company Limited, which is the sole importer of petrol at the moment, should explain to Nigerians what was happening with the product.

"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 NNPC 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.

Our correspondents learnt that the third parties, who are private depot owners, used to sell PMS to independent marketers at the rate of N630-650/litre before now, while the NNPC sells petrol to major marketers at a price below or around N600.

On many occasions, leaders of IPMAN have appealed to the NNPC to supply them with petrol directly like they do to major marketers, but the NNPC has yet to yield to that call.

Fashola appealed to Nigerians to avoid panic buying, saying they should buy what they need so that the fuel in circulation could go round.

It was gathered that the major marketers sold petrol below N650 while the independent marketers sold between N750/litre and N800 /litre.
Multiple officials confirmed to one of our correspondents that officials of the Nigerian National Petroleum Company Limited stormed the various depots in Apapa on Friday, mandating depot owners to prioritise fuel supply to the Federal Capital Territory, Abuja, where the fuel queues were initially noticed on Friday.

Abuja prioritised

On Saturday and Sunday, many trucks were reportedly directed to Abuja to reduce the queues in the FCT, leaving Lagos and other places with little supply.

One of the officials disclosed that the NNPC was rationing PMS to depots due to the fuel supply gap.

This is coming barely three days after a report by Reuters claimed that Nigeria’s debt to suppliers of Premium Motor Spirit had surpassed $6bn, doubling what it was since early April, as the NNPC struggled to cover the gap between fixed pump prices and international fuel costs.

Although this was denied by the NNPC, the Reuters report stated that the national oil company began struggling early this year when late PMS payments surpassed $3bn.

The company, it said, had yet to pay for some January imports which traders put between $4bn and $5bn.

“The only reason traders are putting up with it is the $250,000 a month (per cargo) for late payment compensation,” one industry source said.

At least two suppliers were said to have stopped participating in recent tenders after hitting self-imposed debt exposure limits to Nigeria, meaning they will not send more PMS until they receive payments.

It was reported that Nigeria’s tenders to buy gasoline in June and July were smaller, traders told Reuters. NNPC will import via tender about 850,000 tonnes in July, according to the Reuters report quoting sources, down from the typical one million tonnes in previous months.

Meanwhile, PUNCH findings show some marketers have refused to supply petrol to independent marketers, who own the larger percentage of the filling stations in Nigeria. This, it was gathered, was because the depots/marketers were getting limited supplies from the NNPC.

https://punchng.com/fuel-scarcity-looms-as-depots-raise-petrol-price-to-n720-litre/

Okay

Hmmm

This is what you I do not understand about Nigerian economy. When prices go up, supply should be higher and demand lower. Hence, there shouldn't be scarcity.

But in naija, economics is upside down. That's why beautiful policies don't work here.

Welcome to the master psychopath's regime

I often said President Buhari was clueless. PBT is not clueless, his loyalty is just not with the masses.

Dangote effect. If u know u know

Failed Country.

Nigerians don enter 1 chance




Emilokan still debating on minimum wage whereas everything is on the high side...

Lol...
One of the lies they told was that if they removed subsidy, it would liberalise the market and will make the products flow in without hindrance and hence bring the prices down after some time.

I laughed at the above postulations when some of the public commentators were pushing this stupid narrative without validating it against what was truly on ground.

Same narrative was said for the devaluation of the naira...that it would rise but will eventually come down to about 600/700 to a dollar in a short while. This was emphasised several times by the current minister of finance. The thing is 1500 and rising

I knew they were deceiving the people...the gullible ones

Fareke:
Okechukwu Nnodim, Dare Olawin and Anozie Egole

https://punchng.com/fuel-scarcity-looms-as-depots-raise-petrol-price-to-n720-litre/

Early momo monday goodnews.

Event i have predicted since last year. They are wetting the ground for the on boarding of Dangote Refinery. Dangote won't sell his fuel at peanut price. I told you all.

There is high probability that the official price of PMS will be pegged at N1000 per litre eventually. So you guys should brace up for impact.

Best of luck to the struggling people.

Hmmm no comment

Why are we importing fuel when we have the crude? What is wrong with Nigeria's leadership? Why suffering the masses when you are not doing what you are suppose to do? Someone on this platform should please provide me with good answers.

Tinubu just got reelected as ECOWAS chairman. Dollar is aggressively moving back up again. Nigerians, we are in trouble.

Nothing seems to be working in Nigeria

I bought for ₦750 just yesterday in Kaduna

No wonder I saw srange queues last night when returning home, but subsidy....is gaan!

Another means of rising in the cost of goods and services because anything that touches fuel touches all in Nigeria.

Under this calamitous Tinubu regime, it can only get worse. 

Tinubu is a plague. There has never been cheering news since Tinubu came on board. No single piece of news emanating from this regime has brought smiles to the faces of the Nigerian masses.

From day one, it has been bad news all through.

Ma Dangote Dem dey try hike price for. Shebi he said mid July

Fuel is been sold for 610 yet we still have scarcity of fuel, it's high time we hold our leaders.... Tinubu is a disaster full time

Lol.

A disaster, but what some people like sk & la are more concerned about is promoting ethnic hate so they can cause disunity and distraction.

A year on and the government has done absolutely nothing tangible that has translated to an improved purchasing power and reduced cost of living for the common man.

Given thier usual tactics, they will soon tell Nigerians to start drilling and refining thier own oil since government cannot do 'everything' for you.

othermen:
I often said President Buhari was clueless. PBT is not clueless, his loyalty is just not with the masses.

what did he promise you during campaigns?
absolutely NOTHING, just emilokan

TallPck1:
Tinubu just got reelected as ECOWAS chairman. Dollar is aggressively moving back up again. Nigerians, we are in trouble.

Big, serious trouble

Tinubu has finally taking Nigeria one step forward and 20 steps backward

This dangote man..why is it any thing he touches gets inflated...

Xscape1993:
Why are we importing fuel when we have the crude? What is wrong with Nigeria's leadership? Why suffering the masses when you are not doing what you are suppose to do? Someone on this platform should please provide me with good answers.

The aim is to be 100% certain that the people remain poor and they'll continue to do so until we are ready to eliminate them all

The only solution to Fuel Scarcity is for every Nigerian to have a mini fuel depot in his backyard.

EmperorFred:
The aim is to be 100% certain that the people remain poor and they'll continue to do so until we are ready to eliminate them all

Where and how do we get or find young people with sound minds like you my dear?

ZoneBs still Dey wait for Dangote to start selling fuel for 150/liter. Una never see anything. Dangote a business man that even monopolize Cement factory in Nigeria. Make una Dey play. Suffer just Dey start for the stubborn citizens.