JUST IN: Nigerians Panic As Fuel Hits N1000 Per Litre

February 21, 2024
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Fuel, also known as Premium Motor Spirit (PMS), is currently being sold at N1000 per litre in some parts of Nigeria due to the recent strike actions by tanker drivers, leading to a significant hike in petrol prices.

This development has caused major uncertainty and panic buying among Nigerians.

As journalists inspected the situation on Wednesday morning, many filling stations belonging to the Independent Petroleum Marketers Association of Nigeria (IPMAN) in Lagos State, Ogun State, and surrounding areas were found closed. Meanwhile, long queues were observed at stations owned by the Nigerian National Petroleum Company Limited (NNPCL) and the Major Energy Marketers Association of Nigeria (MEMAN).

While black market vendors are selling petrol at N1000 per litre, MEMAN stations like Eterna, NorthWest, TotalEnergies, Mobil, Capital Oil, Enyo, Conoil, ForteOil, MRS, and others are offering prices ranging from N599 to N615 per litre, as reported by Channels Television.

Amidst this, more vehicles are heading to MEMAN stations in search of more affordable prices. Most IPMAN stations remain closed due to low product supply, and the few open ones are selling petrol for no less than N650 per litre.

Chairman of Satellite Depot, IPMAN Lagos State, explained that NNPCL has ceased supplying products to its members, leading them to rely on private depots. The ex-depot price ranges from N620/N622 per litre, but by the time the products reach their stations, the landing cost rises to around N630 or more. Some stations are selling for about N650 per litre, which would have been cheaper if bought directly from NNPCL at around N555 per litre.

Following discussions with the Minister of State Petroleum Resources (Oil), Heineken Lokpobiri, oil marketers, and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), the National Association of Road Transport Owners (NARTO) instructed its members to resume petroleum loading activities after the strike actions caused operational challenges for members of the Petroleum Tanker Drivers. This decision was made following a meeting in Abuja.

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