- More and more Nigerians are buying fuel at NNPC petrol stations as petrol stations across the country
- Independent petrol stations in certain states are charging motorists up to 937 naira per litre of petrol
- NNPC has attributed the fuel shortage, which has led to long queues across the country, to supply issues, not availability.
Legit.ng Journalist Dave Ibemere has over a decade of experience in business journalism and is well versed in the Nigerian economy, stock market and general market trends.
Due to the fuel shortage, Nigerian National Petroleum Company (NNPC) Limited petrol stations are selling fuel at 568 naira per litre.
This is in contrast to the petrol stations of independent marketers, which sell between N750 and N950 per litre
Source: Getty Images
NNPC Retail Ltd has more than 900 stations ranging from partner stations, mega stations and standard stations to rental stations, ultra-modern stations and floating stations.
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Controls by Legit.ng showed that most petrol stations in Lagos State sell fuel at about 568 to 620 Naira per litre.
Chukwdji, a driver at one of the NNPC stations around Ejigbo, told Legit.ng:
“Yes, we buy cheap products from NNPC, but the problem is that the product is rarely available and when it is, there are long queues, as we are currently seeing.
“We have to wait for hours because most of the petrol stations in the area are either closed or their prices are over 700 to 750 naira per litre.”
Why do independent channels sell more than 700 naira?
Chinedu Ukadike, Public Relations Officer of the Independent Petroleum Marketers Association of Nigeria (IPMAN), blamed the difficulties in withdrawing the product from the NNPCL for the high fuel prices at independent filling stations.
Ukadike explained that retail prices at petrol stations were high because independent dealers were buying the product from private depots at 780 naira per litre.
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NNPCL is the sole importer of petroleum products and manages the distribution of petroleum products to oil traders.
The Chairman of IPMAN, Ore Depot, Shina Amoo, while speaking on Channels TV on August 20, 2024, alleged that the NNPCL had distorted the distribution pattern and lamented that its members had not received any shares from the NNPCL.
According to Amoo, the little available supply is not being well distributed by the NNPCL. Independent dealers are currently receiving petrol from private depot owners at a premium of 750 to 850 naira per litre.
Nigerians hope that the situation will soon improve and prices will return to normal.
NNPC is working to solve the fuel problems
Legit.ng It was previously reported that NNPC Limited acknowledged the ongoing fuel shortage and asked Nigerians for patience while the company works to resolve the causes.
The oil company said the shortage was not due to a lack of product, but rather to logistical challenges and disruptions in the supply chain.
Read also
900 Naira/litre: NNPC justifies new fuel prices and advises Nigerians
The company said it was working to resolve the issues and denied claims it was paying subsidies.
Source: Legit.ng
