Ongoing Petrol Shortage in Nigeria: Independent Marketers Raise Prices to N950/Litre

As Nigeria grapples with an acute petrol shortage that has now persisted for six weeks, independent marketers have raised their pump prices to N950 per litre, a significant increase from the previous N720 per litre. This latest scarcity, marking the third instance in 2024, has been attributed by the Nigerian National Petroleum Company Limited (NNPC) to ongoing distribution challenges.

The NNPC has explained that the current fuel crisis stems from logistical issues in transferring petrol from mother vessels to daughter vessels. Recent adverse weather conditions, including thunderstorms, have disrupted ship-to-ship transfers and affected berthing at jetties, ultimately leading to supply delays at filling stations. Mr. Olufemi Soneye, Chief Corporate Communications Officer of NNPC, expressed regret over the tight fuel supply in areas such as Lagos and the Federal Capital Territory (FCT), urging motorists to refrain from panic buying as the company collaborates with stakeholders to restore normalcy.

Despite these assurances, the situation remains critical. Independent marketers, facing a scarcity of supply from NNPC, have been compelled to increase prices. Chief Chinedu Ukadike, Public Relations Officer of the Independent Petroleum Marketers Association of Nigeria (IPMAN), noted that the marketers have not received adequate petrol supplies in recent times. He suggested that this may be related to anticipated deliveries from the Dangote Refinery, which has caused hesitation among suppliers to bring in products, fearing potential losses should prices drop following the refinery’s entry into the market.

As the country continues to navigate these challenges, the implications for consumers and the broader economy remain significant. The NNPC’s commitment to resolving the distribution issues will be crucial in alleviating the ongoing petrol crisis.