Fuel stations shutdown in Lagos over rumoured increase of petrol price

Fuel stations are reacting to speculated increase in petrol to shut down their outlets, causing fuel scarcity.

Indeed, the Independent Petroleum Marketers Association of Nigeria (IPMAN) had hinted that there will be changes in the pump price of fuel in the country.

The marketers also hinted that the new pump prices would be adjusted from the current N580 and N617 per litre to around N680/litre and N720/litre.

In the wake of this, transporters say they are unable to get fuel in some fuel stations in different parts of Lagos.

Fuel stations which are still dispensing the product witness long queues of motorists wanting to buy the product in ensuing panic.

A source confirmed that majority of stations have closed, and those that are still open have seen record-breaking lengthy queues of cars.

However, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), said oil marketers have started bringing new supplies of petrol into the country to douse the fears of scarcity.

Hitherto the NNPCL was the only entity responsible for importing the product, but that has changed as independent marketers are granted licences to import fuel.

Farouk Ahmed, the chief executive officer of NMDPRA, stated that of the 56 oil marketing companies that filed for licences, 10 had shown a commitment to the project, while three had imported petroleum into the country.

A.Y. Shafa, Prudent, and Emadeb are the three businesses that Ahmed described as currently importing the good.

He also mentioned that more marketers would import the product in the upcoming weeks.

The naira crashed to N930 to a dollar on Thursday, August 10, 2023, prompting the petrol marketers to mull an increase in the pump price of the product.