Due to the persistent issue with gasoline availability nationwide, the pump price of Premium Motor Spirit (PMS) in some Northern parts of the country is currently around N685 per litre.

Rising costs of fuel imports, lifting, transportation, and distribution, oil marketers continue to voice concern about the widespread closure of gas stations and the difficulty of moving gasoline tankers.

Due to a lack of foreign currency, marketers are unable to import petroleum goods, which is made worse by their inability to purchase items from the Nigerian National Petroleum Company Limited (NNPCL), adding to the current shortages.

Investigations reveal that the majority of filling stations in the Federal Capital Territory (FCT) either don’t dispense goods or charge N685 per litre for them.

In response, the single gasoline importer, Nigerian National Petroleum Company Limited (NNPCL), asserted that there is a plentiful supply of the good, enough for 30 days.

 

In a statement on the matter, Chief Chinedu Ukadike, the spokesperson for the Independent Petroleum Marketers Association of Nigeria (IPMAN), praised the government’s decision to maintain the current PMS pricing in light of the numerous difficulties the sector faces. He cautioned, nonetheless, that if the current rate persists, petrol prices will range from N900 to N1,000 per liter, potentially putting Nigerians in a difficult situation.

Ukadike clarified, “The Federal Government has shifted away from deregulation and is now subsidizing petroleum products due to importers’ inability to source dollars from the parallel market, where the dollar rate is nearly N1,300. The government’s intervention, through its subsidiary NNPCL, has emerged as the country’s sole fuel importer, thus ensuring continued subsidy for Nigerians.”

He added that “in Abuja, marketers are selling at N685 per litre because they are buying from Lagos, and the transportation cost from Lagos is now approximately N2.3 million, depending on the truck’s capacity, compared to the previous N400,000.”

According to Billy Gillis Harry, President of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), the PMS price from the depot was N605 per litre as of Friday, supporting the apparent rise in the retail price. He told consumers that if they find PMS for N640 or N650, they should consider it a good deal given the difficulties retailers have in getting and delivering the product.

Also, Petrol has not been available in most filling stations in Ado Ekiti, the Ekiti State capital, for some days, as queues are seen in many outlets in the state.

In Lagos, several filling stations including those belonging to the NNPCL were shut down on Sunday, as findings showed that prices had since climbed to between N600 and N620/litre in retail outlets belonging to independent marketers.

It was discovered that certain NNPCL and other independent marketers’ retail locations did not have products on Sunday, thereby closing their doors to customers.