Fuel Crisis Deepens: Prices Soar Nationwide Amid Worsening Scarcity

Fuel scarcity may worsen in Lagos this week, according to industry insiders. While fuel remains available, motorists face skyrocketing prices. A depot operator confirmed that supplies would continue to arrive at depots but warned they would be insufficient to alleviate the ongoing crisis.

In Abeokuta, Ogun State, the situation is dire. A petrol station manager, identified as Adeyanju, reported that fuel was selling at N880 per litre on Friday. He added that his depot had not received supplies since Friday due to private depot operators increasing prices.

The National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Chief Ukadike Chinedu, attributed the scarcity to a combination of factors, including recent nationwide protests and the ongoing supply shortfall. According to him, the protests have disrupted activities in the downstream oil sector, exacerbating the existing challenges.

Meanwhile, the Nigerian National Petroleum Corporation (NNPC) has denied claims that it owes $6.8 billion to suppliers. While acknowledging that oil trading often involves credit transactions, NNPC spokesperson Garba Deen Muhammad assured that the company is meeting its financial obligations.

Addressing concerns about remittances, Muhammad refuted allegations that NNPC has not contributed to the federation account since January. He emphasized that NNPC and its subsidiaries regularly remit taxes to the Federal Inland Revenue Service and participate in the Road Investment Tax Credit Scheme.

Despite these reassurances, fuel queues continue to plague many states, including Abuja, Nasarawa, and Niger. In Lagos, the scarcity resurfaced on Sunday, with long lines observed at filling stations across the city. The situation is similar in Osogbo, Osun State, where most stations are out of stock, and the few selling fuel charge as much as N950 per litre.

In Edo State, independent marketers are selling petrol at between N830 and N890 per litre, while major marketers offer it at slightly lower prices. The cost of transportation in Uyo has also increased, with petrol prices ranging from N900 to N950 per litre.

Residents in Gombe, Nasarawa, Sokoto, Kaduna, and Benue states are equally affected, with prices soaring to nearly N1,000 per litre in some areas. The ongoing fuel crisis has caused significant hardship across the country, with no immediate relief in sight.