Petrol Hits ₦1200 As 240 Million-Litre Vessels Arrive

The Nigerian National Petroleum Company Limited (NNPCL) commenced the offloading of 240 million litres of Premium Motor Spirit (PMS), commonly known as petrol, on Monday to alleviate the ongoing fuel scarcity across the nation.

This move comes as petrol prices soar, and filling stations in various locations are selling the product at an average price of N800 per litre.

According to Ayo Cardoso, the South-West Regional Coordinator of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), the imported petrol was delivered through five vessels and offloaded into five depots.

This development was confirmed during an interview with Punch on Monday.

Despite these efforts, challenges persist. Naija News reported that the NNPCL had addressed logistical issues previously causing fuel shortages, yet many filling stations in Lagos and other parts of the country remained closed, forcing citizens to face prolonged difficulties in obtaining fuel.

Compounding the issue, the NNPC issued a directive prioritizing fuel distribution to the Federal Capital Territory (FCT), Abuja, before other regions, leading to a fleet of trucks being dispatched to Abuja on Sunday.

The situation has increased pump prices nationwide, with petrol selling for between ₦650 and over ₦1,000 per litre at various filling stations.

Moreover, black marketers are capitalizing on the scarcity, selling petrol at prices exceeding ₦1,200 per litre, depending on location and the buyer’s negotiating ability.

The escalation of fuel prices and scarcity has worsened hardships for many, particularly as the new work week began on Monday.

The resumption of public schools in some states further strained parents, teachers, and school owners, who are all grappling with the additional burden of transportation costs and accessibility.

Cardoso assured the public that the NMDPRA is committed to ensuring that Nigerians are not exploited by opportunistic pricing at filling stations. “We are doing our best to monitor the situation closely and ensure that fuel is distributed fairly and promptly across all regions,” he stated.

He further stated, “We are doing something about the fuel crisis; very soon it will be over. Vessels are discharging as I am talking to you. What we are concentrating on is to push the NNPC, which is the supplier of last resort, to make sure they wet the entire populace.

“So, we have about five vessels already discharging the product, about 240 million litres are being discharged as I am talking to you right now. We are working round the clock.

“But then, once you have a problem, it takes like one or two weeks to (normalise), but people will keep on panicking, which is not supposed to be. All these kinds of things disrupt the normal way of operations. But with 240 million litres coming in from five vessels discharging to five depots already today, things will get back to normal.”

Fuel scarcity has spread across Abuja as well as Lagos, Ogun, Niger, Nasarawa, Gombe and other states.