Major oil marketers yesterday adjusted the price of petrol to N185 per litre, up from N169 per litre, across Nigeria. Despite expectations that the price hike would encourage supply, checks by Vanguard revealed long queues at outlets with limited stocks, while others without the product shut their gates.
Independent marketers continued selling petrol at prices above N300 per litre, and private depots in Lagos remained closed, further reducing availability.
Illegal Hawking Escalates
The scarcity gave rise to illegal hawking in Lagos, Abuja, and other cities, with prices ranging from N300 to N500 per litre, depending on location. The lack of NMDPRA presence at filling stations reportedly enabled hoarding, diversion, and arbitrary pricing. The CEO of NMDPRA, Farouk Ahmed, did not respond to calls from Vanguard for comment.
Transport Fares Surge
The petrol shortage led to increased transport fares. In Lagos:
- Badagry to Mile 2: from N500 → over N1,000
- Agbara to Mile 2: from N400 → over N700
- Egbeda to Oshodi: from N200–300 → N500–700
- Ajah to CMS: from N400 → N1,000 flat
Other local routes similarly saw fare hikes between 100% to 300%, depending on traffic and route distance.
Causes of Shortage According to MOMAN
The Major Oil Marketers Association of Nigeria (MOMAN) attributed the scarcity to:
- Lack of foreign exchange
- High costs of daughter vessels for transporting fuel from mother vessels to depots
- Inadequate number of trucks to deliver fuel to stations
MOMAN stated that high logistics and exchange rate costs are putting pressure on pump prices. The association assured the public that depot loading hours were being extended and strategically located service stations would remain open longer to ease access.
Government Response
The Minister of State Petroleum Resources, Timipre Sylva, clarified that President Muhammadu Buhari had not approved the new fuel price. He reiterated that the President understands the hardships faced by Nigerians and would not cause unnecessary economic strain.
