Fuel Stations Shut Down in Lagos Amid Fear Petrol May Sell for N1000/Litre

Fuel Stations Shut Down in Lagos Amid Fear Petrol May Sell for N1000/Litre

  • Fuel stations are shutting down after speculations that fuel prices may increase in the coming days
  • Transporters say they are unable to get fuel in some petrol stations across different parts of Lagos
  • Meanwhile, open fuel stations are witnessing long queues of motorists wanting to buy the product

In Lagos State, major and independent petroleum product distributors have closed their dispensing locations due to concerns about a potential increase in the pump price of Premium Motor Spirit (PMS), also known as petrol.

According to our source, most gas stations have closed, and those still open have seen record-breaking lengthy lines of cars.

Fuel scarcity
Transporters say they cannot access fuel since so many stations in the state have ceased operations. Photo Credit
Source: Getty Images

This development follows speculations that fuel prices may reach N1,000 per litre after the Independent Petroleum Marketers Association of Nigeria (IPMAN) hinted that there will be changes in the pump price of fuel in the country.

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In other news, Legit.ng also reported that the proposed new pump prices would be adjusted from N580 and N617 per litre to N680/litre and N720/litre.

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Fuel price to increase

Transporters stated they could not access fuel since so many stations in the state had ceased operations.

Meanwhile, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), according to a Leadership report, said oil marketers have started bringing petrol into the country.

The NNPCL was the only entity responsible for importing the merchandise until now.

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 nation.

A.Y. Shafa, Prudent, and Emadeb are the three businesses Ahmed described as importing the good. He also mentioned that additional companies would import in the upcoming weeks.

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Legit.ng earlier reported that, following the naira's depreciation, petrol marketers have hinted at the possibility of a hike in petrol prices in the coming weeks.

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

Source: Legit.ng

Authors:
Zainab Iwayemi avatar

Zainab Iwayemi (Business Editor) Zainab Iwayemi is a business journalist with over 5 years experience reporting activities in the stock market, tech, insurance, banking, and oil and gas sectors. She holds a Bachelor of Science (B.sc) degree in Sociology from the University of Ilorin, Kwara State. Before Legit.ng, she worked as a financial analyst at Nairametrics where she was rewarded for outstanding performance. She can be reached via zainab.iwayemi@corp.legit.ng