Filling Stations Set New Fuel Price As Tanker Drivers Withdraw Services
- Long queues have resurfaced at filling stations as petroleum products tanker drivers begin nationwide protests
- The drivers are protesting the unsustainable high costs of operations and have made demands to the federal government
- In reaction, some fuel stations have adjusted their prices, while others have decided to close due to a lack of supply
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Legit.ng journalist Dave Ibemere has over a decade of experience covering Tech, Energy, Stocks, Investments, and the Economy.
Fuel scarcity has reappeared in some parts of the country as the Nigerian Association of Road Transport Owners (NARTO), the umbrella body of petroleum truck drivers, kicks off a nationwide strike.
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National president of NARTO, Yusuf Lawal Othman, in a letter dated February 15, 2024, notified the federal government and major energy marketers association of Nigeria of its plan to suspend operations.
According to NARTO, the current economic situation in Nigeria has made it impossible to continue business as usual.
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The association urged its employees, especially petroleum truck drivers who are union members, to comply with the directive for the greater good of the industry.
Filling stations adjust price
The decision of NARTO members has disrupted the supply and distribution of petroleum products, leading to the shutdown of petrol stations.
The Nation reports that some stations in Abuja that are open to customers dispensed the product for between N648 to N670 per litre.
The few opened Nigerian National Petroleum Company Limited (NNPCL) retail outlets sold the product for N617 per litre amid endless queues.
While black marketers are selling one litre at N850 in plastic containers.
Petrol landing cost hits new record
In related news, Legit.ng reported that while Nigeria's foreign exchange crisis worsened, the landing cost of imported petrol exceeded N1,000 per litre.
Findings indicated that the landing cost of gasoline—which includes the product's foreign pricing, transportation, insurance, and other charges—rose to N1,009/litre in October 2023 from N720/litre at the black-market rate of N1,500 per dollar.
Analysts believe the government is still quietly subsidising petrol to ease the hardship already faced.
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Source: Legit.ng
