Fuel Scarcity: Petrol Price Increases, Nears N1000/litre in Black Market

• The black market traders sold fuel for N1000 per litre for drivers who were unable to get fuel on Thursday, April 25
• This occurred as the black market traders quickly sought opportunities in the long queues at filling stations owing to the scarcity of fuel
• This has resulted in increased cost of transport for passengers across different parts of the country

Legit.ng journalist Zainab Iwayemi has over three years of experience covering the Economy, Technology, and Capital Market.

Due to a shortage of Premium Motor Spirit, there were long lines at the few locations selling the commodity on Thursday, April 25, forcing several filling stations in Abuja to close down.

Since transporters need PMS to operate their vehicles, a shortage of the product has left many travellers delayed at several bus stations.

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This has also led to increased transportation costs as the transporters who had fuel raised their prices.

Daily Trust observed that black marketers sought the opportunity to sell ten litres of fuel for N9,200 while circling Abuja to monitor the issue. This means that a litre was sold for N920 per litre.

NNPC speaks on fuel scarcity

Meanwhile, in a recent report, the Nigerian National Petroleum Company Limited addressed concerns surrounding the current scarcity of Premium Motor Spirit, commonly known as petrol.

The NNPCL reports that a shortage exists in certain parts of the country as a result of resolved logistical problems.

In a statement issued on Thursday, Olufemi Soneye, the Chief Corporate Communications Officer of NNPC Ltd., underlined that no modifications would be made to the price of petroleum products anytime soon.

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Soneye told Nigerians that there is an ample supply of petroleum products across the nation and urged people not to panic buy in the message.

The statement read:

“The Nigerian National Petroleum Company Limited (NNPC Ltd.) wishes to clarify that the tightness in the supply of Premium Motor Spirit currently being experienced in some areas across the country is a result of logistics issues and that they have been resolved."

NNPC explains why it borrowed N3.3bn

Legit.ng reported that the Nigerian National Petroleum Company Limited (NNPCL) has explained the controversial $3.3 billion crude oil pre-payment loan it signed with the African Export-Import Bank (Afreximbank) in 2023.

Femi Soneye, the chief corporate communications officer of NNPCL, disclosed this in an interview with journalists.

He said the 'Project Gazelle' deal was ultimately geared to provide dollar financing to the federal government.

Source: Legit.ng