Finally, NNPC Sets Date to Clear All Queues at Filling Station, Crash Fuel Price

• The Nigerian National Petroleum Company Ltd has assured that fuel scarcity and queues will be over soon
• The Chief Communications Officer Olufemi Soneye announced that there are over 1.5 billion litres of products available
• The national vice president of IPMAN echoed optimism, though Abuja queues may persist due to distance from Lagos

Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

The Nigerian National Petroleum Company Ltd (NNPCL) has assured Nigerians that the ongoing fuel scarcity and queues will be cleared out by Wednesday, May 1, 2024.

The Chief Communications Officer of NNPCL, Olufemi Soneye, said this to journalists on Tuesday in Lagos.

According to Soneye, the company currently has products available exceeding 1.5 billion litres, which can last for at least 30 days.

Read also

“There’s enough”: IPMAN mentions Nigerian state not affected by scarcity, fuel sold cheaper

He said:

“Unfortunately, we experienced a three-day disruption in distribution due to logistical issues, which has since been resolved.

“However, as you know, overcoming such disruptions typically requires double the amount of time to return to normal operations."

The NNPC spokesman blamed the current fuel prices of N700 to N800 per litre in the country on marketers taking advantage of the situation, promising that prices will crash when operation returns to normal PremuimTimes reports.

He stated:

“Some folks are taking advantage of this situation to maximize profits.

“Thankfully, product scarcity has been minimal lately, but these folks might be exploiting the situation for unwarranted gain. The lines will be cleared out between today and tomorrow."

Marketers set date for new petrol price

Read also

Marketers give date fuel scarcity will end, filling stations sell at new pump prices

Despite NNPC assurance, the Independent Petroleum Marketers Association of Nigeria (IPMAN) believes the current petrol scarcity will continue for at least two weeks.

Chinedu Ukadike, IPMAN's public relations officer, disclosed that the product is not available in the country.

He explained that the current challenges, Ukadike noted that petrol scarcity is due to the challenges of sourcing the product because most refineries in Europe are undergoing turnaround maintenance.

Filling stations sell petrol at new prices

Earlier, Legit.ng reported that several filling stations across the country have adjusted their pump prices in reaction to the scarcity.

In Lagos, some filling stations sell at N650 per litre, while in states such as Abia, it costs N700 to N750 per litre.

The scarcity is even worse in the northern part of the country, with reports of the black market selling a litre of fuel for as high as N2,000.

Source: Legit.ng