- Black marketers are now selling a litre of fuel for N350 in Lagos state, according to multiple sources
- According to the black marketers, they had no option but to start selling at that exorbitant rate because they also bought it on the high side
- Meanwhile, Mike Osatuyi, national operations controller of IPMAN, said limited petroleum products at depots caused the scarcity
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Black marketers in Lagos are now selling petrol for N350 a litre. According to them, the product has increased at fuel stations, hence the reason for their actions.
There are queues across filling stations while some others shut down services in the state.
Long queues were seen at the Nigerian National Petroleum Company (NNPC) Limited filling stations at Ishefun road, Ayobo and Oregun road, and Opebi, Ikeja and in many areas of the state.
What caused fuel scarcity?
Speaking on the development, Mike Osatuyi, national operations controller of the Independent Petroleum Marketers Association of Nigeria (IPMAN), said limited petroleum products at depots caused the scarcity.
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“We don’t have fuel. If there is fuel, then we have something to sell. The little that’s available, we are buying at N205. When you add transport, that’s about N213 before you can add your profit. That’s the truth.
“Even if you want to buy at N205 now, you won’t even see to buy. NNPC said the fuel is available, but we don’t see it. If we are able to see the fuel, that’s the only way we can confirm that the product is available. Let’s wait and see for the next few days.”
NNPC to sell petrol at N400 per litre without subsidy as FG allegedly hiked price secretly
This development follows a finding that the lowest the NNPC can sell petrol without subsidy is N400 per litre.
Oil marketers disclosed this on Sunday, November 27, 2022, and gave reasons for the protracted petrol scarcity, which has seen queues forming at filling stations nationwide.
According to the marketers, petrol import charges were becoming too severe for the NNPC. The marketers alleged that the company has secretly pushed the price to depot owners.