Petrol stations react to growing demand with price adjustments, NNPC responds

• Fewer petrol stations are dispensing fuel in Lagos, leading to long queues as scarcity bites
• Findings show that petrol stations stopped selling the product at the usual price of N650 per litre and adjusted their pumps to sell at N850
• The Nigerian National Petroleum Company Limited (NNPC) explained that there were hitches in discharging the product from the ports

Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.

Motorists and commuters in Lagos and its environs have lamented the scarcity of PMS, popularly called petrol.

The development has resulted in hikes in transportation costs by commercial transport operators.

Petrol stations adjust prices

Also, queues have reappeared at most filling stations as vehicle owners struggle with the rising petrol prices, which are selling as high as N850 per litre at some stations.

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As of last Friday, July 26, 2024, petrol queues began to get longer in Lagos, with a few petrol stations selling.

Vanguard reports that as of Saturday, July 27, 2024, filling stations which sold petrol at N650 per litre adjusted their pumps to sell between N850 and N950 per litre.

Numerous gas stations were found locked up tight after running out of fuel.

There was traffic gridlock across Lagos due to the long queues formed by panic buyers.

The men of the Lagos State Emergency Management Authorities, LASTMA, seemed overwhelmed as they could not effectively contain the large influx of motorists searching for the product.

NNPC explains scarcity

Meanwhile, the Nigerian National Petroleum Company Limited (NNPCL) has explained that the current fuel scarcity is due to a hitch in the discharge operations of a couple of vessels, Legit.ng reported.

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Olufemi Soneye, NNPC Ltd’s chief corporate communications officer, explained in a statement shared on X.

According to him, the disruption has caused tight fuel supply and distribution. 

The Company further states that it is working around the clock with all stakeholders to resolve the situation and restore normalcy in operations. 

FG begins free conversion of vehicles to use cheaper fuel

Legit.ng earlier reported that NNPC recently launched filling stations to sell cheaper fuel to Nigerians.

The development follows the initiative of the Nigerian government to pivot from petrol and diesel to compressed natural gas (CNG) for vehicles in Nigeria.

To this end, Nigerian road users will now relax as the road transport workers have promised to reduce the cost of fares across the 36 states in Nigeria.

Source: Legit.ng