Fuel Crisis Looms in Nigeria as Private Depot Owners Hike Prices, Exacerbating Shortage

A severe fuel scarcity is looming in Nigeria, particularly in Lagos and neighboring regions, as private depot owners have increased the wholesale price of petrol from N630 to N720 per liter. This price hike has worsened the existing fuel shortage in Abuja and surrounding states, leading to a crippling supply crisis.

Consequently, many filling stations in Lagos, Ogun, and other states have run out of fuel and are hesitant to purchase the more expensive fuel from private depots. The Independent Petroleum Marketers Association of Nigeria (IPMAN) has confirmed that numerous stations are closed due to a lack of fuel.

According to Hammed Fashola, IPMAN’s National Vice President, independent marketers cannot afford the high prices set by private depots, which sell petrol for between N715 and N720 per liter. The cost of transporting the fuel and other depot expenses make it unviable for marketers to sell at these rates. As a result, many stations remain shut, and marketers are unwilling to purchase fuel that the masses cannot afford.

The situation is dire, with major marketers selling petrol below N650 per liter, while independent marketers are charging between N750 and N800 per liter. The Nigerian National Petroleum Company Limited (NNPC) has instructed depot owners to prioritize fuel supply to Abuja, exacerbating the shortage in other regions.

Long queues have reappeared in Lagos, with prices climbing at various stations. The situation is similar in other states, including Ogun, where petrol prices range from N700 to N800 per liter. Residents and motorists are frustrated over the high prices and scarcity, urging the government to address the issue.

The fuel shortage has led to a price surge in Ekiti State, with petrol prices skyrocketing to between N650 and N760 per liter, causing lengthy queues at the few stations that still have fuel. Similar scenarios are playing out in Kwara, Edo, and Sokoto states, where fuel prices are fluctuating but remain high.

In Abuja, some stations are selling petrol for N900 per liter as scarcity persists. The government’s efforts to address the fuel scarcity have yet to yield significant results, leaving motorists and residents stranded.

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