The ongoing fuel scarcity across Nigeria has taken a severe turn, as independent marketers began lifting petrol from private depots at an alarming rate of N780 per litre, up from N595 per litre just a few days ago—a staggering 31% increase.
The hike has exacerbated the already dire situation, leading to long queues at filling stations and significant increases in transport fares.
The Independent Petroleum Marketers Association of Nigeria (IPMAN) has attributed the price increase to the current demand and supply dynamics in the domestic market.
Chief Chinedu Ukadike, Public Relations Officer of IPMAN, confirmed the situation in an interview with Vanguard, expressing cautious optimism that the situation might improve in the coming days.
“NNPC has started releasing products to independent marketers. The queues you are seeing now are ghost queues. They appear in the morning but disappear in the afternoon or evening. It will continue like that until supply stabilizes in the coming days and becomes sufficient enough,” Ukadike said.
He further explained the challenges faced by the marketers, noting that while more trucks have been dispatched from depots, the high cost of sourcing petrol continues to strain their operations.
“We sell as we can buy and put up markups and margins to make little profit. The transportation cost is a lot higher now. The product we normally bring in at N800,000 now costs N3.5 million because of the high cost of diesel and maintenance cost of the trucks,” he added.
Long queues reappeared at many filling stations, particularly at outlets operated by the NNPC and major oil marketers, where petrol was sold at about N568 per litre. In contrast, independent marketers sold it at prices ranging from N900 to N950 per litre.
Some stations without fuel shut their gates, while hawkers were seen selling the product at exorbitant prices, ranging from N1,000 to N1,500 per litre, depending on the location.
The fuel scarcity has also led to a dramatic increase in transport fares, with motorists passing the high cost of petrol onto commuters.
Mr. Emmanuel Okonkwo, a Sienna bus driver who plies the Lagos to Owerri route, lamented the impact of the scarcity on their business.
“Naturally, the fuel scarcity is affecting our business negatively. Nowadays, there is no fixed fare for trips again; you fix what you like and the way it suits you to enable you to remain in business.
“The worst aspect of it is that people are no longer travelling like before; hardly could one get a full load in a Toyota Sienna bus. If you are lucky to get a full load, you should thank your star,” he said.
He further explained that the scarcity has disrupted their schedules, forcing drivers to spend more time queuing for fuel, which often results in delays and increased travel times.
“We are working for nothing under the present fuel scarcity situation. The dilemma is that we can’t increase fares because passengers cannot afford the high fares,” Okonkwo added.
At depots in Lagos, including those in Satellite Town, stocks are depleting rapidly, leading to further price hikes. It was gathered that some operators are planning to increase their depot prices to N800 per litre, up from the current N780 per litre.
