N1,000/litre: NNPC Sets Date to End Petrol Scarcity, Eyes New Pump Prices at Filling Stations
- The NNPC Ltd has promised to end the current fuel scarcity that has caused filling stations to adjust prices
- The national oil company explained that the current queues are due to a supply disruption, which is being resolved
- The scarcity has led Nigerians to rely more on black markets and a few stations that are selling fuel for as much as N1,000 per litre
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 Limited has promised to end the current scarcity of Premium Motor Spirit, popularly called petrol, by Wednesday, August 21, 2024.
Olufemi Soneye, the Chief Corporate Communications Officer of NNPC, explained that the scarcity of the product is due to supply disruption, not the availability of the product.
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In a statement made available to journalists, he said:
"The NNPC Ltd regrets the tightness in fuel supply witnessed in some parts of Lagos and the FCT, which is as a result of distribution challenges.“The Company further urges motorists to shun panic buying as it is working round the clock with relevant stakeholders to restore normalcy”.NNPC promises to end scarcity
Punch reports that Soneye promises that the scarcity will be cleared up as there are products available.
Soneye was quoted as saying:
"The scarcity is due to an evacuation challenge out of Apapa (ports in Lagos) from the vessel. But we are working on it. It should be resolved. I’m very sure that fuel scarcity will be cleared out by WednesdayFuel prices at filling station
Amid ongoing scarcity, filling stations in Abuja, Lagos, and other states have adjusted their petrol pump prices.
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According to Legit.ng, motorists are now purchasing fuel at some stations for between N750 and N900 per litre, depending on the location.
John Ekeh, a motorist in Ikotun, reported to Legit.ng that he paid N820 per litre.
Report has it that fuel prices at filling stations in the satellite towns of the FCT are selling at N1,000 per litre.
While fuel is sold at N900-N950 in Calabar, Cross River state, motorists in Kano said they bought the petrol for N950 per litre
When this is resolved, NNPC believes prices will return to normal from N750 to N1,000 per litre.
Tinubu reacts to reduced diesel prices.
Earlier, Legit.ng reported that President Bola Tinubu commended Dangote Oil and Gas Limited for slashing the price of Automotive Gas Oil (AGO), also known as diesel, from N1200 to N1000.
The reduction was effected after the initial decrease from N1,650 to N1200 about three months ago.
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N900/litre: NNPC gives reason for new fuel prices, advises Nigerians
Tinubu said the price review, which represents a 60% drop, would impact the prices of various goods and services.
Source: Legit.ng
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