Nigerian Petrol Regulator Addresses Fuel Price Hike, As Litre Sells For N250

Despite filling stations selling Premium Motor Spirit (PMS) between N230 and N250, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has said the government has no intention of increasing fuel price.

Checks by Prime Business Africa had shown that petrol stations have increased fuel price from N170 to above N230, with retail stations selling at various prices.

The hike in price is due to the scarcity of fuel, and this has led to queues resurfacing across filling stations in Lagos and other states, with individuals and motorists engaging in panic buying ahead of the yuletide period. 

NMDPRA General Manager, Corporate Communications, Kimchi Apollo, warned against panic buying and hoarding of fuel, stating that the government agency will monitor distribution of the commodity. 

“Consequently, marketers and the general public are advised to avoid panic buying, diversion of products, and hoarding. 

“In keeping with the Authority’s responsibilities as outlined in the Petroleum Industry Act (PIA), the Authority assures the public that it would continue to monitor the supply and distribution of petroleum products nationwide, especially during this holiday season.” 

Reason for fuel scarcity in Nigeria?

Prime Business Africa had reported that ongoing road rehabilitation and construction around port areas, in Apapa, Lagos, is the reason for the current fuel scarcity in Nigeria. 

The road projects have prevented distribution of fuel from Lagos ports to other states, despite the Nigerian National Petroleum Company (NNPC) disclosing it has a national petrol stock of over 2 billion litres, sufficient for over 30 days. 

According to NNPC’s Executive Vice President, Downstream, Adeyemi Adetunju, “The recent queues in Lagos are largely due to ongoing road infrastructure projects around Apapa and access road challenges in some parts of Lagos depots. 

“The gridlock is easing out and NNPC has programmed vessels and trucks to unconstrained depots and massive load outs from depots to various states are closely being monitored. 

“Abuja is impacted by the challenges recorded in Lagos. NNPC retail and key marketers have intensified dedicated loading into Abuja to restore normalcy as soon as possible.”