Victor EzejaFears of possible reduction in petrol price fueled artificial scarcity and caused return of queues at filling stations, especially in Lagos, Abuja and some parts of Port Harcourt this weekend.
Prime Business Africa gathered that petroleum marketers who exhausted their petrol and diesel at the weekend were reluctant to take new deliveries for fear of sudden reduction in fuel prices. A dealer in Lagos who does not want to be named told PBA correspondent that like his colleagues, he would not take delivery of petrol or diesel once his stock is exhausted. “All eyes are on the NNPCL for possible drop in fuel prices as the naira continues to appreciate against the dollar,” the dealer told our correspondent.
Recall that the Nigerian National Petroleum Company Limited, (NNPCL) had revealed that ‘Apapa petrol depot is empty’, suggesting unavailability of stock as a result of failure to place new orders. The NNPCL, a federal government-run oil company is the defacto sole importer of fuel in Nigeria. The crude oil-rich country has at least three refineries which it has not been able to put to use in decades although billions of dollars have been extended on their controversial turn-around maintenance (TAM).
In major parts of Lagos like Victoria Island, Ikoyi, Osodi, and Ikeja, long queues were seen on major roads, including high ways where filling stations are sighted.
Prime Business Africa observed that most petrol stations along Osodi-Apapa expressway were closed. At NNPC outlet along the expressway, a staff who did not want to be named said they are yet to get supply from depot.
A commercial bus driver in Ajah, Emeka Ogbonna, who spoke with Prime Business Africa correspondent via telephone on Saturday morning said while some petrol stations in the area are closed, others that are dispensing have long queues. “Yesterday, I spent hours at filling station trying to get fuel for my vehicle to be able to work,” he said. According to Mr Ogbonna, the prices vary from one outlet to another. “Some sell at N620 others sell N640, N650 per litre,” he stated.
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PBA correspondent observed that at IBWAS filling station along Isolo road, a litre of petrol goes for N649.
The PUNCH on Friday reported that Marketers blamed supply hitch for scarcity and return of fuel queues in Lagos and Ogun states, just as black marketers made brisk business of the situation.
The Major Energies Marketers Association of Nigeria (MEMAN) and the Independent Petroleum Marketers Association of Nigeria (IPMAN) had assured Nigerians that the queues would ease off before Sallah break next week.
Indications are rife that lower pump prices will be announced soon and many of the marketers do not want to be caught unawares while still having products purchased at higher prices, Prime Business Africa reports.
Victor Ezeja is a passionate journalist with six years of experience writing on economy, politics and energy. He holds a Masters degree in Mass Communication.
