Black Market Fuel Hits ₦1,000/ltr As Fuel Queues Reappear

Posted by African Examiner Featured, Latest Headlines, News Across Nigeria Wednesday, February 21st, 2024

(AFRICAN EXAMINER) – Black market racketeers are currently taking advantage of the few day’s strike actions by tanker drivers, as the price of Premium Motor Spirit popularly known as petrol skyrocketed, hitting ₦1000 per litre in some parts of Lagos States.

While prices have climbed to N1000 per litre at the black market, MEMAN stations such as Eterna, NorthWest, TotalEnergies, Mobil, Capital Oil, Enyo, Conoil, ForteOil, MRS and others varied prices ranging between ₦599-₦615 per litre.

MEMAN stations saw more vehicles throng their premises as consumers go in search of stations with the cheapest prices.

Most IPMAN stations at the moment are under lock and key due to a low supply of products, while those with products sell for nothing less than ₦650 per litre.

Most IPMAN filling stations around the Ikotun to Jakande Gate axis did not have products as of Wednesday morning, leaving motorists and private car owners at the mercy of either joining long queues at NNPCL or MEMAN stations.

Chairman Satellite Depot, IPMAN Lagos State, told Channels Television that NNPCL no longer supplies its members with products.

“NNPCL no longer give us products despite that the pipeline in our area has been repaired. We don’t know why they stopped using the pipeline to supply us with products. Maybe they fear vandalism. We now rely on private depots who sell to us at an ex-depot price of between ₦620/₦622 per litre. By the time we take the products to our stations, the landing cost will be around ₦630 or more depending on the distance from the depot to our stations.

“Some people are selling around ₦650. It would have been cheaper if we bought directly from NNPCL at around ₦555 per litre,” he said.

Long queues were also reported to have resurfaced in Abuja, especially at NNPCL stations and those belonging to the Major Marketers due to cheaper prices of products. Most stations in the state were said to be under lock and key as of Wednesday morning.

The development comes following strike actions over operational challenges being faced by members of the National Association of Road Transport Owners and the Petroleum Tanker Drivers.

The drivers who commenced the strike on Monday, however, called it off on Tuesday after a meeting with the Minister of State Petroleum Resources (Oil), Heineken Lokpobiri, oil marketers and the Nigerian Midstream and Downstream Petroleum Regulatory Authority, (NMDPRA).

NARTO National President of NARTO, Othman Yusuf, directed members to immediately resume petroleum loading activities after a meeting held in Abuja.