Fuel Queues Linger, as Petrol Price Rises by 226 Per cent

Posted by African Examiner Featured, Latest Headlines, News Across Nigeria Wednesday, February 7th, 2024

(AFRICAN EXAMINER) – Fuel queues have continued to linger across Lagos State, despite the Nigerian National Petroleum Company Limited’s reassurance of enough Premium Motor Spirit stock in-country.

The NNPCL had in a statement on Tuesday said Nigerians should not panic regarding fuel supply in the country, stating that there was no supply issue.

“The recent tightness experienced in certain areas was due to a brief distribution issue in Lagos, which has since been resolved,” the NNPCL stated.

However, the African examiner on Wednesday observed the long queues for petrol at filling stations across Lagos state had yet to dwindle.

Motorists were seen in long queues especially at filling stations on the major roads, including the Apapa/Oshodi/Ibadan expressway, as they struggled to get products for their vehicles.

Many of the stations including those belonging to the state oil company were under lock and key. While Enyo filling station which had been bought over by the NNPCL, sold product consumers at N605 per litre, those belonging to independent marketers sold at between N620 and N650.

TotalEnergies Filling station at the Mobolaji Bank Anthony Way had queues which led to heavy traffic around the Ikeja axis.

Our correspondent also noticed that many of the filling stations along the Ikeja axis, through Obafemi Awolowo Road in Ikeja were shut.

The National Vice Chairman of the Independent Petroleum Marketers Association of Nigeria, Hammed Fashola, denied being in the know of the lingering queues in the state.

He however said the queues might be due to panic-buying on the part of customers.

“I am not in Lagos as we speak. But I heard about it too that there are queues in Lagos. It may just be panic buying. I am not sure if there is fuel scarcity. People are just panicking. However, I will find out what the problem is,” Fashola said.

The development comes on the heels of a recent report by the Nigerian Bureau of Statistics (NBS), stating that petrol prices rose astronomically by 226 per cent in the last one year.

According to the report obtained by the African examiner; revealed the average retail price paid by consumers of petrol for December 2023 was N672 per litre, indicating a 226 per cent increase when compared to the value (N206 per litre) recorded in December 2022.

Likewise, comparing the average price value with November 2023, NBS said the average retail price increased by 3.5 per cent from N649.

On State profile analysis, Ogun State had the highest average retail price for petrol, at N776, Taraba and Adamawa States were next, with N760 and N746, respectively.

On the other side, Kano, Lagos and Borno States had the lowest average retail prices at N601, N613 and N623 respectively.

Lastly, on the Zonal profile, the North East Zone had the highest average retail price of N700, while the North Central Zone had the lowest price of N658.