• News - North Central - FCT
  • Updated: October 23, 2023

More Filling Stations Shut As Petrol Price Hits N685 In Northern States

More Filling Stations Shut As Petrol Price Hits N685 In Nort

In certain Northern regions of the country, the pump price of Premium Motor Spirit (PMS) is now around N685 per litre due to the ongoing situation surrounding fuel availability nationwide. 

Oil marketers continue to express worry about the mass closure of filling stations and the difficulty of transporting petrol tankers due to the increasing expenses of fuel imports, lifting, transportation and distribution.

Marketers are unable to import petroleum products due to a shortage of foreign cash, which is exacerbated by their inability to acquire products from the Nigerian National Petroleum Company Limited (NNPCL), contributing to the present scarcity.

According to investigations, the majority of filling stations in the Federal Capital Territory (FCT) either do not dispense products or sell them for N685 a litre.

In response, the sole importer of fuel, Nigerian National Petroleum Company Limited (NNPCL), has said that there is an abundant supply of the commodity, with a 30-day sufficiency.

Chief Chinedu Ukadike, the Spokesperson of the Independent Petroleum Marketers Association of Nigeria (IPMAN), commented on the issue, praising the government's choice to preserve the existing PMS pricing in light of the sector's many challenges.

However, he warned that if the present rate holds, fuel prices will be between N900 and N1,000 per litre, potentially putting Nigerians in a difficult situation.

“The Federal Government has shifted away from deregulation and is now subsidizing petroleum products due to importers’ inability to source dollars from the parallel market, where the dollar rate is nearly N1,300.

"The government’s intervention, through its subsidiary NNPCL, has emerged as the country’s sole fuel importer, thus ensuring continued subsidy for Nigerians.

"In Abuja, marketers are selling at N685 per litre because they are buying from Lagos, and the transportation cost from Lagos is now approximately N2.3 million, depending on the truck's capacity, compared to the previous N400,000," he stated. 

According to Billy Gillis Harry, the President of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), the PMS price from the depot was N605 per litre as of Friday, supporting the apparent rise in the retail price.

He told consumers that if they find PMS for N640 or N650, they should consider it a good deal given the difficulties retailers have in getting and delivering the product.

Also, Petrol has not been available in most filling stations in Ado Ekiti, the Ekiti State capital, for some days, as queues are seen in many outlets in the state.

In Lagos, several filling stations including those belonging to the NNPCL were shut down on Sunday, as findings showed that prices had since climbed to between N600 and N620/litre in retail outlets belonging to independent marketers.

It was discovered that certain NNPCL and other independent marketers' retail locations did not have products on Sunday, thereby closing their doors to customers.

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