P@nic rocks as petrol pump price hits N630/litre amid ongoing scarcity

Some Fuel stations across Abuja, the Federal Capital Territory, FCT are reportedly selling fuel at the rate of N625 to N630 per liter.

This comes amidst many filling stations shutting down due to scarcity of fuel across the country..

According to report, due to a lack of foreign exchange, marketers are struggling to import petroleum products, compounded by their inability to access products from the Nigerian National Petroleum Company Limited (NNPCL), leading to the current petroleum scarcity.

Investigations reveal that most filling stations within the Federal Capital Territory (FCT) are either not dispensing products or are selling them in the N625-N630 per litre range.

Commenting on the situation, Chief Chinedu Ukadike, the Spokesperson of the Independent Petroleum Marketers Association of Nigeria (IPMAN), commended the government’s decision to maintain the current PMS price, considering the various cri§es afflicting the sector.

However, he cautioned that if the current rate persists, petrol prices should be between N900 and N1,000 per litre, potentially creating a dire situation for Nigerians.

“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 N630 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 said. [CONTINUE READING HERE]>>>>