The Nigerian National Petroleum Company Limited (NNPC) has pledged to resolve the ongoing petrol scarcity by Wednesday, despite widespread queues and soaring black market prices over the weekend.
The NNPC’s assurance comes as the black market for Premium Motor Spirit (PMS) thrived, with prices reaching as high as N1,500 per litre in some areas.
NNPC, Nigeria’s sole petrol importer, attributed the fuel shortages to challenges with evacuating petrol from vessels at Lagos’s Apapa ports. The company is facing criticism amidst claims of a $6.8 billion debt to international oil traders, which some industry experts believe has contributed to the supply issues.
Olufemi Soneye, Chief Corporate Communications Officer of NNPC, emphasized that the company is addressing distribution problems and expects normalcy to return by mid-week.
“We are working diligently to resolve the evacuation challenges. Fuel scarcity will be alleviated by Wednesday,” Soneye stated.
Despite NNPC’s assurances, oil marketers report no improvement in depot supplies. Many filling stations remain out of stock, and black marketers have exploited the situation, selling petrol in jerrycans at inflated prices.
The NNPC also refuted claims of owing $6.8 billion to international suppliers, explaining that such transactions are typically conducted on credit. The company assured that it is meeting its financial obligations and remitting taxes regularly.
The persistent scarcity has led to widespread frustration across various states. In Lagos, queues stretched long at several filling stations, while petrol prices in some areas soared above N1,000 per litre. Similar scenes were observed in Abuja, Osogbo, Edo State, and other regions.
As the situation remains fluid, NNPC’s efforts to address the crisis will be closely monitored to determine if their promise to end the fuel queues by Wednesday can be met.