NNPC Faces Escalating Fuel Shortages As Black Market Flourishes

NNPC Faces Escalating Fuel Shortages As Black Market Flourishes 

The Nigerian National Petroleum Company Limited (NNPCL) has promised to resolve the current fuel queues by Wednesday, as the black market for petrol flourished on Sunday…… CONTINUE READING

NNPC also refuted claims that it owes international oil traders $6.8 billion, which some industry observers had cited as a cause for the widespread petrol shortage in Nigeria. Despite the assurances from the national oil company, oil marketers reported no improvement in product loading at depots.

In the meantime, black market sellers took advantage of the situation, with petrol prices soaring to between N1,200 and N1,500 per litre, depending on the location.

NNPC, being Nigeria’s sole importer of petrol, attributed the shortage to evacuation issues at the Apapa ports in Lagos. Other dealers have ceased imports due to difficulties in accessing U.S. dollars needed for the transaction.

Olufemi Soneye, Chief Corporate Communications Officer of NNPC, stated that the company is actively addressing the supply challenges and is confident that the situation will improve by mid-week. He urged motorists to avoid panic buying, assuring that efforts are underway to restore normalcy.

Despite these assurances, fuel supply at depots remains problematic, with reports of low or no stock. An official from a leading petroleum company indicated that many depots in Apapa are out of stock, while a marketer suggested that the scarcity in Lagos could worsen as the week progresses.

In Abeokuta, Ogun State, a petrol station manager reported prices of N880 per litre and noted that private depots were inflating prices due to supply shortages.

Chief Ukadike Chinedu, National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria, highlighted that the recent nationwide hunger protests have exacerbated the supply issues, disrupting operations in the downstream oil sector and compounding the challenges of fuel distribution.

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