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Fuel Queues Reappear in Lagos as NNPC Raises Pump Price to N600

Fuel queues have reemerged in various locations within Lagos metropolis due to the recent hike in the pump price of petrol by the Nigeria National Petroleum Corporation Ltd (NNPCL).

A tour of the city revealed that most filling stations have adjusted their pump prices, with fuel being sold between N580 and N600 per liter at both major and independent marketers’ stations.

This price increase is a result of the NNPCL’s decision to raise the ex-depot price of petrol from N446.57 per liter to N580 per liter.

Consequently, panic buying has set in, with motorists rushing to filling stations to secure petrol for their vehicles. Long queues have formed at various stations such as Mobil Filling Station on Ikorodu Road, TotalEnergies at Mobolaji Bank-Anthony, Amuf Filling Station at Bariga, and Conoil in Ikorodu, causing traffic congestion in the vicinity.

During our visits to other fuel stations, the price of petrol varied, with Northwest Station in Gbagada selling at N570 per liter, Mobil at Anthony at N580, Amuf in Palmgrove at N558, and Conoil in Ikeja at N590. Some NNPCL retail outlets were even selling at N600 per liter.

Mr. Adetunji Oyebanji, the Chief Executive Officer of 11 Plc, stated that fundamental factors like exchange rates could influence the price of petrol. He emphasized that the market forces determine the pricing, making it a result of deregulation.

Mr. Mike Osatuyi, the Operations Controller of the Independent Petroleum Marketers Association of Nigeria (IPMAN), clarified that petrol, kerosene, and diesel have been deregulated, and even NNPCL retails as a private entity, no longer controlling the price. He further explained that the increase or reduction in price is based on market forces, including crude oil prices and foreign exchange rates.

A marketer, who preferred to remain anonymous, supported the NNPCL’s decision to increase the pump price, stating that it reflects the current market reality. He explained that fluctuations in exchange rates and input costs affect pricing, and there is no longer any subsidy on the product.

He recommended a level playing ground for all marketers and urged them to adapt to the unified market price, which is now N820 per dollar.

Overall, the situation has caused concerns among motorists and the public, as the cost of fuel continues to impact daily activities and transportation in Lagos.

 

 

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