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NNPC sends message to Nigerians as petrol stations adjust petrol price again

Posted on by Vaseline

  • The NNPC Limited has issued an explanation for the current fuel shortage affecting Lagos and Abuja
  • The shortage has led to petrol stations selling petrol at a price significantly higher than the price at the NNPC pump.
  • The black market has taken advantage of the situation and in some parts of Lagos a litre of fuel is selling for over N1,000

Legitim.ng Journalist Dave Ibemere has over a decade of experience in business journalism and has in-depth knowledge of the Nigerian economy, stocks and general market trends.

According to the Nigerian National Petroleum Company Limited (NNPCL), the current fuel shortage is due to a problem with the unloading operations of some vessels.

NNPC explains new fuel price
Fuel shortages resurface in Lagos Photo credit: Bloomberg/Contributor
Source: Getty Images

Olufemi Soneye, Chief Corporate Communications Officer of NNPC Ltd, gave the explanation in a statement shared on X.

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According to him, the disruption is causing problems in fuel supply and distribution.

The statement reads:

“The NNPC Ltd. would like to state that the shortage in fuel supply and distribution experienced in some parts of Lagos and the FCT is as a result of a problem in the offloading operations of some vessels.

The company further states that it is working day and night with all stakeholders to resolve the situation and restore normal operations.

Gas stations adjust prices

Meanwhile, petrol stations have increased fuel prices due to heavy traffic in Lagos.

Vanguard reports that, aside from the Nigerian National Petroleum Corporation (NNPC), petrol stations are selling N650 per litre, while other independent vendors are selling between N850 and N950 per litre.

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Consequently, black marketeers have taken advantage of the situation and sold the product to desperate motorists at exorbitant prices of as much as N1,000 to N1,400 per litre.

Black market traders were seen peddling the product at Egbeda, Ikotun, LASU-Iba Road, Ikeja and Agege among other places.

Dangote confirms date for start of petrol sales

Earlier, Legitim.ng reported that Dangote Industries President Aliko Dangote has announced the date for the sale of petrol.

Dangote said the production of petrol has already commenced and Nigerians will soon be able to enjoy the product.

Nigerians hope that when the refinery starts selling to vendors, it will help reduce the price of petrol at filling stations.

Source: Legit.ng