Fuel sells for N400 pl in the black market, as official channels dry up
By Jeph Ajobaju, Chief Copy Editor
Fuel pump price is more than double in Abuja, rising to N400 per litre on the resurgence of scarcity despite assurances of supply by the Nigerian National Petroleum Company (NNPC).
The official subsidised price is between N162 and N165 per litre nationwide.
Black market racketeers are cashing in by selling at N300 per litre in parts of the Federal Capital Territory (FCT).
In Kubwa, a litre costs N320. In Asokoro and other prime locations, it goes for N400.
One of the racketeers, who identified himself as Usman, disclosed that he stored fuel in several gallons anticipating that it would be scarce.
Another racketeer, Bala, also said he is selling his reserves.
“When there is scarcity, I buy from some filling stations at night. I usually pay extra N200 or more for a 10-litre gallon. I buy at N2,000 and sell N3,500,” he explained.
Drivers spend between two and four hours at filling stations before the get to buy petrol.
One of them, George Akinsanya, said: “We need to find a solution to this perennial problem of fuel scarcity. It is looking like filling stations are looking for this type of opportunity to make money.
“Last time there was fuel scarcity, they sold at higher prices at night and limit sales to one or two pumps in the day.”
Udoka Uzondu, who said he waited for hours to buy fuel at an NNPC depot in Abuja, urged the government to “end scarcity to reduce the plight of the common man.”
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Recurring problem
Fuel queues are a recurring decimal in Nigeria, especially the FCT. In the first quarter of the year, fuel scarcity disrupted economic activities, leading to an increase in inflation from 15.70 per cent to 15.92 per cent.
Most filling stations in Abuja and the neighbouring states of Nasarawa and Niger were on Sunday greeted with long queues, according to The PUNCH.
Many other outlets were shut as they claimed not to have fuel. It led to crowding at filling stations that dispensed the commodity.
NNPC says there is sufficient supply
NNPC spokesman Garba Muhammad blamed the current scarcity on low loadouts and increased purchases of post-holiday periods, insisting that there is enough fuel to meet the demands of Abuja residents for over six weeks.
“The NNPC Ltd notes the sudden appearance of fuel queues in parts of Abuja. This is very likely due to low loadouts at depots which usually happen during long public holidays, in this case, the Sallah celebrations.
“Another contributing factor to the sudden appearances of queues is the increased fuel purchases which are also usual with returning residents of the FCT from the public holidays,” Muhammad explained in a statement.
He said the NNPC and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) in collaboration with marketing partners have taken measures to ramp up loadouts from all depots.
He assured the public that the NNPC has a stock in excess of 2.5 billion litres which are sufficient for more than 43 days.
“The NNPC Limited hereby advises motorists not to engage in panic buying as supplies are adequate as will become increasingly evident in the coming days.”
But Centre for Promotion of Private Enterprise Chief Executive Officer Muda Yusuf urged Abuja to deregulate the industry to avoid recurring long queues.