Pump Price of Petrol Hits N400 amidst Scarcity

Pump Price of Petrol Hits N400 amidst Scarcity

An unofficial pump price of petroleum motor spirit (PMS) has increased to N400 per litre in some parts of the country this week amidst scarcity and deafening silence from the government.

As if multiple increases in pump price are not enough, the level of extortion by filling stations, and their fuel attendants has also reached heaven height. It is a double whammy of suffering for Nigerians as electricity distribution services remain unimpressive after a long year of privatisation, grinding business activities across the country which house more than 133 million poor people. 

The gory experience is coming amidst a high inflation rate in the country. The upward price adjustment in pump price would worsen food prices as commercial buses up their fare by 100%, across the country.

In Lagos, fuel is rather hoarded than being sold at an official rate that is practically impossible across the nation amidst apparent non-supply. Across South West states fuel stations sold at an average price of N390 per litre.

In the South East, the pump price has been adjusted upward to N400, a similar experience seen in some parts of the Northern states monitored by MarketForces Africa field team.

Residents and motorists in the Federal Capital Territory (FCT) and its environment have also continued to lament the hardship being experienced as scarcity worsened.

Across the nation, there are long queues of vehicles at all the stations that have petroleum products. Pump price has increased more than twice the official rate, and commercial bus operators have increased fare by about 100%.

Fuel stations that have products were dispensing at N310 per litre along Lagos Ibadan express road. In the Festac town area of Lagos, our correspondent said prices range from N300 to N400.

In Oshodi, a few stations have loads of PMS. Some stations were locked in Abeokuta today. In Enugu, fuel price has crossed N400 while few stations were selling in IMO and Ebonyi States. Oil-producing states, Delta, Bayelsa, Ondo, Port-Harcourt and others are suffering long queues despite higher prices per litre.

Recall that President Muhammadu Buhari recently approved the constitution of a 14-man Steering Committee on Petroleum Products Supply and Distribution management to find a lasting solution to disruptions in the supply and distribution of petroleum products.

Other terms of reference of the committee are to ensure national strategic stock management, visibility on the NNPC Limited refineries rehabilitation programme and ensure end-end tracking of petroleum products, especially PMS to ascertain daily national consumption and eliminate smuggling. # Pump Price of Petrol Hits N400 amidst Scarcity

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