The Independent Petroleum Marketers Association of Nigeria (IPMAN) has stated that the ongoing petrol scarcity, spreading to more states across the country, will take at least two weeks to normalize. This announcement comes despite the Nigerian National Petroleum Company Limited (NNPCL) insisting it has adequate stock of the product.
According to Chinedu Ukadike, the Public Relations Officer of IPMAN, the product is currently not readily available in the country due to several factors. He mentioned that sourcing the product has become challenging as most refineries in Europe are undergoing turnaround maintenance.
Ukadike attributed the acute shortage in supply to importation bottlenecks and the slow pace of marketers' license renewal by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA). He noted that out of 15,000 marketers on the NMDPRA portal, only 1,050 have had their licenses renewed.
Meanwhile, the Chief Corporate Communications Officer of NNPC Ltd, Olufemi Soneye, expressed optimism that the long queues will clear in the coming days, emphasizing that NNPC Ltd has adequate stock. He urged Nigerians to avoid panic buying as there are sufficient products in the country.
Similarly, the Chief Executive Officer/Executive Secretary of the Major Energy Marketers Association of Nigeria (MEMAN), Mr. Clement Isong, assured that the queues will be cleared in the coming days as the logistics issues have been resolved.
However, the scarcity of petrol has led to increased prices, with some outlets selling the product at over N600 per liter, and others at even higher prices. This has forced many motorists to patronize the black market where petrol is sold at exorbitant prices.
The fuel scarcity has also had a significant impact on transportation, with transporters increasing fares by 100% in some cases to cover the high cost of petrol. Commuters are feeling the pinch as they now pay significantly more for their daily commutes.
The scarcity is not only affecting individuals but also businesses, with transport operators reporting a drop in patronage. Nonso Ubajaka, President of the Associate of Luxury Bus Owners of Nigeria, stated that drivers now spend hours queuing for fuel, affecting their estimated arrival times and, consequently, their business profitability. He called on the government to urgently address the situation to prevent further economic hardship.
