The Nigeria fuel crisis has gone from bad to worse in Abuja, the nation’s capital, as scarcity of Premium Motor Spirit (PMS) takes its toll on the residents.
This is Coming barely 24 hours after the Nigerian National Petroleum Company Limited (NNPCL) denied the return of subsidy on the product.
Our Checks revealed that most filling stations in Abuja were locked yesterday and today, Wednesday, as long queues resumed at a few stations dispensing fuel to motorists.
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This development followed the marketers’ meeting with the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), making the black marketers, who are retailing the products in kegs, also return to sell for N1,000 per litre.
Prices have also increased at the pump, as most independent retailers were selling at N625 per litre, while NNPCL was dispensing at N613.
The unfortunate incident came weeks after President Bola Tinubu said there would no longer be an increase in the pump price of petrol, despite the deregulation of the downstream market, adding that the present petrol price would remain.
National Association of Road Transport Owners (NARTO), Major Oil Marketers Association of Nigeria (MOMAN), Depot and Petroleum Marketers Association of Nigeria (DAPPMAN) and other stakeholders had raised concerns over the turnout of the deregulation of the downstream sector, insisting that there was a need for the Federal Government to make dollar available at a subsidised rate.
The marketers were worried over the rate at which businesses in the sector were going under.
They admitted that the current pump price of PMS does not reflect market realities, adding that the NNPCL maintained a dominant role due to the availability of foreign exchange, which marketers are unable to access at the Importers and Exporters (I&E) window.
The marketers had also asked the government to end the use of dollars for local activities, especially by the Nigerian Maritime Administration and Safety Agency (NIMASA) and the Nigerian Ports Authority (NPA).
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