“Fuel Scarcity Drives Petrol Price to N1000/L
The price of petrol in Nigeria has surged to N1000 per litre at some filling stations and black markets in Lagos, with prices reaching as high as N1400 per litre in certain areas. The scarcity has spread across the country, with Abuja seeing prices between N617 and N980 per litre. Despite assurances from the Nigerian National Petroleum Company Limited (NNPCL) about increased production, many stations remain closed, leading to long queues and frustration among consumers. The Independent Petroleum Marketers Association of Nigeria (IPMAN) attributes the situation to panic buying and recent distribution challenges. Meanwhile, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has warned marketers against selling to black market dealers.
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