Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Get Data
    • Macro-Economic News
    • Research Analysis
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Get Data
    • Macro-Economic News
    • Research Analysis
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
Nairametrics
No Result
View All Result
Home Business News Business

Fuel scarcity worsens in Lagos, Abuja as major marketers receive 2 vessels of petrol

Long queues seen in the few filling stationsm that have the product.

Chike Olisah by Chike Olisah
February 15, 2022
in Business, Exclusives
Petrol smuggling increases as Nigeria battles fuel scarcity
Share on FacebookShare on TwitterShare on Linkedin

As the blame game between the Nigerian National Petroleum Company (NNPC) Limited and 4 oil trading companies on who is responsible for the importation of the contaminated petrol rages on, the fuel scarcity appears to have persisted in Nigeria’s commercial nerve centre, Lagos and the country’s administrative capital, Abuja.

This is despite assurances from NNPC and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) of their capacity to restore normalcy in the supply and distribution of good quality fuel by last weekend and eliminate long queues of vehicles at the various filling stations.

The NNPC had ordered a recall of the contaminated fuel from the marketers leading to a shortage in supply and the emergence of black marketers who sell the scarce product in jerry cans between N400 to N800 per litre as a result of petrol scarcity.

RelatedPosts

Petroleum minister, Timipre Sylva, says Nigeria loses 400,000 barrels per day to oil theft

Nigerian Navy has recovered 230,000 barrels of stolen crude oil since April 2022

Investigation by Nairametrics showed that the fuel supply situation which seemed to have improved last week Friday in some parts of Lagos with fewer queues of vehicles in filling stations, appear to have worsened by Sunday with many filling stations shutting their doors to motorists.

It was noticed that majority of the filling stations in Ikeja, Ogudu, Surulere, Oshodi, Awolowo Road Ikoyi, Amuwo Odofin, were not selling fuel, while the few that were open for business, had long queues of vehicles.

News continues after this ad


Long queues could be seen in the few stations selling with both private and commercial motorists complaining about the situation as commuters were stranded in various bus stops.

The regulator, NMDPRA, has since remained mum on the current situation of fuel distribution and non-availability of the product at most filling stations in Lagos, Abuja and some other states affected by the fuel scarcity.

News continues after this ad


MOMAN claims to have received 2 vessels of petrol

Meanwhile, the Major Oil Marketers Association of Nigeria (MOMAN) said it has received 2 vessels of petrol as scarcity of the product continues unabated in Lagos and other parts of the country.

According to NAN, this was made known on Tuesday in Lagos by the Executive Secretary of MOMAN, Mr Clement Isong, Executive Secretary, MOMAN, who said the NNPC took delivery of the vessels.

Isong said the recent importation of off-spec petrol into the country and the subsequent directive to withdraw the affected products from the market created a huge supply gap.

He said, “We know that the withdrawal of the four vessels disrupted the supply chain leading to panic buying by Nigerians.

“We (MOMAN) members have so far received two vessels from the NNPC since our last meeting on Wednesday and we believe the NNPC and other stakeholders are working tirelessly to see how this problem can be resolved.”

Isong said it has become quite important for the downstream petroleum sector to be fully deregulated with the importation of PMS liberalised to ensure improved supply and stability.

What you should know

  • Recall that oil marketers and some stakeholders had earlier attributed the current fuel scarcity in Lagos, Abuja and some other states to the withdrawal of adulterated petrol by the NNPC. They said that some of the petrol imported into the country under the Direct Sale, Direct Purchase (DSDP) contract had a high content of methanol and ethanol, which are regarded as highly harmful.
  • Finally, breaking its silence on the crisis, the Federal Government through the NMDPRA, confirmed the earlier reports, saying that it found out the affected petrol supply chain that was in circulation, had methanol quantity that is above Nigeria’s specifications and subsequently had to withdraw them.
  • The Chief Executive Officer of NMDPRA, Mr Farouk Ahmed, in his reaction to the resurgence of fuel queues in Lagos and Abuja, said methanol quantity above Nigeria’s specification was discovered in a supply chain, which has since been isolated.
  • The Federal Government through the NNPC imports petrol through crude-for-fuel contracts, known as direct sale, direct purchase (DSDP), with consortia of local and foreign oil firms.

Related

Tags: Fuel scarcityMOMANNigerian National Petroleum CompanyNMDPRANNPC

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

inq
avatrade
Stanbic bank
Mega Millions
UBN
Hot forex
Access Bank
Bankers Committee
First bank






    Business News | Stock Market | Money Market | Cryptos | Financial Literacy | SME |

    Recent News

    • Growth of Private Conglomerates like BUA Group Evidence of the Correctness of our Policies, Says President Buhari
    • BUAFOODS’ ascension to SWOOTs not enough to stop NGX from shedding N190 billion
    • Buhari again urges ASUU to call off strike, says it’s counterproductive

    Follow us on social media:

    Recent News

    Growth of Private Conglomerates like BUA Group Evidence of the Correctness of our Policies, Says President Buhari

    Growth of Private Conglomerates like BUA Group Evidence of the Correctness of our Policies, Says President Buhari

    August 12, 2022
    BUA Cement Plc leads stocks worth over one trillion as market cap rises by N50.80 billion

    BUAFOODS’ ascension to SWOOTs not enough to stop NGX from shedding N190 billion

    August 12, 2022
    • ABOUT US
    • CONTACT US
    • PRODUCTS
    • ANDROID APP
    • iOS APP
    • DISCLAIMER
    • CAREERS
    • PRIVACY POLICY

    © 2022 Nairametrics

    No Result
    View All Result
    • Home
    • Exclusives
      • Financial Analysis
      • Corporate Stories
      • Interviews
      • Investigations
      • Metrics
    • Markets
      • Cryptos
      • Commodities
      • Equities
        • Dividends
        • Stock Market
      • Fixed Income
      • Market Views
      • Securities
    • Industries
      • Company News
      • Consumer Goods
      • Content Partners
      • Corporate deals
      • Corporate Press Releases
      • Energy
      • Entertainment
      • Financial Services
      • Hospitality & Travel
      • Manufacturing
      • Real Estate and Construction
      • Tech News
    • Economy
      • Get Data
      • Macro-Economic News
      • Research Analysis
    • Business News
    • Financial Literacy
      • Career tips
      • Personal Finance
    • Lifestyle
      • Billionaire Watch
      • Profiles
    • Opinions
      • Blurb
      • Op-Eds

    © 2022 Nairametrics

    Social Media Auto Publish Powered By : XYZScripts.com