In recent weeks, Nigerians have witnessed a significant surge in fuel prices, particularly in stations operated by independent oil marketers. While the Nigerian National Petroleum Company (NNPC) has managed to keep petrol prices between N568 and N617 per litre at its stations, independent marketers have been selling the same product at staggering rates of N900 to N1,000 per litre.
This discrepancy has led to widespread concerns, prompting long queues at NNPC stations as consumers seek relief from the exorbitant costs elsewhere.
Independent marketers have attributed the hike in prices to the steep cost of acquiring petrol from private depot owners.
According to them, prices at these depots have risen as high as N850 per litre, making it impossible to maintain lower pump prices.
However, this claim is met with skepticism by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA). George Ene-Ita, the spokesperson for the NMDPRA, emphasized that official reports from field agents at depots indicate much lower prices. He warned that any filling stations caught selling at such high rates would face immediate closure.
“We do not see these high prices at the depots, and it is unacceptable for marketers to exploit Nigerians during this challenging period,” Ene-Ita stated.
“We are committed to shutting down any station found guilty of profiteering.”
Despite these threats, independent marketers have defended their actions, arguing that the supply of petrol from NNPC is insufficient and inconsistent. This has forced them to rely on private depots, where prices are inflated due to limited availability.
“It’s a simple case of demand and supply,” one marketer explained. “With supply so low, prices will naturally rise, and marketers are using this opportunity to boost their profit margins.”
This situation has had a ripple effect across the country. In cities like Osogbo, Osun State, petrol is being sold for as much as N1,000 per litre, while in Lagos and Ogun states, prices hover around N950 to N1,000 per litre. The situation is equally dire in Kano, where the reluctance of independent marketers to open their stations has led to the resurgence of black market activities. Here, petrol is being sold for between N1,200 and N1,300 per litre.
The Federal Government has taken note of the situation and vowed to prioritize the supply of petrol to the Federal Capital Territory, Abuja, in an effort to reduce the queues. However, this has only resulted in further strain on other regions, where supply remains critically low.
As the fuel crisis continues to grip the nation, the actions of independent marketers have sparked a heated debate. While some argue that they are simply reacting to market forces, others believe they are exploiting the situation to make unfair gains at the expense of ordinary Nigerians.
The Federal Government’s threat of sanctions may offer some hope, but until supply issues are resolved, the situation remains precarious.