Oil marketers in Nigeria have yet to commence the loading of Premium Motor Spirit (PMS), commonly known as petrol, despite recent government assurances of fuel availability by the weekend. Although some PMS vessels have arrived at the Nigerian National Petroleum Corporation Limited (NNPCL) depots in Apapa and Port Harcourt, independent marketers have not begun loading. This delay has led to persistent fuel shortages and long queues in major cities.
Earlier, the Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, had promised a massive release of petrol before the weekend.
However, by Friday, the expected fuel distribution had not materialized, prompting concerns that the shortages could continue into the new week.
The Independent Petroleum Marketers Association of Nigeria (IPMAN) noted that product loading at depots might not commence until Monday, prolonging the crisis.
In addition to supply chain delays, the anticipated commencement of petrol lifting from the Dangote Refinery, which NNPC had announced would begin on September 15, 2024, has sparked debates over fuel pricing.
Industry experts warn that if market forces are allowed to determine the price, petrol could rise significantly, potentially reaching ₦1,000 per litre.
This has heightened concerns over affordability for everyday Nigerians, who are already struggling with high fuel costs.
Further complicating the situation, the Organised Private Sector (OPS) has expressed alarm over the government’s decision to deregulate fuel pricing. The OPS warned that allowing market forces to set prices could lead to greater volatility in the sector, which would drive up costs for businesses and consumers alike.
The OPS emphasized the need for a gradual and well-planned approach to pricing to prevent shocks to the economy.
The ongoing standoff between NNPCL, independent marketers, and the Dangote Refinery underscores the challenges of managing fuel supply and pricing in a deregulated market.
With fuel queues continuing to grow and concerns over rising prices, the crisis threatens to worsen unless a solution is found to stabilize supply and ensure affordability for consumers.
