BREAKING: Petrol Price Crashes To N1000 Per Litre As Queue Returns To Filling Stations

Petrol Price has crashed to N1000 per litre as the queue returns to filling stations in FCT.

 

NewsOnline Nigeria reports that the crisis rocking the downstream sector of the petroleum industry went from bad to worse in Abuja, as scarcity of Premium Motor Spirit (PMS) hit the Federal Capital Territory (FCT).

 

This Nigeria news platform understands that this is coming barely 24 hours after the Nigerian National Petroleum Company Limited (NNPCL) denied the return of subsidy on the product, most filling stations were locked yesterday, as long queues were seen at the few that were dispensing fuel to motorists.

 

ALSO: NLC Dares President Tinubu Government Over Petrol Price Increase

The development, which followed the meeting of marketers with the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), black marketers, who are retailing the products in kegs, also returned to sell for N1,000 per litre.

Prices have also gone up at the pump, as most independent retailers were selling at N625 per litre, while NNPCL was dispensing at N613. This came weeks after President Bola Tinubu said there would no longer be increase in 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 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 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 dollarisation of local activities, especially by the Nigerian Maritime Administration and Safety Agency (NIMASA) and the Nigerian Ports Authority (NPA).