Fuel queues resurface in Lagos as pump price hits N600

Fuel queues have resurfaced within Lagos metropolis, due to hike in the pump price of petrol by the Nigeria National Petroleum Corporation Ltd (NNPCL).

It was observed that most filling stations had adjusted their pump price.

The fuel is sold between N580 and N600 at most filling stations, owned by both major and independent marketers.

The hike in price of petrol is sequel to the increase in ex-depot price of petrol from N446.57 per litre to N580 per litre.

However, the situation has triggered panic buying as motorists raced to filling stations to buy petrol.

There were queues at Mobil Filling Station on Ikorodu Road, TotalEnergies at Mobolaji, Amuf at Bariga and Conoil in Ikorodu while there were vehicles on a long stretch within and outside most of the facilities.

A visit to Northwest Station in Gbagada showed N570 per litre, Mobil at Anthony, N580, Amuf in Palmgrove, N558 and Conoil in Ikeja, N590.

NNPCL speaks on petrol price increase

Also some of the NNPCL retail outlets monitored were selling at N600 per litre.

Consequently, queues extended to the roads from the facilities, compounding traffic woe.

However, Mr. Adetunji Oyebanji, the Chief Executive Officer, 11 Plc, said: “I believe so, fundamentals are changing, exchange rate, so price will change.

“If they do not change, people will be reluctant to import.”

Mr. Mike Osatuyi, Operations Controller, Independent Petroleum Marketers Association of Nigeria (IPMAN), said petrol, kerosene and diesel had been deregulated, even NNPCL retails stand as private entity and not government owned company.

He said: “NNPCL is no more in charge of control of price. Now, it is what marketers buys they will sell with their margin. So, it’s not deliberate act of NNPCL to increase price anyhow or reduce price, but it is based on market forces.

“All marketers will do same. As we speak, crude has gone up and dollar is also up. Forex is at N803 per dollar on Import and Export windows that is CBN rate.

“So, the figure on new template will make the pricing to go up. If the crude reduces and dollar rate also reduces, it will also affect the price downward.

“Increase and reduction in price is determined by market forces.

“It is the market forces that determine the prices and it is an act of deregulation.

“It’s about market because everyone is into market to make profit,” he added.

The Star