Would you like to receive notifications on latest updates of the following headlines?

Marketers Blame Supply Hitches As Fuel Scarcity Looms

POSTED ON April 27, 2024 •   Business      BY Benedicta Bassey •   VIEWS 187
Petrol Queue return to some part of the country/Photo credit: Punchng.com

Following the shortage of Premium Motor Spirit, popularly called petrol in Abuja, Nasarawa, Niger and some other states in the country, marketers have blamed the shortage on supply hitches.

Fuel queues began to resurface again on Friday, leaving many motorists wondering what could be wrong. This development had led to the dramatic hike in price of PMS in some parts of the country.

Several filling stations in Lagos hiked the price of PMS to over N700 per litre.

A resident, Tomisin Bakare, who said he bought PMS from a filling station around the Lagos State University-Igando axis stated that he was shocked when the attendant said fuel was now N700 per litre.

“This is after I had already spent over 50 minutes on the queue,” he quipped.

A bus driver, who gave his name only as Oga Iba, said he had to wake up early to get the product but was shocked to meet a queue there.

“They sold it for N690 to me along the Lagos-Ibadan Expressway. I went back this afternoon to refill and they said it was N710. Some of the stations, I learnt, even sold for N715 and N720 per litre,” he said.

In Imo and Anambra states it was confirmed that filling stations with products hiked their prices to as high as N800 per litre while in Kaduna, it is N1300.

The development forced many commuters to resort to trekking to their various destinations, with commercial transport operators capitalising on the hardship to increase transport fares.

In Abuja, motorists in the Federal Capital Territory grappled with long queues at fuel stations.

Dealers told our correspondent that the discharge from the vessel would be completed on Friday, while tankers might begin to load on Saturday or Sunday before transporting the product to Abuja and other states.

NNPC had earlier blamed the fuel scarcity on issues around logistics but stated that it had resolved the problem.

The Chief Corporate Communications Officer, NNPC, Olufemi Soneye, also urged motorists not to be involved in panic buying, because the national oil company and sole importer of petrol had enough products.

RECOMMENDED FOR YOU
IMF pledges support for Tinubu's reforms
BY Abiodun Saheed Omodara November 21, 2024 0

The President of the International Monetary Fund (IMF), Kristalina Georgieva has expressed strong ba...

RECOMMENDED FOR YOU
Amazon Shares Show Resilience Amid Market Fluctuations
BY Suleiman Kelvin Jimoh November 21, 2024 0

Amazon.com Inc (AMZN) has demonstrated a remarkable rebound in the stock market, showing a year-to-d...

RECOMMENDED FOR YOU
Gombe gov presents N320bn 2025 budget to assembly
BY Abiodun Saheed Omodara November 20, 2024 0

Gombe State Governor, Muhammadu Yahaya, presented a proposed budget of N320.11 billion for the 2025...

RECOMMENDED FOR YOU
NNPCL: Coalition group vows protest, says 1.6bn litres PMS will cripple economy
BY Benedicta Bassey November 20, 2024 0

NIGERIA—Following the decision by the Nigeria National Petroleum Company Limited (NNPCL), to i...

RECOMMENDED FOR YOU
FG reviews housing budget to N500bn for 2025
BY Benedicta Bassey November 19, 2024 0

NIGERIA —The Federal Government on Tuesday said it is reviewing it's annual housing budget to...

RECOMMENDED FOR YOU
Naira appreciates, hit N1,735/$ in parallel market
BY Benedicta Bassey November 19, 2024 0

The Naira appreciated to N1,735 per dollar in the parallel market from N1,740 per dollar last weeken...

RECOMMENDED FOR YOU
Tinubu, India PM sign pacts to foster collaboration in defence, economy
BY Benedicta Bassey November 18, 2024 0

NIGERIA — Nigeria and India have entered into partnership to foster collaboration in  def...

RECOMMENDED FOR YOU
UK regular pay growth slows, offering Bank of England hope for easing inflation pressures
BY ROCKETPARROT.com staff November 12, 2024 0

LONDON, Nov. 12 – British wage growth excluding bonuses hit a two-year low in the third quarte...

OUR CHANNELS:

OTHER ARTICLES ::

25th November, 2024
Top doctors halt strike action to review FG's response
BY Benedicta Bassey November 25, 2024 0

NIGERIA — The Medical and Dental Consultants’ Association of Nigeria (MDCAN) has suspend...


Tinubu eyes livestock sector reform, investment to curb farmer-herder clashes
BY Abiodun Saheed Omodara November 25, 2024 0

President Bola Tinubu has reaffirmed his administration’s commitment to resolving the farmer-h...


Katsina Govt. applauds  NAF  strike against bandits, vows to sustain regional stability
BY Abiodun Saheed Omodara November 25, 2024 0

KATSINA – The Katsina State Government has commended the Nigerian Air Force (NAF) for successf...


Breaking : Supreme court voids National Lottery Act
BY Abiodun Saheed Omodara November 25, 2024 0

The Supreme Court, on Friday, nullified the National Lottery Act 2005 enacted by the National Assemb...


ECB's renews integration call as trade war looms
BY Abiodun Saheed Omodara November 25, 2024 0

European Central Bank, President Christine Lagarde renewed her call for economic integration across...


China expands Visa-free entry to more countries to boost economy
BY Abiodun Saheed Omodara November 25, 2024 0

On Friday, China announced that it would expand visa-free entry to citizens of nine more countries a...


FAO aims key outcomes at COP16 Saudi Arabia
BY Abiodun Saheed Omodara November 25, 2024 0

The assistant Director-General of the Food and Agriculture Organization (FAO), Dr. Abdul Hakim Elwae...


Illegal detention: Bizman slams N50m suit on NDLEA
BY Benedicta Bassey November 25, 2024 0

NIGERIA — A businessman, Damilare Samuel, has slammed the National Drug Law Enforcement Agency...


Appeal Court invalidates verdict against Rivers LG election
BY Benedicta Bassey November 25, 2024 0

ABUJA, Nigeria —The Court of Appeal, sitting in Abuja has nullified the judgement that prevent...


Man in Police net for defiling, impregnating 15-yr-old daughter
BY Benedicta Bassey November 25, 2024 0

CALABAR, Nigeria —A 48-year-old man, Mallam Adamu Umaru, was paraded by the Zone 6 Police Comm...


Menu