Amidst the recent strike actions by tanker drivers, black market operators are exploiting the situation, causing the price of Premium Motor Spirit (PMS), commonly known as petrol, to surge, reaching ₦1000 per litre in certain areas of Lagos State.
On Wednesday, Channels Television’s patrol team observed a significant number of filling stations in Lagos State, Ogun State, and their surroundings, particularly those affiliated with the Independent Petroleum Marketers Association of Nigeria (IPMAN), being closed. Meanwhile, lengthy queues were beginning to form at stations operated by the Nigerian National Petroleum Company Limited (NNPCL) and the Major Energy Marketers Association of Nigeria (MEMAN).
While the black market price soared to ₦1000 per litre, MEMAN stations like Eterna, NorthWest, TotalEnergies, Mobil, Capital Oil, Enyo, Conoil, ForteOil, MRS, among others, displayed prices ranging from ₦599 to ₦615 per litre.
Consumers flocked to MEMAN stations seeking the most affordable prices, leading to a higher volume of vehicles at their premises.
At present, many IPMAN stations are shuttered due to limited product supply, and those that are open are selling petrol at no less than ₦650 per litre.
Most IPMAN filling stations in the Ikotun to Jakande Gate area were devoid of products as of Wednesday morning, leaving drivers and car owners with the option of enduring lengthy queues at NNPCL or MEMAN stations.
The Chairman of Satellite Depot, IPMAN Lagos State, informed Channels Television that NNPCL has ceased supplying its members with products.
“NNPCL no longer give us products despite that the pipeline in our area has been repaired. We don’t know why they stopped using the pipeline to supply us with products. Maybe they fear vandalism. We now rely on private depots who sell to us at an ex-depot price of between ₦620/₦622 per litre. By the time we take the products to our stations, the landing cost will be around ₦630 or more depending on the distance from the depot to our stations.
“Some people are selling around ₦650. It would have been cheaper if we bought directly from NNPCL at around ₦555 per litre,” he said.
The situation arises from strike actions initiated by the members of the National Association of Road Transport Owners (NARTO) and the Petroleum Tanker Drivers due to operational challenges.
The drivers, who initiated the strike on Monday, subsequently ended it on Tuesday following discussions with the Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, oil marketers, and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).
Following a meeting held in Abuja, NARTO National President Othman Yusuf instructed members to promptly resume petroleum loading activities.