Marketers Blame Forex Scarcity As Fuel Scarcity Returns To Lagos, Abuja

Date:

Oct 19,2023.

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Some filling stations in some parts of the FCT and Lagos State, have been shut down due to the unavailability of fuel.

Marketers have, however, blamed the return of fuel queues and scarcity on the forex crisis, and bad roads, which have affected the movement of fuel to certain parts of the country.

While some filling stations were shut down, the few opened ones had few attendance and had adjusted their pump prices to above N600.

According to Naija247News, along the Kubwa Expressway in Abuja, the Eterna Filling Station, though with a few attendants around, did not sell the product, same at Gegu Oil Station on the same expressway.

At the Aso Energy Resources Station at Kubwa Phase 2, a lengthy queue was sighted, with only one functional pump as petrol was sold for N630. Also, Conoil, opposite the NNPC towers in Central Area, Abuja, was opened and sold the product for N623 per litre.

However, some NNPCL stations at Wuse Zone 6 and Garki Area 10 in Abuja were dispensing at the N617 official price.

In Lagos, where fuel pump price ranges between N568 and N585, it was gathered that the product sold for as much as N650 per litre in some filling stations.

Some filling stations, including some operated by the Nigerian National Petroleum Company Limited, were shut down.

This has led to long queues and a hike in price at the few stations dispensing the product. The petrol price has crossed over N600 at many independent filling stations even as major stations are selling above N568 in the state.

Checks by Daily Trust revealed that NNPC stations at Ikeja, Ifako Ijaiye, Lagos Island, and other areas had stopped dispensing the product, while the few stations dispensing the product had increased their price to between N600 and N650 from the initial rate of between N568 and N585.

Reacting to the issue, the Major Marketers Association of Nigeria (MOMAN) blamed the scarcity on the rise in dollars, bad roads and hoarding of fuel.

The Executive Secretary of MOMAN, Clement Isong, told Daily Trust yesterday that tanker drivers and some dealers no longer find the business attractive because of the problems confronting the sector.

Isong also said that some marketers, in anticipation of a shortage of the product, started to hoard petrol, noting that marketers cannot access dollars from the official window, so they are sourcing for it in the black market.

He said, “The roads from the South to the North are in a terrible state and truck owners have incurred huge financial losses as a result of accidents.

“The dollar has crossed the N1000 threshold, and members can’t get it from the official window. The unstable nature of the naira has continued to add more and more pressure on the business.

“Those who have products have also resulted in hoarding in anticipation that there will be scarcity. This is also one factor.”

Similarly, the leader of the Independent Petroleum Marketers Association (IPMAN), Debo Ahmed, blamed the scarcity on supply disruption.

He noted that the NNPCL remains the sole importer of refined petroleum products, explaining that the only way out is to start local refining.

Ahmed said, “Hopefully, when the Dangote Refinery begins production in December, we will have some respite.”

Another major marketer, who spoke with our correspondent on the condition of anonymity, said: “You know what the dollar is talking about and don’t forget everything we are paying for is in dollars.

“When it is not available, you should know that it is a problem for us as marketers. Thank God you have also highlighted the point here.”(www.naija247news.com)

Peter Okafor
Peter Okaforhttp://Naija247news.com
Peter Okafor Financial Journalist | Editor | Contributor Overview: Peter Okafor is a seasoned Financial Journalist, astute Editor, and valued Contributor at Naija247news Media Group. With an unwavering passion for dissecting complex financial landscapes, Peter has become a trusted name in delivering incisive and insightful coverage of economic events, market trends, and corporate dynamics. Professional Journey Peter's journey in financial journalism has been marked by a commitment to excellence. Joining the ranks of Naija247news, he has consistently demonstrated a keen understanding of the intricate interplay between finance and the global socio-economic fabric. Expertise: Specializing in financial markets, economic analyses, and business developments, Peter Okafor has honed his expertise over the years. His ability to unravel intricate financial narratives and present them in a comprehensible manner sets him apart in the world of financial journalism. Contributions As an Editor and Contributor, Peter has played a pivotal role in shaping the narrative of Naija247news. His contributions extend to thought-provoking articles, in-depth market analyses, and coverage of key events that impact the financial landscape. Educational Background: Peter holds a degree in Journalism, complemented by specialized courses in Finance and Business Reporting. His educational foundation has provided him with the tools to navigate the intricate world of financial journalism. Innovation and Adaptability: In an era of evolving media landscapes, Peter Okafor exemplifies innovation and adaptability. Leveraging digital platforms and emerging technologies, he ensures that financial insights reach a diverse audience, fostering financial literacy and awareness. Awards and Recognition: Peter's commitment to journalistic excellence has not gone unnoticed. He has been the recipient of several awards, recognizing his outstanding contributions to the field of financial journalism. Vision for the Future: Looking ahead, Peter Okafor envisions a future where financial journalism continues to empower individuals, shape economic policies, and drive positive change. His dedication to staying at the forefront of financial news underscores his commitment to this vision. Connect with Peter Okafor: - LinkedIn: [Peter Okafor](#) - Twitter: [@PeterOkafor_N247](#) In the dynamic realm of financial journalism, Peter Okafor stands as a stalwart, combining experience, expertise, and a forward-looking vision to illuminate the path of financial understanding for a global audience.

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