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Filling stations shut, queues return as private depots raise fuel price
Queues have returned to filling stations in some locations in Lagos and Ogun State, while some retail stations have closed down due to scarcity of fuel (petrol).
On Tuesday, Ripples Nigeria noted several petrol stations were not selling fuel to customers, with attendants stating that there was no fuel at their retail stations.
According to the Chairman of Lagos Depot for Independent Petroleum Marketers’ Association of Nigeria (IPMAN), Akinrinade Akinade, the lack of fuel is caused by hike in price of the commodity from private depots.
Retailers are resisting buying from the private depots because they can’t sell at the price level the private depots are selling to the oil marketers. This has reduced the volume of fuel stored at the retail stations.
Read also:Fuel scarcity imminent as queues reappear across Lagos, govt warns commuters against panic-buying
Akinade said buying at the rate currently being sold will yield no profit to the retailers, as they will have to sell at the government-agreed price or raise pump price.
“For some days now, the private depots have jerked up their ex-depot price and it will be difficult for our members to sell at the price they are selling to us and that is what accounts for the flash queues you are seeing now.
“We have contacted the authority. Since last Monday, the private depots just jacked up their price. If you buy at the rate they are selling now, you won’t make any profit.”
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