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Business News of Saturday, 26 November 2022


Fuel Scarcity: Be ready to buy fuel at any price - Oil marketers caution Nigerians

Fuel file photo Fuel file photo

Oil marketers have warned Nigerians to be ready to buy fuel at any price.

They said this under the aegis of the Independent Petroleum Marketers Association of Nigeria (IPMAN) on Thursday, November 24, 2022.

They added that their members are buying fuel from third parties for as high as N205 per liter.

"The association’s warning comes after queues resurfaced in some parts of Lagos States with several filling station under lock due to lack of fuel. The fuel scarcity is also reported to be biting hard in some states like Kaduna as long queues have been reported to have surfaced in the state too.

"Amidst the situation confronted by Nigerians over the scarcity of the product, the IPMAN National Controller of Operations Mike Osatuyi expressed worry, saying it’s members buy from third parties for N205 per liter and a transportation cost of N 13 is added making landing cost of petrol per liter at N218 for marketers."

He asked how much marketers are expected to sell a liter of fuel with the landing cost of N218 per liter.

Osatuyi said, “NNPC refuses to give us fuel. We buy from third parties and can sell at any price because if the landing cost to our stations is N218 per litre, how much do you expect us to sell? So the public should expect fuel at any price, depending on the area.”