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Business News of Friday, 30 December 2022


Fuel Scarcity: Southeast filling stations are having a field day with high fuel prices

Fuel queue as a result of fuel scarcity Fuel queue as a result of fuel scarcity

Filling stations across the Southeast region are selling petrol at ridiculously high prices.

Nairametrics gathered that residents have no choice but to pay, even though the purchases are impacting their savings this Yuletide season.

Fuel costs per litre: An independent survey carried out by Nairametrics between December 27 and December 29 in Anambra, Enugu, and Abia states, showed that filling stations are selling fuel between N260 and N265 per litre in Enugu.

Meanwhile, the average fuel price is N305 in filling stations across communities in Umuahia, Abia state. In the same vein, residents in Onitsha, Anambra state, are paying N285 per litre on average.

Residents’ reactions: An Onitsha-based businessman, Uwakwe, told Nairametrics that it is difficult to buy fuel at such high prices when foodstuff is quite expensive in Anambra. According to him, the yuletide season makes it unavoidable for residents to spend a lot of money on foodstuff and alternative power sources so families can enjoy the holidays.

So, buying fuel for as high as N285 per litre is unfair, especially to those who own cars and also have generators at home.

Meanwhile, Mrs Mbah a trader at the popular four-corner junction in Nkanu West local government area (LGA) told Nairametrics that power supply is constant in the area, especially for those who sell wares till late at night, so she does not have to purchase fuel for her generator.

However, she still complained about buying fuel for her motorcycle at N265 per litre. According to Mrs Mbah, there are no more queues in her locality, but the price is not something Nigerians should cope with especially in January 2023, when sales are down and profits are not as high as at the end of the year.

Closed NNPC filling stations: During the survey, Nairametrics gathered that some Nigerian National Petroleum Company (NNPC) filling stations in Enugu state are closed, leaving residents no choice but to purchase fuel from other stations that could charge higher than NNPC stations.

According to Enugu-based motorist, Chima N, he could buy fuel at NNPC filling stations at N180 per litre. However, with the closure of some NNPC filling stations across the state as of December 27, he has no choice but to pay N265 per litre for fuel.

He also admitted that before the closure of NNPC filling stations, he had to queue for some time before buying fuel.

For the record: Based on the survey, residents and motorists in the states highlighted have three options facing them when it comes to buying fuel:

To queue for long periods to buy from open NNPC filling stations at N180 per litre.

Buy fuel without queuing and pay between N260 to N305 per litre.
Purchase fuel from black market traders who sell in the highlighted states for high prices ranging from N500 to N700 per litre, depending on the location.