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Business News of Friday, 5 April 2024

Source: www.mynigeria.com

Fuel scarcity worsens despite Dangote Refinery starting sale of products

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Queues at filling stations in Lagos became longer, making it difficult for drivers in Lagos to buy petrol on Thursday, April 4.

A lot of filling stations in Ogba, Ikeja, Alausa, Oba Akran, Surulere, and Victoria Island had lengthy car queues.

Recall that during the Easter celebrations there was a supply shortage.

After the Easter celebration, the situation had gotten worse..

Fuel racketeers selling in jerrycans were spotted along the road near the always-busy Murtala Muhammed Airport, indicating a deficit in supply, according to a Daily Sun report.

Most NNPC gas stations had lengthy lines of cars because their retail prices were lower than those of other gas stations. Other large and independent marketers charge more than N600 per litre, while NNPC retail stations just N568.

Independent gas stations with a more significant number of outlets experience months-long stock shortages has become of major concern. A few marketers at the Apapa depot clarified that there had been a lack of supply from the importer of last resort.

A marketer named Adekunle Sanusi stated that his depot had not filled a single truck with gasoline since Monday because of the shortage.

Adela Odubunmi, a different marketer, warned that things could get terrible and become scarce if supplies don't improve by the weekend.

This came after Devakumar Edwin, the executive director of the Dangote Group, announced on Tuesday, March 2, that the Dangote Refinery has started supplying petroleum products, specifically aviation fuel and diesel, precisely to the local market.

It is expected that the refinery will run at total capacity to commence the sale of fuel and other products in the coming months

Oil marketers have expressed their worry that petrol may be scarce if the Nigerian National Petroleum Company Limited (NNPCL) does not make petrol available to depot owners and other dealers soon.

The marketers said the long queues at the filling stations in Lagos and parts of Ogun state may spread to other parts of the country if the national oil firm needs to act faster.

A Punch report said that residents of Lagos and parts of Ogun states began to witness queues at different petrol stations on Tuesday, February 6, 2024, which caused traffic in some areas.