The Nigerian National Petroleum Company Limited (NNPC) has promised to end the queues for Premium Motor Spirit (PMS) by Wednesday, August 22, 2024, as the black market for PMS continues to boom amidst the scarcity.
Despite NNPC’s assurance, oil marketers have stated that the loading of products at depots has yet to improve, and the scarcity may worsen in Lagos during the week.
Black marketers are taking advantage of the situation, selling PMS for as high as N1,200 to N1,500 per liter.
NNPC has blamed the petrol scarcity on evacuation challenges at PMS vessels and denied owing international oil traders $6.8 billion.
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The company also stated that it does not owe the federation account since January and is working hard to tackle the fuel supply challenges.
However, the fuel scarcity persists in many states and Abuja, with the cost of PMS crossing N1,000 per liter in some locations.
Motorists and commuters are decrying the increase in petrol prices, and the situation is causing untold hardship to many Nigerians.
NNPC’s Chief Corporate Communications Officer, Olufemi Soneye, has urged motorists to shun panic buying, assuring that the company is working round the clock with relevant stakeholders to restore normalcy.
