From Top To Bottom : Fuel Scarcity Worsens In Nigeria, Black Market Booms At N300/Litre

Fuel scarcity worsened in Lagos, the Federal Capital Territory and other parts of the country on Tuesday, resulting in motorists spending hours at filling stations.

For oil marketers, the solution to the worsening fuel queues across the country is for the Federal Government to approve an increase in the pump price of the commodity.

Although some marketers had already raised the price of fuel in their outlets, they admitted that the move had not been approved by the government, noting that dealers could be sanctioned for selling above the regulated rate.

The approved pump price of Premium Motor Spirit, popularly called petrol, is N165/litre, but marketers are currently kicking against this rate, saying that it is no longer sustainable going by the global crisis in the energy sector.

Black market players took advantage of the fuel scarcity, selling as high as N300/litre in Lagos, Abuja, Nasarawa and other states.

Petrol is yet to be deregulated and the current official price puts the product at between N162 and N165/litre.

Independent marketers, who started implementing a new price unapproved regime of between N170 to N190/litre at the weekend, insisted on Monday that it would be difficult for them to sell at the official pump price.

-Punch