Petrol stations in Lagos and across the nation are experiencing palpable tension as scarcity looms and queues have resurfaced.
These fuel marketers must have taken their informed position in anticipation of a full deregulation, a total abolition of subsidy in which market forces will determine the price of petroleum products.
According to one unimpeachable source, NNPCL’s fuel reserve has diminished seriously and after a tensed meeting early this week, it resolved to supply petrol to only fuel marketers that own up to 50 petrol stations.
This was the same NNPCL that the Group Chief Executive, Mele Kyari, only last week, told Nigerians that his corporation has over one trillion litres of petrol.
They would have expected that government would create a little if not comfortable leeway for access to foreign exchange by the importers of refined products at the same rate as NNPCL is calculating their forex from crude oil export so that buying petrol would no longer be a subject-matter of serious conversations.
The hard fact today is that there is pressure on supply of fuel if not full-blown scarcity.
A lot of fuel stations are not selling , some are shut down because supply is not forthcoming.
And there is no question that the Nigerian National Petroleum Company Limited, NNPCL, is to blame.
News emerging from credible sources insists that NNPCL should take responsibility for the irregular supply and flow of fuel from the pumps.
However, very critical to this epileptic fuel supply is the issue of unfettered subsidy removal.
Currently, petrol sells at N580.00 or N617.00 per litre . The difference is a matter of the area you are buying your fuel. And these prices have been so about three months now.
The PMS dealers stressed that the price of fuel at this time should be between N890/900 per litre and nothing less. Indeed, at $92.51/bbl and N1,160/$ the landing cost is N796/litre, then the ex-depot price should be minimum N820/litre and the ex-pump price should be N890/900 per litre.
If marketers are allocated forex by CBN to import PMS at NAFEM rate – N808.27/$ – closing rate on Friday, 20.10.2023 then the landing cost would be N562/litre, the ex-depot price would be N580/590 per litre and the ex-pump price would be between N630 and N670 per litre, depending on the transportation costs.
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