Petrol Price Surges Amidst Tanker Drivers’ Strike – Hits ₦1,000/Litre

Petrol Price Surges Amidst Tanker Drivers' Strike - Hits ₦1,000/Litre

Black Market Exploitation Amidst Tanker Drivers’ Strike: Petrol Prices Surge to N1000/Litre. As tanker drivers go on strike for several days, black market profiteers are capitalizing on the situation, driving the price of Premium Motor Spirit (PMS or petrol) to a staggering N1000 per litre.

Reporters observed widespread closure of filling stations, particularly those affiliated with the Independent Petroleum Marketers Association of Nigeria (IPMAN), in Lagos State, Ogun State, and surrounding areas. Meanwhile, long queues formed at stations operated by the Nigerian National Petroleum Company Limited (NNPCL) and the Major Energy Marketers Association of Nigeria (MEMAN).

While black market rates hit N1000 per litre, MEMAN stations such as Eterna, NorthWest, TotalEnergies, Mobil, Capital Oil, Enyo, Conoil, ForteOil, MRS, among others, offered prices ranging from N599 to N615 per litre. Consumers flocked to MEMAN stations in search of the most affordable prices.

Most IPMAN stations remained closed due to limited product supply. Those with products on hand charged no less than N650 per litre.

The Chairman of Satellite Depot, IPMAN Lagos State, explained that NNPCL ceased supplying products to its members despite pipeline repairs in their area. This forced them to purchase from private depots at an ex-depot price ranging from N620 to N622 per litre, resulting in a final cost of around N630 or higher depending on transportation distance.

He lamented that purchasing directly from NNPCL at approximately N555 per litre would have been more economical.

This situation arose amidst strike actions by members of the National Association of Road Transport Owners (NARTO) and the Petroleum Tanker Drivers, who initiated the strike on Monday but called it off on Tuesday following discussions with Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, oil marketers, and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).

NARTO’s National President, Othman Yusuf, instructed members to promptly resume petroleum loading activities after a meeting held in Abuja.

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