BREAKING: Panic Buying As Petrol Scarcity Hits Abuja

BREAKING: Panic Buying As Petrol Scarcity Hits Abuja—Scarcity of the Premium Motor Spirit (PMS) otherwise known as petrol at the weekend hit the  Federal Capital Territory (FCT), Abuja with most of the independent retail stations under lock and key.

A handful of the stations were only opened to customers besides the Nigerian National Petroleum Corporation (NNPC).

While NNPC affiliate retail outlets sold the product for N162 per litre while the A.A. Rano on Banex – Gwarimpa by Jahi sold it for N163 per litre.

This, however, culminated in endless queues into the wet petrol stations.

Speaking with The Nation on phone, the Independent Petroleum Marketers Association of Nigeria (IPMAN), National Vice President, Alhaji Abubakar Maigandi, attributed the scarcity of petrol from the NNPC and private depots.

Besides, he said “we cannot buy from the NNPC depot even after payment. We are queueing for it after our payment.”

He revealed to our Abuja correspondent that the private depots are selling it for between N165 to N168 per litre instead of N158 per litre in the Petroleum Products Pricing Regulatory Authority (PPPRA) template.

He said the scarcity petrol was not due to hoarding of the product but non-availability of the product.

He also revealed that the Department of Petroleum Resources (DPR) has given the marketers the go ahead to sell the product for N167 per litre.

According to him, the DPR has been on the clampdown on marketers that vend the product above the N167 price.

The National Vice President acknowledged that petrol availability has earned the present administration some goodwill that it must not allow the present scarcity to erode.

His words: “Petrol is scarce not because of hoarding but due to no products.

“The depots are complaining that there is no product which is contrary to NNPC position on fuel availability.”