The recent upward adjustment in petrol prices across Nigeria has worsened fuel scarcity, leading to a confused situation in Lagos, where motorists and commuters grapple with exorbitant costs and long queues
The price hike was implemented shortly after the Nigerian National Petroleum Company Limited (NNPCL) admitted owing suppliers $6.8 billion, resulting in a nationwide surge in pump prices, reports The Nation.
In Lagos, the official base price for petrol is now set at N855 per litre, which NNPCL retail stations are adhering to.
Independent marketers are selling fuel at even higher prices, with N1,018 per litre being reported, and others such as NIPCO and Conoil adjusting their rates to N955 and N940 per litre respectively.
In contrast, independent stations are listing fuel prices between N900 and N980 per litre.
A survey of filling stations in Lagos showed that while some NNPCL outlets still have stock, others are completely out of fuel, pushing motorists to find alternatives.
The scarcity has created an opportunity for black market sellers, who are exploiting the crisis by charging up to N1,500 per litre in various parts of the city.
Both commuters and motorists are experiencing significant inconvenience.
A trader, who preferred to remain anonymous, commented: “The price increase is unbearable. I’ve been waiting for hours with no guarantee of getting fuel today. The black market is our only option, but the prices are outrageous.”
John, a bus driver, voiced his frustration, noting that the situation has severely disrupted his daily routine.
“I haven’t gone to work for some time now because I can’t afford the black market price, and the filling stations are empty,” he said
The effects of the hike are rippling through the economy, with transportation costs escalating and traders warning of an inevitable rise in the prices of goods and services.
A commuter waiting at a bus stop in Oshodi also said: “I spend almost double on transport now. it’s affecting everything food prices, market prices, everything is going up. How are we supposed to cope?”
