Fuel scarcity to last till next week

The current scarcity of petrol in most parts of the country is expected to continue till next week, marketers told BusinessNews on Monday.

While the pump price of the product had risen to N120 per litre in most filling stations in the Federal Capital Territory, the few stations that had petrol in Lagos on Monday maintained the N87 per litre official price except in some remote locations where the attendants charged N100.

In order to eliminate the scarcity, the Federal Government has approved the payment of the foreign exchange differential to the marketers of the product.

Marketers said the supply promised by the Nigerian National Petroleum Corporation only got to them over the weekend and that it might take a week for the product to go round and cushioned the effect of the shortage being witnessed currently.

“Most of the vessels came in late on the weekend; but what I can tell you now is that three vessels are offloading as we speak.

“Cushioning the effect of the product shortage, which has resulted in queues in filling stations across the country, will be very gradual. It may not happen as quickly as Nigerians want it because for the major marketers, they have to receive the product in turns.”

The Executive Secretary, Major Oil Marketers Association of Nigeria, Mr. Obafemi Olawore, said the NNPC had already supplied 58 million litres of petrol to Lagos, with the major marketers getting 40 million litres, while the balance is for Nipco and Aiteo.