Petrol
Nigerian National Petroleum Company Limited, NNPCL, says it is working to ease the tightening fuel supply across the nation.
This is coming on the heels of lengthening queues for petrol in Africa’s largest country with huge crude oil and gas deposits.
Last year President Bola Tinubu’s government opened up petrol imports to private companies but foreign currency shortages and a cap on the price of petrol meant that NNPC remains the only importer. Nigeria’s new Dangote Refinery is yet to start processing petrol in huge volume.
“The NNPC Ltd wishes to state that the tightness in fuel supply and distribution witnessed in some parts of Lagos and the Federal Capital is as a result of a hitch in the discharge operations of a couple of vessels,” Olufemi Soneye, NNPC spokesperson said in a statement over the weekend when queues began forming.
Petrol prices at retail stations have risen to over 800 naira ($0.5063) from around 617 naira per litre in May 2023 when the government announced it was ending gasoline subsidies. The price surge has added to already high inflation in Nigeria and a cost of living crisis.
The NNPC Ltd owes petrol suppliers over $6 billion, thus affecting supplies, and is seeking to raise financing to settle the debts.
Additional report by Reuters
