Business News of Sunday, 28 July 2024

Source: legit.ng

‘Petrol queues grow longer as scarcity bites harder, marketers adjust pump prices’ - NNPC speaks

Motorists and commuters in Lagos and its environs have lamented the scarcity of PMS, popularly called petrol.

The development has resulted in hikes in transportation costs by commercial transport operators.

Also, queues have reappeared at most filling stations as vehicle owners struggle with the rising petrol prices, which are selling as high as N850 per litre at some stations.

As of last Friday, July 26, 2024, petrol queues began to get longer in Lagos, with a few petrol stations selling.

Vanguard reports that as of Saturday, July 27, 2024, filling stations which sold petrol at N650 per litre adjusted their pumps to sell between N850 and N950 per litre. Numerous gas stations were found locked up tight after running out of fuel.

There was traffic gridlock across Lagos due to the long queues formed by panic buyers.

The men of the Lagos State Emergency Management Authorities, LASTMA, seemed overwhelmed as they could not effectively contain the large influx of motorists searching for the product.

NNPC explains scarcity

Meanwhile, the Nigerian National Petroleum Company Limited (NNPCL) has explained that the current fuel scarcity is due to a hitch in the discharge operations of a couple of vessels, Legit.ng reported.

Olufemi Soneye, NNPC Ltd's chief corporate communications officer, explained in a statement shared on X. According to him, the disruption has caused tight fuel supply and distribution.

The Company further states that it is working around the clock with all stakeholders to resolve the situation and restore normalcy in operations.