Business
Lagosians frustrated as stations defy NNPCL price reduction directive
Lagos residents are voicing their discontent as several fuel stations in the city maintain old petrol prices despite a directive from the Nigerian National Petroleum Company Limited (NNPCL) to lower prices.
The NNPCL, in a move to ease the financial burden on Nigerians amid escalating economic pressures, reduced the ex-depot price of petrol to N899 per litre last week.
However, in many parts of Lagos, pump prices remain unchanged, with some stations still selling fuel for as high as N1,025 per litre.
Compliance Gap: What’s Causing the Delay?
While major outlets like NNPCL and MRS have adjusted their rates to ₦935 per litre, independent marketers cite logistical challenges.
A manager at an AP filling station in Lagos explained that the delay stems from existing stock purchased at the previous higher rate.
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“We still have old stock, which we bought at the old price,” the manager stated. “Once that is sold, we will adjust the price to reflect the new directive. This should happen by next week.”
Mixed Reactions from Lagosians
For many motorists and commuters, this explanation falls short of their expectations.
Chukwuemeka Nnadi, a Lagos-based driver, expressed his frustration, saying, “I don’t understand why some stations are still selling at higher prices when others have already reduced theirs. It feels like they are just looking for excuses to keep profiting at our expense.”
The situation has also given rise to allegations of fuel hoarding, with reports suggesting that some stations are withholding supplies in anticipation of potential price increases, further exacerbating the issue.
Long queues have been observed at outlets offering lower prices, adding to the chaos.
Industry Perspective: Balancing Costs and Compliance
The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has defended the stance of independent marketers. According to PETROAN President Billy Gilly-Harry, “Some of these stations still have fuel stock bought at higher prices, and it’s not practical to sell at a loss. Once the new stock, acquired at reduced rates, is available, the new pricing will take effect.”
However, this justification does little to placate Lagosians who expect immediate compliance.
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Expert Opinions: A Call for Uniformity
Economists and industry analysts are calling for stricter regulatory measures to address the disparities in fuel pricing. Dr. Bisi Adeyemi, a Lagos-based economic analyst, emphasized the need for consistency.
“Uniformity in fuel pricing is critical to avoid unnecessary disparities and ensure fairness for all consumers,” Dr. Adeyemi stated. “Regulatory bodies must step in to monitor compliance and prevent exploitation.”
Broader Picture: A Nationwide Concern
While Lagos experiences sluggish compliance, reports from cities like Ibadan, Port Harcourt, and Kano indicate better adherence to the NNPCL directive. However, variations in price adjustments across locations raise concerns about achieving nationwide uniformity.
As the NNPCL monitors the situation, Lagos residents remain hopeful that the price reductions will soon be universally implemented, bringing much-needed relief. Until then, the uncertainty surrounding fuel prices continues to strain the daily lives of many Nigerians.
The unfolding saga highlights the complexities of fuel pricing in Nigeria, underscoring the need for transparency and accountability in the energy sector.