Business
NNPC halts petrol sales to independent marketer as scarcity persists
This decision has intensified fuel scarcity and sparked protests in Delta State, where commercial tricycle operators took to the streets in opposition to the hike.
On Tuesday, NNPC raised the price of petrol to N855 per liter at its retail outlets, causing independent marketers to sell at even higher prices, reaching N1,200 to N1,300 per liter in some areas.
The National Vice President of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Hammed Fashola, criticized the NNPC for halting sales to independent marketers without prior notice, despite them having paid for the product months in advance.
As a result of the price hike and fuel shortages, many commuters across the country were left stranded, with only a few commercial vehicles operating.
Some filling stations in Lagos sold petrol for as much as N1,200 per liter, while black market prices in Ogun State reached N1,600 per liter.
In response to the situation, the Trade Union Congress of Nigeria (TUC) and the Nigeria Labour Congress (NLC) have condemned the fuel price hike, calling for its immediate reversal.
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The TUC warned that the increase would exacerbate poverty and could lead to social unrest, while the NLC criticized the government for disregarding the welfare of Nigerians.
The fuel crisis has also led to widespread protests in Delta State, where tricycle operators and aggrieved residents marched through the streets, demanding that President Bola Tinubu intervene to reverse the price increase.
In Warri and Effurun, most filling stations were closed, and those that were open sold petrol at inflated prices, further compounding the hardships faced by residents.
Meanwhile, three vessels arrived at the Apapa depot in Lagos on Wednesday to discharge petrol, but loading only began to improve after the initial disruption.
The NNPC is reportedly trying to sell its old stock before transitioning to fuel supplied by the Dangote refinery, which is expected to enter the market soon.
As the fuel crisis continues to unfold, Nigerians are eagerly awaiting any relief that might come from the Dangote refinery, while labor unions and citizens alike demand immediate government action to address the escalating cost of living.