A fuel shortage is imminent as gas prices rise to N720 per litre.

The ex-depot price of petrol has been boosted from N630 to N720 by private depot owners, causing a creeping fuel shortage in Lagos and other areas of the nation.

This occurred on Sunday, as the scarcity of petrol worsened in Abuja and the surrounding states, with some filling stations charging as much as N900 per litre for PMS.

Due to their refusal to purchase petrol from the private depots at exorbitant prices, some filling stations in Lagos, Ogun, and other states have run out of supplies, according to our reporters.

The National Vice President of the Independent Petroleum Marketers Association of Nigeria, Hammed Fashola, stated in a conversation with one of our correspondents on Sunday that several filling stations were unable to start for business due to a shortage of gasoline in their tanks

He said the Nigerian National Petroleum Company Limited, which is the sole importer of petrol at the moment, should explain to Nigerians what was happening with the product.

“Those that shut their stations do not have fuel to sell. When you don’t have fuel, you cannot open your station. That is the problem. You know the NNPC is the sole importer of this product. I think it is in the best position to tell us what is actually going on.

“Currently, independent marketers cannot buy what the private depots are selling. They are selling fuel between N715 and N720 per litre. How much will marketers sell the product? Look at the cost of bringing it to their depots; with transportation and other depot expenses, it will be too costly for them. That is why the stations are shut down. Some marketers refuse to go and buy because they know the masses cannot afford high-priced petrol in this economy. That is the situation for now,” the IPMAN leader stated.

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