Due to the increase in pump price by some petrol filling stations in the country, Nigerians have resorted to panic buying of large volumes of the products.
Checks by BizWatch Nigeria Nigeria showed that fuel queues have resurfaced in some parts of Lagos and residents were seen carrying large jerry cans of fuel.
Many fuel stations have also adjusted their petrol pump prices from N162 to N165 per litre, while others sold the product for as high as high as N170.00 per litre.
The fuel stations managers said the increment was because private depot owners had hike price of the product to over N161 per litre from N148 per litre.
According to them, the product has become scarce but Major Oil Marketers of Nigeria (MOMAN) denied that there was an increment in the pump price of petrol.
MOMAN Chairman, Tunji Oyebanji, said members of the association had not hiked fuel price, adding that all marketers currently sourced products from the Nigeria National Petroleum Corporation.
He said fuel price hike had emanated from MOMAN members, the government would have clamped down on their operations.
Meanwhile, the National Operation Controller, Independent Petroleum Marketers Association of Nigeria, Mr Mike Osatuyi, confirmed that independent marketers had to increase the pump price because they procured the product at N160-N161 from depot owners.
Recall that last week, IPMAN members disrupted loading of petroleum products at private depots in Apapa and Ibadan depots belonging to the Nigerian National Petroleum Corporation.
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They picketed the facilities to protest their inability to get products due to a new payment method introduced by the Petroleum Products Marketing Company, a subsidiary of the NNPC.
Meanwhile, the NNPC has called for calm and assured Nigerian that there was no plan to increase pump price.
The Group General Manager, Group Public Affairs Division, Dr Kennie Obateru, dismissed rumours about an imminent upward review of petrol price.
According to him, NNPC has a stock of petrol that can last for over 40 days, stressing that the product was not scarce.
Obateru urged the Department of Petroleum Resources (DPR) to clamp down on the marketers hoarding petrol.
“We have sufficiency for almost 40 days. If people are hoarding or increasing their prices, it is for the DPR to look into it,” he said.
Brent crude, the international benchmark of crude oil, increased to above $60 per barrel since last week.
READ ALSO: Petrol Landing Cost Rise as Oil Price Hits $60
As such, the landing cost of petrol imported into the country has risen by 13.34 per cent in one month to about N180 per litre due to increase in crude oil price.
The global crude oil price affects the landing cost of petrol and pump price of the product due to the deregulation of the sector and removal of fuel subsidy by the Nigerian government last year.
However, the PPPRA has not announced an upward review in the price of the product.
