There was scarcity of Premium Motor Spirit also known as petrol in Abuja, the Federal Capital Territory on Tuesday, as the crisis rocking the downstream sector of the petroleum industry worsened.
This was coming barely 24 hours after the Nigerian National Petroleum Company Limited denied the return of subsidy on the product.
Most filling stations were locked in the nation’s capital as long queues were seen at the few that were dispensing fuel to motorists.
The development, which reportedly followed the meeting of marketers with the Nigerian Midstream and Downstream Petroleum Regulatory Authority black marketers, led to the retailing of the products in kegs with a litre selling for N1,000.
Prices have also soared at the pump as most independent retailers were selling at N625 per litre, while NNPCL was dispensing at N613.
This came weeks after President Bola Tinubu said there would no longer be increase in pump price of petrol, despite the deregulation of the downstream market, adding that the present petrol price would remain.
National Association of Road Transport Owners, Major Oil Marketers Association of Nigeria Depot and Petroleum Marketers Association of Nigeria and other stakeholders had expressed worry over the turnout of the deregulation of the downstream sector, arguing that there was need for the Federal Government to make dollar available at a subsidised rate.
The marketers also expressed concerns over the rate at which businesses in the sector were going under. They admitted that the current pump price of PMS does not reflect market realities, saying that the NNPCL maintained a dominant role due to availability of foreign exchange, which marketers are unable to access at the Importers and Exporters window.
The marketers had also demanded that the government should put an end to dollarisation of local activities, especially by the Nigerian Maritime Administration and Safety Agency and the Nigerian Ports Authority.
