Fuel Scarcity

Fuel scarcity in Lagos returns 

On Monday, queues resurfaced in some filling stations along the Lagos-Ibadan expressway, Ikorodu road, and Ikoyi, indicating that fuel scarcity has returned to some parts of Lagos.

On Sunday evening and Monday morning, our analysts visited some filling stations along the Lagos-Ibadan expressway, Ikorodu road, Lagos Mainland; Obafemi Awolowo way, Ikoyi and Obalende; Lagos Island.

There appears to be some anxiety and confusion in Lagos as a result of the fuel shortage that has affected some parts of the state, with queues forming at filling stations in the areas mentioned above.

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What we discovered.

While several filling stations were closed, there were unusually long lines of vehicles waiting to buy Premium Motor Spirit, also known as gasoline, at a few filling stations in Berger, Alausa, Ojodu, Ikoyi, Obalende, and Victoria Island on Sunday evening and Monday morning.

According to our findings, the scarcity is caused by increased demand for the product as a result of fears that the Federal Government will soon remove fuel subsidies.

Long lines at gas stations, which have been causing traffic congestion in those areas, appear to have persisted on Monday morning.

What they have to say about Fuel scarcity, Lagos? 

In order to manage the limited fuel supply, the manager of one of the Enyo filling stations on the Lagos-Ibadan expressway, who preferred anonymity, explained that his management decided to sell only N3,000 worth of fuel to each motorist on Sunday afternoon.

“We were informed to do that because nobody knows what decision the Federal Government may take this week or soon,” he said of why the station made such a decision. There’s a chance that the price will rise this week.

“Tanker drivers are finding it difficult to obtain diesel, which has also increased in price. Diesel is both overpriced and in short supply. How will they supply us with fuel if they can’t get diesel?”

According to a fuel attendant at an Oando filling station who spoke with our analyst, the station’s manager gave the order to close the station on Sunday afternoon.

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“The manager asked us to close the station not because there is no fuel,” he explained, “but because the price of fuel may go up this week due to product scarcity.”

What IPMAN is attempting to convey on Fuel scarcity, Lagos

The ongoing conflict between Russia and Ukraine, according to Mr Okoronkwo, has disrupted the smooth distribution of gasoline. Marketers and transporters are now finding it difficult to bridge products from depots to other parts of the country due to rising operating costs, he said.

The enormous amount spent on diesel trucks to transport fuel is discouraging because we are losing money.

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“Without a review of the pricing template, the current N165 per litre pump price for PMS cannot fit into the current realities.”

“We urge the government to investigate the situation by either reviewing the freight rate or providing palliatives to all marketers in order to bring distribution back to normal.”

“A palliative could be providing discounted diesel to marketers so that we can easily transport products across the country,” Mr Okoronkwo said.

Thanks for reading Fuel scarcity in Lagos returns as filling stations hoard product.

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