Lagos State residents are facing a looming fuel scarcity as many petrol dealers closed their stations yesterday or have long queues of vehicles waiting to buy fuel. This is triggered by multiple challenges in the fuel supply chain.
According to Vanguard, the main reason for the fuel shortage is the reduction in the importation of petrol by the Nigerian National Petroleum Corporation Limited (NNPC).
The NNPC cut down its imports to allow other major and independent marketers to participate in the importation, following the deregulation of the market.
However, many marketers are unable to import petrol due to the difficulties in sourcing foreign exchange and the instability in the domestic market. This has created a gap between the supply and demand of petrol in Lagos State, which is the largest consumer of fuel in Nigeria.
A marketer, who spoke to Vanguard on condition of anonymity, said that the situation could have been worse if many people were still buying petrol as usual.
He said that the shortage is currently mild because many car owners have reduced or stopped driving due to the high cost of petrol, which ranges from N568 to N590 per litre.
He also said that some marketers are hoarding or diverting petrol to sell at higher prices in other states or countries. He urged the government and the regulatory agencies to intervene and ensure that petrol is available and affordable for Lagos residents.
A visit to Ijegun and Satellite depots showed that some fuel trucks were still loading petrol, but an operator confirmed that the stocks were low. He said that the NNPC was not supplying enough petrol to meet the demand of Lagos State.
The National President of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Chinedu Okoronkwo, however, told journalists that there was no cause for alarm. He said that IPMAN members were still loading and distributing petrol to their outlets across the state.
He also said that IPMAN was working with the NNPC and other stakeholders to ensure that there was no fuel scarcity in Lagos State. He appealed to motorists and other users of petrol to be patient and avoid panic buying.
Despite the challenges, some experts have praised the deregulation policy as a positive step for the growth of the downstream sector. The Chief Executive Officer of Petrocam Trading Nigeria Limited, Patrick Ilo, said that deregulation would eliminate inefficiencies and subsidies in the market.
He said that President Bola Tinubu was conscious about deregulation when he was the governor of Lagos State. He said that deregulation would enable consumers to pay for petrol at market price, while allowing the government to spend money on critical infrastructure.
He also said that deregulation would attract more investors and create more jobs in the downstream sector. He assured Nigerians that there would be no fuel scarcity in Nigeria with deregulation.
Similarly, the founder of Petrocam Group, Shiraz Gany, said that deregulation had been good for Nigeria because it had improved the quality and availability of petrol. He said that deregulation had also reduced corruption and smuggling in the sector.
He urged Nigerians to support deregulation and embrace alternative sources of energy, such as gas, solar, and electric vehicles. He said that these would reduce the dependence on petrol and protect the environment.
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