Fuel prices surge to N1,300 per litre as depots deplete

Many depots supplying petrol are currently depleted, leading to a significant fuel shortage and long queues in states across Nigeria.

The shortage has led to a surge in black market prices, with fuel being sold at up to N1,300 per litre and even N1,500 per litre in parts of Lagos and Ogun states. Long queues have been observed at fuel stations in Abuja and Lagos since Friday, with the situation showing no signs of improvement.

On Saturday, the Nigerian National Petroleum Company Limited (NNPC) attributed the supply and distribution issues to problems with the discharge operations of several vessels. NNPC Chief Corporate Communications Officer Olufemi Soneye stated that the company was working intensively with all stakeholders to resolve the issue and restore normal fuel distribution.

Despite these assurances, the situation has continued to deteriorate, with widespread long queues at fuel stations across major cities on Sunday, as confirmed by our correspondents nationwide.