Reports suggest that the ongoing fuel shortage across Nigeria is driven by some marketers hoarding fuel in anticipation of a price hike.
This speculation is tied to the impending release of petroleum products from the Dangote Refinery, with some marketers expecting the price of Premium Motor Spirit (PMS) to rise to ₦600/litre.
However, Dangote Group had earlier denied these claims, stating that they have not set any price for PMS and clarified that the Independent Petroleum Marketers Association of Nigeria (IPMAN) is not a business partner. Despite this, hoarding persists, exacerbating the fuel scarcity.
The Nigerian Midstream and Downstream Regulatory Authority (NMDPRA) has threatened to shut down filling stations refusing to sell fuel.
Meanwhile, the Nigerian National Petroleum Company Limited (NNPCL) insists an adequate fuel supply exists, although queues and prices nearing ₦1,000 per litre have been reported at independent stations.
