Long queues have been visible throughout major roads in the Federal Capital Territory, Abuja as a petrol price war erupted, pitting independent marketers against major players, amid speculation of an impending pump price hike.
The price disparity, reaching as high as N650 per litre in some stations, prompted frantic dashes to fill stations selling at lower rates, intensifying the struggle for affordable fuel and causing traffic chaos across the city.
Investigations conducted by LEADERSHIP uncovered the stark contrast in petrol prices, with independent marketers inflating rates significantly compared to the Nigerian National Petroleum Company (NNPC) Limited, retailing at N617 to N613 per litre.
This gaping price differential spurred a rush among motorists, particularly those flocking to NNPC stations, resulting in snarling traffic jams along vital routes like Olusegun Obasanjo Way at Wuse.
Addressing the situation, Olufemi Soneye, NNPC’s Chief Corporate Communications Officer, attributed the fuel scarcity scare to a market-driven price war.
Soneye clarified to that the prevailing tightness in Abuja stemmed from this competitive pricing strategy, elucidating that while NNPC sold at N613, other competitors priced between N625 and N650.
The chaos spilled over to various stations like the Mobil Filling Station at Utako, selling at N640 per litre, and the closure of ETERNA fuel station in Jabi. Stations along Airport Road—BOVAS, SALBAS OIL, AA Rano, and SHEMA—faced long queues, with AA Rano grappling with the demand, allowing only a few cars in and locking the main gate to stem the influx.
Farouk Ahmed, CEO of NMDPRA, highlighted NNPC’s assurance of ample petrol stock in the country.
However, he acknowledged the plight of independent marketers, citing their struggle to access forex at official rates, rendering petrol importation less profitable compared to NNPC’s advantageous pricing due to accessing dollars at official rates.
