More filling stations closed to motorists across Lagos metropolis and its environs while the few that sold had long queues of vehicles. The petrol stations hiked prices of petrol between N205 and N220 per litre. However, a few filling stations operated by major marketers sold at N185 per litre.
The resurgence of queues at the pumps is not unconnected with the sharp increase in operational cost of getting prevailing situation where marketers and depot owners are challenged with sourcing foreign exchange (forex) to continue their operations locally.
The implication of this is that depot owners and independent marketers are beginning to shun petrol supply owing to the rising cost of the dollar against the local currency and the inability to source such money. This development as led to a sharp reduction in the supply of the commodity.
The Executive Secretary, Major Oil Marketers Association of Nigeria (MOMAN), Clement Isong, said that although there are vessels laden with petrol imported by the Nigeria National Petroleum Company Limited (NNPCL) on the high sea waiting to discharge, the cost of hiring daughter vessels for the operation has been discouraging due to the high cost.
