(3 Minutes Read)
The scarcity of fuel has led to a boom in the black market, as petrol hawkers prowl fuel stations with products in Jerry cans.
Fuel queues linger in Abuja, the Federal Capital Territory of Nigeria as residents search for petrol to power their businesses. The price of PMS ranges from N617 to N980 per litre, while the black marketers sell at N10,000 per 10-litre jerrycan. Many retail stations of the Nigerian National Petroleum Company (NNPC) Limited have remained locked for some time, even though Mele Kyari, the group chief executive officer of the company recently announced that the company has reached a new peak in crude oil production, higher than in the last three years.
The scarcity of fuel has led to a boom in the black market, as petrol hawkers prowl fuel stations with products in Jerry cans.
Ogbugo Ukoha, executive director, of distribution systems, storage, and retailing infrastructure, of the Nigerian Midstream, Downstream Petroleum Regulatory Authority (NMDPRA) warned marketers to desist from selling the products to black marketers, stating that they are a source of security concerns for Nigerians.
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Ukoha, who addressed a manager conference at one of the Total Retail Stations in Abuja, warned that petrol marketers risk losing their licenses if caught selling petrol to buyers in jerrycan or underselling the product to customers. He warned against selling petrol in jerry cans since most of such buyers were peddlers, who caused innumerable hardships to the common man.
