The persistent fuel scarcity, which has made petroleum products scarce in some parts of Nigeria as a result of the devastating floods in some states, is leading to panic buying in Lagos.
BusinessDay observed queues in some filling stations in Lagos in the early hours of Monday.
However, the Independent Petroleum Marketers Association of Nigeria (IPMAN) has said that fuel scarcity in the state is not the case.
Mike Osatuyi, National Operations Controller, IPMAN, said his association is following the development but there is nothing concrete yet.
He said: “We noticed it too and believe the Nigerian National Petroleum Company (NNPC) Ltd must have also observed.
Read also: Naira sinks further as oil, external reserves fall
“We expect them to work on it in terms of increasing supply,” Osatuyi said. “let us watch and see what will happen in the next three-four days.”
In addition, the Controller said his members are already buying at a higher price but will observe till Wednesday before taking any action.
The flood has led to fuel scarcity in the Federal Capital Territory (FCT) and its environs.
A few days back, the NNPC announced that its trucks were finding their way into the territory, trying to meet the demand of the populace.
Join BusinessDay whatsapp Channel, to stay up to date
Open In Whatsapp
