• Privacy Policy
  • Terms
  • About us
  • Contact Us
  • Staff Email
Tuesday, July 15, 2025
  • Login
TheMattersPress
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
TheMattersPress
No Result
View All Result
Home Economy/Technology

Queues resurface in Lagos as marketers envisage pump price increase

Queues

The Matters Press by The Matters Press
August 15, 2023
Reading Time: 2 mins read
0
Nigeria plans to increase petrol pump price despite spike in inflation, unemployment

Lagos, Aug. 15, 2023:Long queues of vehicles has resurfaced in Lagos as some filling stations shut down operations in anticipation of increase in pump pric.

RELATED POSTS

17-member committee for burial of Buhari

Lagos falls flat to APC

Nigeria celebrates Soyinka at 91

Some filling stations along Ikorodu Road, Maryland, Gbagada, Bariga, Ketu and Yaba witnessed long queues as many other stations were locked.

Some marketers, who preferred anonymity, said the scarcity of petrol and challenges faced by licensed petroleum product marketers were due to foreign exchange volatility have led to these issues.

According to them, marketers are facing difficulties in closing business deals with suppliers and banks which has resulted in some stations being shut down and products being hoarded.

They also said that the prevailing forex rate and the reluctance of marketers to sell at the current price contributed to the situation; long queues.

They noted that there were indications of another round of nationwide petrol scarcity, which could lead to an increase in pump prices to around N750 per litre to N800 per litre should the dollar continue to trade from N910 to N950 at the parallel market.

They also hinted that dealers seeking to import PMS were asked to put the plans on hold, due to the scarcity of foreign exchange to import the commodity.

They said that the warning came barely one week after the local currency crossed the N900 per dollar ceiling, with the Naira selling at over 945 per dollar at the parallel market on Aug. 11.

“The CBN Importers and Exporters official window for foreign exchange, which boast of a lower exchange rate of about N740 per litre, had remained illiquid and unable to provide the 25 million dollars to 30 million dollars required for the importation of PMS by dealers.

“This, had led to the suspension petrol importation by dealers who were initially eager to import the commodity.

“The only marketer who imported the commodity recently, was now finding it tough to recoup its investment due to the depreciation of the Naira.

“Petrol price hike was imminent unless the local currency appreciates in the coming weeks,” another marketer explained.

However, the Independent Petroleum Marketers Association of Nigeria (IPMAN), Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN), and Major Oil Marketers Association of Nigeria (MOMAN) are set to meet on Tuesday to discuss the issue.

Tags: Queues
ShareTweetPin
The Matters Press

The Matters Press

Related Posts

Buhari attends inauguration of Barrow of Gambia
Entertainment/sports

17-member committee for burial of Buhari

July 14, 2025
Lagos falls flat to APC
Economy/Technology

Lagos falls flat to APC

July 13, 2025
African intellectuals release letter to world, caution continent on selfness
Economy/Technology

Nigeria celebrates Soyinka at 91

July 13, 2025
China introduces new visa
Economy/Technology

Nigeria maintains issuance of 5-year visa to Americans

July 13, 2025
ADC, AN ASSEMBLAGE OF STRANGE BED FELLOWS, TIRED POLITICIANS– GROUP
Energy

ADC, AN ASSEMBLAGE OF STRANGE BED FELLOWS, TIRED POLITICIANS– GROUP

July 10, 2025
Babangida Aliyu’s Exit from ADC, a testament to Coalition’s deceitful recruitment- Group
Economy/Technology

Babangida Aliyu’s Exit from ADC, a testament to Coalition’s deceitful recruitment- Group

July 10, 2025
Next Post
Africa’s remittance inflows hit $72b

CBN gets presidential approval to address FOREX crisis

Marketers hail unveiling of new NNPC

NNPCL dispels rumour of planned increase in petrol price

Recommended Stories

Fraud in banking sector, mostly insider instigated

Nigerian banks are buoyant, CBN

December 11, 2023
Consumer commission, CBN, EFCC investigate violations in money lending

CBN amends FX rates for customs duty on importation

February 24, 2024
Buhari commissions airport terminal

Airline operators urge FAAN to increase check-in counters to solve flight delays

December 17, 2022

Popular Stories

  • Rising prices of goods cause protests in Morocco

    Rising prices of goods cause protests in Morocco

    0 shares
    Share 0 Tweet 0
  • NLNG not responsible for gas supply shortfall, price hike

    0 shares
    Share 0 Tweet 0
  • NCC sets fresh operational fees, spectrum prices for telecom operators

    0 shares
    Share 0 Tweet 0
  • Hoarding causes hike in prices of grains

    0 shares
    Share 0 Tweet 0
  • Prices of Petrol, diesel increase in November

    0 shares
    Share 0 Tweet 0
TheMattersPress

We bring you the best news update in Nigeria

LEARN MORE »

Recent Posts

  • 17-member committee for burial of Buhari
  • Lagos falls flat to APC
  • Nigeria celebrates Soyinka at 91

Categories

  • Agriculture
  • Economy/Technology
  • Energy
  • Entertainment/sports
  • Features
  • Foreign
  • Multimedia
  • Natural Resources
  • News
  • Oil and Gas
  • Photo
  • Politics
  • Security
  • Thematterspress
  • Uncategorized
  • Video

© 2025 Domo Tech World - Powered by Thematterspress.

No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us

© 2025 Domo Tech World - Powered by Thematterspress.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Call Us