The reason behind the sudden fuel scarcity in Nigeria has been revealed.
According to the Independent Petroleum Marketers’ Association of Nigeria (IPMAN), the product scarcity was caused by the refusal of it’s members to buy the product as a result of private depots jerking up the retail price.
Speaking to Daily Trust, Chairman of IPMAN Lagos Depot, Akinrinade Akinade revealed that the association had informed the appropriate authorities on the development, adding that the situation might get worse if the authorities fail to intervene immediately.
He said;
“For some days now, the private depots have jerked up their ex-depot price and it will be difficult for our members to sell at the price they are selling to us and that is what accounts for the flash queues you are seeing now.
“We have contacted the authority. Since last Monday, the private depots just jacked up their price. If you buy at the rate they are selling now, you won’t make any profit.”
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