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Fuel queues form in Nigeria over fears of gasoline price hikes

Published 02/03/2021, 17:43
Updated 02/03/2021, 17:48
© Reuters.

LAGOS, March 2 (Reuters) - Queues for fuel formed across
Nigeria on Tuesday over fears of a rise in gasoline costs, even
as the state oil company promised consumers that prices would
remain stable.
Lines of cars waiting to enter petrol stations snarled the
traffic in Lagos, the packed commercial capital, while some
stations in the capital Abuja stopped selling fuel for fear of
losing money if prices rose.
Nigeria said last year it had liberalized the sector, and
eliminated costly subsidies. But state oil company NNPC has
acknowledged it remains the sole gasoline importer. It is also
setting prices at fuel depots.
In a statement on Tuesday, fuels regulator the Department of
Petroleum Resources warned sellers against hoarding fuel.
"The DPR will not hesitate to apply appropriate sanctions on
any outlet found wanting in this regard," DPR director Sarki
Auwalu said in the statement. "The regulatory agency has set up
a special taskforce to intensify surveillance and monitoring of
all retail outlets and depots nationwide."
On Monday, state oil company NNPC said it had ruled out
price increases in March while its negotiations with organized
labour over fuel prices continued. It also cautioned against
"artificial scarcity".
Experts said the decision not to increase prices, even as
global gasoline became more expensive, meant the government was
incurring subsidy costs.

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