The reason for the fuel scarcity in Lagos State has been explained by the Independent Petroleum Marketers’ Association of Nigeria (IPMAN).
Akinrinade Akinade, Chairman of IPMAN Lagos Depot, claimed in a statement to Daily Trust that many IPMAN members were not purchasing the products because private depots had increased the retail price.
Akinade, who stated that the association had alerted the proper authorities to the development, added that things could get worse if they do not act quickly.
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.”
