WRITTEN BY: CHIOMA MADONNA NDUKWU
The downstream petroleum sector in Abuja is facing a severe crisis with a scarcity of Premium Motor Spirit (PMS) in the Federal Capital Territory. This shortage emerged despite the Nigerian National Petroleum Company Limited (NNPCL) denying the return of subsidies on the product. Many filling stations were closed, leading to long queues at those still selling fuel. Black marketers also resurfaced, selling PMS in containers for N1,000 per liter. Pump prices have risen, with independent retailers charging N625 per liter, while NNPCL is selling at N613 per liter. Various industry stakeholders have expressed concerns about the deregulation of the downstream sector, suggesting a need for subsidized dollar rates to address the situation. #OMAGIST@AFRICAWORLDNEWS*
