Surge In Filling Stations Hits Abeokuta Amid Soaring Petrol Prices

Daud Olatunji

 In Abeokuta, the capital of Ogun State, a significant increase in the number of filling stations being put up for sale or changing ownership has been observed due to the dwindling patronage caused by the sharp rise in petrol prices.

According to a recent investigation by Rockcity FM, over ten filling stations have transitioned to new owners in the past few weeks since petrol prices surged to approximately N600 per litre. 

The selling price of these stations varies depending on their location and facilities.

The primary buyers in this trend appear to be the Nigerian National Petroleum Company Limited (NNPC) or its franchise.

 Filling stations across various areas of the city, including Asero, Lafenwa, Oke Ilewo, Olobe at Idi Aba, Oke Ijeun, Onikolobo, Akin Olugbade, and Obantoko, have already been sold or are in the process of being sold.

As a direct consequence of the soaring petrol prices, there has been a substantial reduction in the number of vehicles on the road, and those still in operation have curtailed their petrol consumption.

 This has resulted in some filling stations reporting sales figures well below 30% of their pre-subsidy removal levels.

Initial plans to convert some of these filling stations into compressed natural gas (CNG) facilities have encountered challenges, prompting many operators to explore alternative investment opportunities.

The market average for filling stations available for sale in Ogun State stands at N345,000,000, with the most expensive station priced at N1,200,000,000 and the most affordable one at ₦120,000,000.

 A total of 14 filling stations are currently listed for sale in Ogun, Nigeria, with contact details provided by estate agents for interested parties. Prospective buyers can filter their search based on price, furnishing, and recency.

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