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See reason why petrol scarcity in Nigeria is expected to last for the next 6 months

This scarcity is a result of a shortage in supply and complications surrounding fuel subsidy, despite the government’s N3.6tn fuel subsidy budget. The fuel subsidy budget was disclosed by the Minister of Finance, Budget and National Planning, Zainab Ahmed last week.

The current supply crises have prompted marketers to project that the fuel scarcity would most likely persist till June, owing to the government’s plan to end petrol subsidy in that month. There is also the opinion that the current administration has to be ousted for this to be actualized.

Some of these marketers including Chief Ukadike Chinedu, the National Public Relations Officer, Independent Petroleum Marketers Association of Nigeria, who spoke the Punch Newspaper, have noted that fuel subsidy is causing Nigerians a lot of distress.

“This issue of subsidy and the importation of petroleum products are the major reasons why we are suffering like this and having epileptic supply of PMS. This may drag till the current administration leaves in May or till June this year.” Chief Ukadike Chinedu stated.

“The exchange rate is affecting fuel imports, which is also why the cost of petroleum products are high. We use too much naira to chase the few dollars that are available. So the solution is for us to refine our crude here and get our depots working.” He added.

The Minister of State for Petroleum Resources, Chief Timipre Sylva, stated, “if you are a businessman, look at it from this perspective, that you are now in the business where you are mandated to sell at a loss to the public. That is not an easy job, I must tell you.”

Recently, talks of fuel price increasing well above 100% have been floating in the air. Some regions in the country are already buying fuel for as high as N500, when the approved price is N180. It is also not far-fetched based on the current market trends in the oil sector, that fuel price could increase to as high as N1000 before the year comes to end. Read the story here.

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