- Fuel marketers
in Nigeria have noted that the current petrol scarcity in the country could
last for another six months.
- This is due to a
reduction in the importation of fuel and issues with fuel subsidy.
- The solution to
this problem for Nigeria is to locally refine its oil.
Petrol scarcity
in Nigeria has been projected to last another six months, following an already
distressing bout with scarcity and price hikes.
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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.
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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.
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“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.”
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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.
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