The current price of petrol in Nigeria is an average Nigerian’s biggest annoyance today. The process of buying petrol, which used to take only minutes before, could now last for hours as fuel scarcity remains at an all-time high following the unavailability of petrol at local gas pumps across the country.
In Nigeria today, the average consumer has two frustrating choices when they find themselves with a low tank.
- Join a never-ending queue and wait for almost an eternity to purchase petrol from a local gas station. This method is not advisable for early-morning commuters as there is a high probability of getting to work very late. Assuming you’re able to get there at all
- Your second option is to buy petrol from black-market peddlers for an exorbitant, unreasonable price.
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Fuel Scarcity
Residents of Nigerian states have been waking up to acute fuel shortages for the past few weeks, as many gas stations are under lock and key. They claim to have run out of fuel. Some are being accused of hoarding fuel, unable to sell to motorists who (having followed the first option listed above) have been in a queue since as early as 5 AM.
Reasons for the fuel scarcity remain sketchy, at best.
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Effects of Fuel Scarcity
Having assessed the situation, a series of troubling reports were made in regard to the effects of fuel scarcity in Nigeria. Particularly among metropolitan states like Lagos and Abuja. These reports read:
- A good number of gas stations locked/shut down
- Lines of cars that stretch for several meters, thus causing traffic gridlock on major routes and express lanes
- General disturbance to the society at large
- Black market peddlers constitute a nuisance on the roads
Fuel scarcity is no new field in Nigeria. We could say it happens every blue moon. In some instances, the scarcity results in fuel subsidy, and other times it results in an increment of petrol price. The latter is usually the more common result.
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Fuel Subsidy
This means that the government pays a percentage of the price consumers are meant to pay to enjoy petroleum products. This is a method for the government to ease the burden of its citizens.
In Nigeria, the government fixes the pump price and pays the difference between that and the open market price.
Increment in Petrol Price
A few days ago, the price of petrol was 170 per liter. That is not the case today. Some Nigerians allege that certain gas stations have been hoarding their market, selling to the highest bidder where necessary. There are also reports of gas stations selling their wares for as high as 250 per liter.
Outrageous, yes, but it would seem that nothing can be done about it.
Black Market Dealers
When you hear “Black Market,” it is simply a term that denotes illicit trading/buying of goods and services. And one of the most common items that fall under this category is petrol.
Black marketers in Nigeria are having a field day, selling their wares to desperate customers for as high as 300 per liter. Imagine you’re already running late to work (as with most Nigerians), and you realize you have a low tank. You rush to the nearest station only to find a queue as long as your birthday wishlist, and you realize there is no hope.
Clearly, your second option is to either buy from the black market or use your legs to complete the journey to your destination.
A lot of people will opt for the black market, and that is what makes the business so lucrative.
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Reasons for Fuel Scarcity
An agent of IPMAN (Independent Petroleum Association of Nigeria) has blamed the lack of petroleum products for the scarcity of petrol in Nigeria.
In an interview, he disclosed that all petrol marketers, including IPMAN, MOMAN (Major Oil Marketers Association of Nigeria), and DAPPMAN (Depot and Petroleum Products Marketers Association of Nigeria), are struggling to get products from NNPCL, the sole supplier of PMS to Nigerian oil marketers.
Apparently, these corporations have had to sell petrol at 240 per liter to gas stations in the country.
And if you add the volatility of foreign exchange (800 naira to 1 dollar) and the crash of DPDS (Direct Purchase and Direct Supply) option, then there is no other choice but to increase the price of petrol, which is not a suitable concept for many Nigerians.
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Current Price of Petrol In Nigeria
Nigerians have urged the Federal Government to provide solutions to the country’s worsening fuel scarcity crisis. Some spokespersons have urged the government to permit the private sector to import oil and gas. Some have cried for abolishing monopolies in the oil and gas sector.
Others have demanded the deregulation of the downstream sector, a fool’s hope seeing as elections are just around the corner.
NNPC, however, has recently disclosed that there is petrol, and quite a lot of it ready for sale. They have debunked all allegations of hoarding and have encouraged Nigerians to visit the nearest stations with the assurance that they will get petrol.
The current price of petrol in Nigeria is currently 195 per liter.
Fuel scarcity shows no signs of slowing down. There is every chance that the prices will soon skyrocket as tensions at various oil depots seem to grow even more intense. You should make hay while the sun shines and hoard as much petrol as possible. Something to last you during the troubling days ahead.
