Nigeria’s petrol scarcity crisis has deepened, with fuel marketers struggling to replenish their dwindling stock as the Nigerian National Petroleum Corporation (NNPC) faces a $6 billion debt to offshore product suppliers.
Stakeholders are calling for urgent measures to address the crisis, including boosting domestic refining capacities and fully deregulating the petroleum sector.
The NNPC, currently cash-strapped, is unable to sustain fuel importation, leading to potential price hikes to reflect market realities.
Experts, including representatives from the Crude Oil Refiners Association of Nigeria (CORAN) and Seplat Energy, emphasize the need for the government to revive modular refineries and collaborate with local refineries to meet domestic fuel demands.
They highlight the failure to implement previous recommendations aimed at enhancing refinery operations as a key factor in the current crisis.
The situation has led to skyrocketing fuel prices, particularly in northern regions, and has severely impacted transportation and food costs across the country.
Stakeholders urge the government to end the subsidy regime, commercialize the nation’s refineries, and fully deregulate the downstream sector to allow private sector involvement.
Without these reforms, Nigerians may face continued fuel scarcity and rising costs, further straining the economy and daily life.