A severe fuel crisis has hit Nigeria, with petrol prices skyrocketing to over N1,000 per liter in many parts of the country. The situation has caused widespread panic and disruption to daily life, with long queues forming at fuel stations.
The crisis comes as the Dangote Refinery, a 650,000 barrels per day facility in Lagos, has commenced production of Premium Motor Spirit (PMS). However, the refinery’s output is yet to hit the market, and it remains unclear when the fuel will become available to consumers.
The Nigerian National Petroleum Company Limited (NNPCL) has admitted to facing financial strain due to the high cost of fuel importation and indebtedness to oil suppliers amounting to over $6 billion.
The Independent Petroleum Marketers Association of Nigeria (IPMAN) has urged Nigerians not to panic, stating that the situation is normal for businesses and that they are working with NNPCL to ensure fuel availability.
However, experts have criticized the government’s handling of the oil and gas sector, citing poor management and a lack of transparency. They have called for urgent action to address the challenges facing the sector before it collapes entirely.
