The petrol shortage in Nigeria is expected to continue due to a $6 billion debt to petrol suppliers, lack of liquidity, and other issues affecting the Federal Government’s capacity to sustain petrol importation.
Oil marketers stated they cannot import petrol due to the high foreign exchange rate of $1,500/₦, increasing the landing cost per litre to over ₦1,100.
The Nigeria Employers Consultative Association (NECA) noted the economy struggles due to foreign exchange fluctuations, low crude oil production, and high monetary policy rates constraining business activity.
Petrol scarcity has led to long queues at filling stations, with independent marketers selling the product at ₦700-₦900 per litre due to high transportation costs.
NNPC Ltd acknowledged its significant debt to petrol suppliers, posing a threat to fuel supply sustainability.
The Independent Petroleum Marketers Association of Nigeria (IPMAN) stated its members lack access to direct bulk petrol supply from NNPC, forcing them to buy from private depot owners at exorbitant rates.
The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) expects Dangote Refinery to help end the fuel shortage with its 650,000 barrels per day capacity.
NECA attributed the economy’s struggles to fluctuations in the foreign exchange market, low crude oil production, and high monetary policy rates.
The association recommended targeted reforms to enhance productivity, attract investment, and create a more resilient and diversified economy.
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