Gasoline shortages persisted across major cities in Nigeria on Tuesday, intensifying the country’s already dire cost-of-living crisis with sharp price hikes.
Retail outlets in Lagos and Abuja witnessed prices surging above 850 naira, while in locations like Kano, they surpassed 1000 naira. However, the government-owned oil firm, NNPC Ltd, which holds the import reins, sells at an average of 617 naira.
Last year, President Bola Tinubu’s administration removed subsidies, opening the doors for private firms to import. Yet, foreign currency shortages and a price cap on petrol have left NNPC as the sole importer. An NNPC spokesperson noted that some retailers were exploiting the situation to maximize profits.
Gasoline serves as a primary fuel for cars and generators, crucial for households and small businesses. The ongoing scarcity adds strain to an economy already grappling with its highest inflation rate in 28 years. Commuters faced frustrations as long queues at retail stations left them stranded, awaiting transportation.
Analysts warn of potential sharp increases in the prices of essential food items if shortages persist, compounding the public’s discontent following recent electricity tariff hikes.
Concerns and grievances flooded social media platforms, with one user on X platform expressing frustration over the myriad challenges faced by citizens.
NNPC attributed the shortages to logistical hurdles, assuring customers of over 1.5 billion litres of petrol, ample for at least 30 days. However, the corporation struggles with debt and insufficient crude production for its refineries.
