Finance

Fuel scarcity: FG must address these 5 issues to end scarcity in Nigeria


The Federal Government has been tasked to address five factors if it is determined to end fuel scarcity in Nigeria.

This was disclosed by fuel marketers under the auspices of the Major Oil Marketers Association of Nigeria, MOMAN, during a media briefing.

According to the group, as part of permanent measures to curb fuel scarcity, marketers should also be allowed free and fair play in the importation of products.

The marketers listed the following as the issues the Federal Government must tackle head-on so as to free Nigeria from the recurring fuel scarcity crisis.

  • Distribution challenges created by the unavailability and continuous surge in international prices of Automotive Gas Oil (diesel).
  • Forex scarcity
  • Rising inflation
  • Excess and multiple import charges
  • Taxes by the Customs and relevant government agencies

What MOMAN is saying about scarcity

Chairman of the Association, Olumide Adeosun, said, “Oil marketers have consistently complained about their inability to import products due to forex scarcity, rising inflation, including excess and multiple import charges and taxes by the Customs and relevant government agencies.

“The current scarcity of petrol was occasioned by supply inadequacy in the last few weeks as well as distribution challenges created by the unavailability and continuous surge in international prices of diesel. In the interim, MOMAN recommends that the current single supplier strategy be reviewed.

“MOMAN, as an Association, fears that the current supply framework cannot guarantee steady and consistent supplies to the country given the current state of government finances and unpredictable international supply shortages. We, therefore, recommend a gradual price deregulation with targeted palliatives (eg. transport and agricultural subsidies) to the public to ease implementation.”

In case you missed it

  • Fuel scarcity returned to some parts of the country as long queues resurfaced in many filling stations that have fuel while many others were shut for lack of the product.
  • Nairametrics had reported, on Wednesday, that fuel scarcity has worsened across Lagos, Ogun States, as filling stations now sell Premium Motor Spirit (PMS), popularly known as petrol, at N185 per litre or more.
  • This was confirmed by Nairametrics from several motorists that spoke with our analysts.
  • According to them, aside from the new illegal pump price, they had to tip the fuel attendants with N400 or more depending on their bargaining power.



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