Both Nigerians and companies are suffering greatly as a result of the country’s ongoing fuel shortage.
Due to the nation’s ongoing fuel shortage, which has persisted into the New Year, Nigerians suffer from long lines that sometimes last for hours, and the price of gasoline is starting to seriously dent their wallets.
Numerous fuel stations in Nigeria have shut down their gasoline pumps, resulting in huge lines and traffic jams around the Lagos metropolitan area as well as stranding numerous commuters.
According to filling stations and locations, the price of gasoline at the pump has increased from the regulated price of N165 per litre to between N250 and N300.
Felicia Badamosi, a resident of Akoka, described the difficulties she has had finding fuel and how expensive it has become.
“I walked around Akoka before getting petrol at MRS filling station; it was sold for N245 per litre, but I ended up buying N2,000 and it didn’t fill up my fuel gallon, I also had to pay a gallon fee of N200 and N1,000 to the attendant before she attended to me,” Ngozi said.
Another driver, who also requested anonymity, claimed that after Conoil stated that it was unable to continue selling the product, he switched to MRS.
“I can’t buy petrol for as high as N400 per litre. How much will I charge my customers?” a motorist who simply identified himself as Fatai queried at Ikeja, Lagos.
In some areas of Lagos, transportation costs have increased by more than 40%. For instance, the price to travel from Ikeja to Costain has increased from N500 to N700.
Nigerians have recently been dealing with a serious challenge related to fuel scarcity. The Nigerian National Petroleum Company, NNPC, stated a few months ago that it is attempting to put the incident behind it.
However, since large oil marketers have asked for the deregulation of the commodity, there hasn’t been much progress on that front.
Subsidising the product is no longer viable, according to President Muhammadu Buhari. Later in the year, the Federal Government took action to deregulate the good.