Fatshimetrie
The current situation in Nigeria is once again marked by a fuel shortage crisis and a dramatic increase in petrol prices, plunging the population into growing frustration.
Despite being one of the world’s leading oil producers, Nigeria relies on petroleum products imported by the national oil company, which has limited refining capacity.
Service stations owned by the Nigerian National Petroleum Corporation (NNPC) offer the cheapest fuel compared to private operators. When the NNPC increases its prices, so do independent garages.
Currently, people queue for hours to get petrol and can expect to pay between $0.56 per litre at NNPC stations and $0.74 or more elsewhere.
The oil company attributes its fuel supply difficulties to what it describes as “financial pressure” combined with rising global prices.
The statement comes after NNPC reported a record profit of about $2 billion last month and initially denied its heavy debt.
In addition to vehicle use, most Nigerian households also rely on petrol and diesel to power their generators, as public electricity supply is unreliable.
As such, weeks of fuel shortages are compounding the cost of living crisis, while government reforms to end fuel subsidies and free up currency have led to higher inflation for already struggling households.
Against this backdrop, images of long queues at petrol stations illustrate the harsh reality facing the Nigerian population, with major implications for their daily lives and economic well-being.