The Independent Petroleum Marketers Association of Nigeria (IPMAN) has accused the Nigerian National Petroleum Corporation Limited (NNPCL) of withholding petroleum products worth N75.142 billion, paid for by its members since June. This refusal, according to IPMAN, has significantly worsened the ongoing fuel shortages, particularly in the South West region.
Nigeria, one of the world’s largest petroleum producers, is paradoxically facing a severe fuel crisis. The scarcity has led to skyrocketing prices and widespread shortages, crippling daily life and stifling economic activities across major cities.
In Abuja, the nation’s capital, a litre of petrol is sold at N1, 000, while black market prices have skyrocketed to an unprecedented N12,000 for just 10 litres. Similar disruptions are reported in Lagos, Kaduna, Port Harcourt, and other major cities, where fuel is either unavailable or sold at exorbitant rates. Many filling stations have shut down due to the severe undersupply of Premium Motor Spirit (PMS), commonly known as petrol, leaving motorists stranded and businesses at a standstill.
The NNPCL, the sole importer of petrol in Nigeria, has attributed the shortages to “distribution challenges.” In a statement released by its spokesperson, Olufemi Soneye, the corporation assured the public that it was working around the clock to resolve the issue and restore normalcy before midweek. However, this explanation has done little to ease the frustrations of Nigerians, who are questioning how a country with such vast petroleum resources can be so poorly managed that it cannot meet its own fuel needs.
Further compounding the crisis are allegations that NNPCL is prioritizing fuel supply to major marketers such as Total and OANDO, at the expense of independent marketers who represent the backbone of Nigeria’s fuel distribution network. IPMAN claims that NNPCL is using funds deposited by its members to service these major companies, leaving independent marketers to struggle with bank loans and an inability to meet customer demand.
The ramifications of this crisis extend far beyond the immediate inconvenience of high fuel prices. The scarcity is disrupting commercial and social activities across the country, with transport costs surging and inflationary pressures mounting. In a nation where a significant portion of the population already lives in poverty, these developments are exacerbating the economic hardships faced by ordinary Nigerians.
Calls for government intervention are growing louder, with IPMAN urging the federal government and relevant stakeholders to step in and address the situation before it spirals further out of control. The association warns that if the current trajectory continues, it could push many independent marketers out of business, leading to even greater fuel scarcity and higher prices.
Nigeria’s fuel crisis is a stark reminder of the challenges facing a country that, despite its abundant natural resources, struggles with poor management and governance. As the world watches, the Nigerian government is under increasing pressure to resolve the crisis and ensure that the nation’s wealth is used to benefit its people, rather than becoming a source of their suffering.
