Fuel Shortage Grips Nigeria, Selling at N1,500/litre, Disrupts Economy

Date:

An acute shortage of petrol in Lagos, Abuja, and various parts of Nigeria is causing widespread disruptions to economic activities across the country. Despite government efforts, the crisis has persisted for nearly two weeks, leaving citizens grappling with inflated prices and long queues at fuel stations.

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Fuel prices have skyrocketed to between N700 and N1,500 per litre, leading black marketers to exploit the situation and charge exorbitant rates. Motorists endure hours-long waits to refuel their vehicles, while businesses struggle with reduced operating hours or closures due to transportation challenges.

The Independent Petroleum Marketers Association of Nigeria (IPMAN) predicts that the fuel shortages will last for another two weeks, citing challenges in sourcing the product. Refineries in Europe undergoing maintenance have exacerbated the situation by limiting supply.

In major cities like Lagos, traffic congestion compounds the fuel scarcity, with early morning rush hours turning chaotic due to long queues at filling stations. Workers miss important meetings and appointments, resulting in productivity losses and economic setbacks.

Fuel retailers in other regions, such as Ebonyi, Enugu, Ilorin, and Makurdi, exploit the scarcity to hike prices, further burdening motorists and businesses. Some blame delays in refinery production, while others point to supply chain disruptions and increased demand.

However, in Awka, Anambra State, the situation appears more stable, with fuel available at relatively lower prices and minimal queues at filling stations. Motorists express hope for a swift resolution to the fuel crisis, urging the government to address the root causes of instability in the petroleum industry.


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Godwin Okafor
Godwin Okaforhttps://naija247news.com
Godwin Okafor is a veteran Financial Journalist, Internet Social Entrepreneur, and the visionary Founder of Naija247news Media Limited. With an extensive career spanning over 16 years in financial journalism, Godwin possesses a wealth of experience that seamlessly bridges both traditional and digital media landscapes. His journey in journalism commenced at Business Day, Nigeria, where he laid the foundation for his prolific career. In 2010, Godwin took a bold step by founding Naija247news Media, a platform that has since become a prominent player in delivering timely and accurate news. Educationally, Godwin Okafor holds a Bachelor's degree in Industrial Relations and Personnel Management from the prestigious Lagos State University, Ojo, Lagos. His commitment to continuous learning led him to the Lagos Business School, where he further honed his skills. Additionally, he is recognized as a Fellow of the University of Pennsylvania, having successfully completed the Wharton Seminar for Business Journalists. Throughout his illustrious career, Godwin has earned acclaim by winning numerous journalism awards, a testament to his dedication to excellence in reporting. Beyond his role as a Financial Journalist, Godwin Okafor wears the hat of the Chairman at Emmerich Resources Limited, the publishing entity behind Naija247news. His visionary leadership has played a pivotal role in shaping the media landscape and establishing Naija247news as a trusted source of information. Godwin Okafor's multifaceted expertise, commitment to journalistic integrity, and leadership in the realm of business journalism underscore his influential presence in both the media and entrepreneurial spheres.

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