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Nigeria is facing another crisis which has caused a huge amount of load at the fuel stations. Public transport has collapsed as many Nigerians are stuck at bus stops. This is because commercial vehicles aren’t able to perform their operations.

The fuel shortage has been faced in major Nigerian cities like Abuja, Lagos, Akure, and many other countries. Thus there has been a lot of disturbance in these cities.

Lagos’s situation has worsened as there has been a fuel shortage for three days, and people are lining up at petrol stations with their vehicles. The problem seemed to have declined as many petrol stations have been shut down. The ones that have been opened for business are facing a lot of rush as people want fuel for their vehicles.

Why is there a shortage of fuel?

The reason behind this is the increasing fuel cost and the high diesel cost set by the government. The condition keeps on getting worse for the Nigerian people.

The original price for the fuel is N165/litre. The government sets this price, but the vendors do not agree to sell at this price. According to them, this price isn’t fair. Thus the vendors have set up the rates on which they are selling the fuel. According to them, selling the power at a price set up by the government is equivalent to a loss.

Lagos state depot (LSD) Secretary has stated that

With the current price, there is no way we can sell less than N180 per litre.

He has further stated “Members are hereby advised to sell at a sustainable price within their environment. Just make sure that the price is on your pump.”

Thus many fuel stations are selling at a higher price and ignoring the government’s orders. Some Ojo, Iba and Igando stations sell at N170 per litre.

 

Why do vendors want the prices to be increased?

 The oil vendors have found that the solution to this fuel crisis is to increase the price of fuel in the market. They want the government to accept the increased costs.

The cost of diesel has increased from N250/litre to N850/litre. This is because of the ongoing war between Russia and Ukraine. The vendor cites this reason and when they say that it is necessary to increase the price of the fuel.

Diesel is mostly used in transporting the fuel to the filling stations. Russia is the biggest producer of diesel in the world. Thus due to war, getting diesel from Russia has become very difficult.

Due to the war, the prices of crude have also increased, and thus this explains the increase in prices.

Zarma Mustapha, the Deputy National President, has stated, “unfortunately, the price has continued to rise, and based on that, the government made an upward review of the bridging claims.”

Conclusion

As you can see, the increased prices of diesel are the reason why the vendors want the prices of petroleum products to be increased. This is due to the ongoing war. Many marketers are in contact with the government and have asked the government to increase the prices of the fuel.

 

 

 

 

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