Energy Correspondents Urge Stakeholders to Address Lingering Fuel Scarcity Peter Uzoho The National Association of Energy Correspondents (NAEC) has expressed concerns about the lingering fuel scarcity in Nigeria, urging all
The National Association of Energy Correspondents has expressed concerns about the lingering fuel scarcity in Nigeria, urging all relevant government agencies in the downstream petroleum sector to collaborate in arresting the prevailing chaos in the fuel market.
“Black marketers have not only returned, but they have also been smiling to the banks at the detriment of helpless and hapless Nigerians. The Nigerian National Petroleum Company Limited stations and marketers, both independent and majors, have hiked their pump prices for Premium Motor Spirit otherwise known as petrol, for the second time in less than sixty days. The lowest price for the product is now N185 per litre from N175 per litre sold two months ago.
“Though marketers have attributed the present petrol queues across the country to exceptionally high demand and bottlenecks in the fuel distribution chain, it is however clear that the distribution value-chain is broken and worsened by a weak regulatory system. It added: “NAEC ,therefore, recommends that NNPCL should ensure a transparent subsidy system that will allow the supply figures and cost templates that provide basis for subsidy claims to be verifiable.
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