The DSS threats notwithstanding, fuel scarcity persisted as Nigerians have continued to lament scarcity of petroleum products during festive periods.
In 2022, Nigeria’s oil sector was riddled with numerous challenges, most notably the fuel scarcity crises that hit the different parts of the nation and crippled businesses.
However, MRS dismissed the claim by NNPC Limited, noting that NNPC Limited is the sole importer of the fuel. Meanwhile, in April the House of Representatives exonerated the oil marketers accused of importing adulterated fuel into the country. The decision to exonerate the oil marketers followed the consideration of the report of the Committee on Petroleum .In July, Mr Buhari unveiled the new Nigerian National Petroleum Company Limited, a landmark event that officially changed the oil firm from a wholly state-run entity to a commercial oil company, limited by shares.
Following its transition as a limited liability company, NNPC, on 4 October, announced it had posted a profit after tax in the sum of N674 billion for 2021.In April, the Group Managing Director of the NNPC Limited, Mele Kyari, disclosed that Nigeria lost $4 billion to oil theft at the rate of 200,000 barrels per day in 2021.
PREMIUM TIMES alos reported how Nigeria, amid dwindling revenue, lost $10 billion to crude oil theft in seven months. In October, the NNPC also announced it had uncovered an illegal oil connection from Forcados Terminal that operated for nine years. Mr Kyari, who disclosed this at the Senate’s joint committees on Gas and Petroleum said that 395 illegal refineries had been deactivated, 274 reservoirs destroyed, 1,561 metal tanks destroyed and 49 trucks seized so far.
According to data from OPEC, Nigerian production fell in the first seven months of the year to about 1.1 million barrels a day of crude equivalent in July from over 1.4 million barrels in January. But in November 2021, the federal government announced its plan to remove the fuel subsidy and replace it with a monthly N5,000 transport grant for poor Nigerians. Later in the month, the government suspended its planned removal of subsidy after the Nigeria Labour Congress and Trade Union Congress threatened to embark on mass protests.
First, in February, a major scarcity hit major cities including Lagos, causing queues at filling stations and leaving millions unable to fuel their cars and generators. At the time, marketers then listed the high cost of buying petrol at the depots and the high cost of diesel to truck them as the major factors responsible for the queue.
In a bid to help alleviate the stress faced by Nigerians daily, the State Security Service in December issued a 48-hour ultimatum to the Nigerian National Petroleum Company Limited and fuel marketers to resolve the ongoing petroleum scarcity in the country. Brent crude futures jumped $12.61, or 10.6 per cent, to $130.72 a barrel by 0449 GMT, on 7 March, while U.S. West Texas Intermediate crude climbed $10.41, or 9 per cent, to $126.09.
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