OPINION BY CHETA NWANZE: On fuel scarcity | TheCable fuelscarcity
drop was occasioned by the drop in crude oil prices in the international market. An incensed Nigerian public that had set high standards for itself insisted that ₦87 was high regardless, refused to be placated by the price reduction and made sure to vote out the Goodluck Jonathan government and usher in the era of Muhammadu Buhari.
The outbreak of the Ukraine War in February 2022 severely impacted the international oil market with the drop in supply due to production loss and boycotts forcing crude oil prices to a seven-year high. Regarding economic impact, fuel prices are influential enough on inflation when you consider transportation alone. Still, Nigeria’s failure to provide adequate power has meant that petrol also plays an inordinately high role in domestic power generation in the private and public sectors. The limited supply and steep prices increase inflation rates in an economy that already had double-digit inflation troubles.
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