Fuel scarcity

The price of fuel per litre in Nigeria as risen drastically and varied from the regular N165 to N250, N300. This is due to the war between Russia and Ukraine. As reported earlier, the world has been hit with a series of crisis including fuel crisis that is threatening the welfare of people.

The two countries Russia and Ukraine are top oil and gas producers in Europe. As a result of political conflict in the two countries, a decline in oil production has been experienced which affect the supply of fuel to Nigeria. There are online groups such as Nigerian Drivers Initiative Team that are appealing to Nigerians to use less fuel, carpooling, using public transport and car sharing.

A team of Russian scientists believe that about 350 million people could die quickly because of nuclear radiation if there was war between America and Russia. The fuel scarcity has led to a massive increase in the prices of products and commodities across the country, causing hardship for the citizens.

This has affected industries, the economy and negatively affected business activities. Most of the citizens in the country have been preferring to use other options such as bicycles, motorcycles or horse cart transport to move from one place to another. Fuel scarcity is the reduction, interruption, or increase in price of fuel products.

This leads to various reactions that are adverse to life in the sense of employment, education and health. Nigeria has experienced fuel scarcity for decades and yet the effects on its economy remains minimal, but at times devastating. The economic reason behind fuel scarcity is attributed to the government's policy of subsidizing petroleum products in order to assure low-cost fuels to the masses.

Furthermore, a lack of storage capacity at the country's many land ports have made it impossible to stockpile fuel and guard against supply shortages. The challenge lies with importation of the product by foreign companies who buy crude oil in exchange for refined product sold in Nigeria.

The price at which Nigeria buys from them is so low that it creates a problem with price standardization between the importer and local distributor. This creates a problem for local distributors who are forced to sell at very high prices.

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