Nigerians have been urged to brace for a deepening fuel scarcity following the recent hike in the pump price of petroleum products. This warning was delivered by Adedapo Segun, the Executive Vice President of Nigerian National Petroleum Company Limited (Downstream), during his appearance on Arise Television's Morning Show on Thursday.
This announcement comes at a time when many had pinned their hopes on the much-anticipated Dangote Refinery, which recently commenced operations with promises of making Premium Motor Spirit (PMS) available. However, with the Nigerian National Petroleum Company (NNPC) as the sole marketer, the frustration among Nigerians has only deepened.
Many citizens have voiced their discontent, describing the NNPC as a bearer of bad news and a symbol of incompetence and corruption, blocking the country’s progress. The public’s disappointment lies in the timing, as they expected relief from the refinery’s operations, only to be met with a further escalation in fuel prices and looming scarcity.
Segun emphasized that for the country to achieve stability in fuel prices and supplies, Nigeria must adopt a perfectly competitive market. He reiterated that only through market forces, rather than government interventions, could the persistent fuel challenges be addressed.
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