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Marketers forecast a six-month fuel shortage and price increases.

Marketers forecast a six-month fuel shortage and price increases.

According to oil marketers, the distribution problems with Premium Motor Spirit, also known as gasoline, could last until June of this year.

Since last year, the downstream oil industry in Nigeria has struggled with persistent
gasoline shortages.

Nigerian National Petroleum Company Limited, the only importer of the good, has
frequently lamented the enormous responsibility of bearing the nation’s fuel subsidies.

Chief Timipre Sylva, the Minister of State for Petroleum Resources, claimed on Monday that the NNPC was forced to sell gasoline at a loss by the Federal Government’s directive about fuel subsidies.

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According to Zainab Ahmed, Minister of Finance, Budget, and National Planning, the
Federal Government has budgeted around N3.6 trillion for fuel subsidies through June 2023.

Oil marketers responded to the event by saying on Wednesday that the government’s intention to terminate gasoline subsidies in June would cause the fuel supply issue in many areas of the country, which frequently results in fuel scarcity, to last until June.

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