Arab Today, arab today oil scarcity persists in africas largest oil producer
Last Updated : GMT 16:37:07
Arab Today, arab today
Arab Today, arab today

Oil scarcity persists in Africa's largest oil producer

Arab Today, arab today

Arab Today, arab today Oil scarcity persists in Africa's largest oil producer

Premium Motor Spirit
Abuja - XINHUA

One thing is common in major cities in Nigeria these days -- long queues for Premium Motor Spirit (PMS) at gas stations, sometimes stretching to two or more kilometers.

Fuel scarcity is commonplace in Nigeria, Africa's largest producer of oil, but this latest episode of oil shortage across the country has lingered for about two months without any solution in sight.

Early this month, authorities in the West African country said the long queues at filling stations would disappear by April 7. It is already more than one week after the given deadline, yet the scarcity persists, leaving motorists, who spend long hours on queue for the essential commodity, to groan.

In Abuja, the nation's capital, the situation is worse. Most petrol filling stations are usually jam-packed, even when they are not yet selling the product. It is common to see motorists engage themselves in undignified scrambling for oil till wee hours of the night.

Felix Akolawole, an economic analyst, told Xinhua he once had a terrible experience shuttling between his office and the filling station, all in a bid to fill up the fuel tank of his car.

Akolawole said the real solution to the problem was for government to remove the subsidy on oil and ensure that local oil refineries in the country begin to work perfectly.

According to him, the corruption and mismanagement of petroleum funds are responsible for this plight, and it appears obvious that Nigeria cannot afford to continue with the petroleum subsidy.

"I hope the government can fully take charge of its responsibilities to construct more oil refineries and make them work to full capacity, to bring an end to this problem," he said.

Despite its crude oil reserves profile, 70 percent of Nigeria's domestic petroleum products demands are met through petroleum importation. This costs the country more than 62 billion U.S. dollars, which is sufficient to meet the initial investment requirement to build four refinery plants, he added.

The analyst called on the government to quickly find lasting solution to the lingering fuel problem in Abuja and other states, so that business operators or government workers could use the productive hours wasted on long queues for the economic development of Nigeria.

In many cities in Nigeria, motorists who can not wait in the relatively long queues at filling stations, resort to buying the product at prohibitive cost from black markets.

As the nationwide fuel scarcity lingers on, a liter of petrol now sells for 300 naira or more in most parts of the country, as against the government approved pump prize of 86 naira.

In Lagos, Nigeria's economic hub, many commuters now find it difficult to get commercial vehicles to different destinations, even as some transport operators increased the fares by 100 percent or more.

The city is virtually grounded as only few vehicles now move about, with many passengers stranded at bus stops, while queues of desperate motorists stretched for kilometers at some filling stations.

It is the same situation in other cities including Abeokuta, Ibadan, Minna, Maiduguri, Bauchi, Ado Ekiti and Benin City.

Some business operators said the ongoing fuel crisis had become a clog in their regular operations.

Sule Abore, a businessman, said the current situation had brought hardships to his family as his business was almost ground to a halt.

It is noticeable that most travelers are usually stranded at various motor parks across the country or forced to reschedule their journey due to hike in transit fares.

Nigeria's Oil Minister Ibe Kachikwu, who doubles as the Group Managing Director of the state-run Nigerian National Petroleum Corporation, said the persistent fuel scarcity bedeviling the nation was not limited to arrears of subsidy payments to local oil marketers but further worsened by a huge catalog of issues and problems in the downstream sector.

"We wish to re-assure Nigerians that we are on top of the petroleum products supply and distribution situation, and we remain committed to eliminating this endemic issue once and for all," he said.

Although the minister said the state-run oil firm has so far made progress in nationwide petroleum supply and distribution to all states and ensured product availability, with current supply to states in excess of the normal consumption, Nigerians still wonder how long the acute oil shortage will last.

Kachikwu reiterated the commitment of the national oil firm to eventually end the lingering fuel scarcity in the country, noting the Petroleum Products Pricing Regulatory Agency, a major stakeholder in the regulation of the sector, and the Pipelines and Products Marketing Company (PPMC) had assured that the fuel scarcity problem would soon come to an end in Abuja, Kaduna, Port Harcourt, Lagos, and other cities in the country.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today oil scarcity persists in africas largest oil producer Arab Today, arab today oil scarcity persists in africas largest oil producer

 



Arab Today, arab today
Arab Today, arab today Mohamed Bahari prepares new collection for spring 2017

GMT 06:15 2017 Monday ,27 February

Mohamed Bahari prepares new collection for spring 2017
Arab Today, arab today 17.4 million tourists visit UAE in 2016

GMT 00:47 2017 Monday ,27 February

17.4 million tourists visit UAE in 2016
Arab Today, arab today Sheds light on major steps in 12-year career

GMT 06:07 2017 Monday ,27 February

Sheds light on major steps in 12-year career
Arab Today, arab today UN envoy sets out framework

GMT 07:25 2017 Monday ,27 February

UN envoy sets out framework
Arab Today, arab today Ayat Abaza says state TV presented major stars

GMT 03:52 2017 Sunday ,26 February

Ayat Abaza says state TV presented major stars

GMT 06:01 2017 Sunday ,26 February

BRIC funds see inflows amid emerging equity boom

GMT 05:43 2017 Sunday ,26 February

Al-Gergawi quits Dubai Holding to focus on govt role

GMT 05:14 2017 Sunday ,26 February

Oil prices to average $50-$70 through 2022

GMT 14:44 2017 Saturday ,25 February

China overtakes US as Germany’s top trade partner

GMT 05:53 2017 Saturday ,25 February

Global sovereign debt to hit new all-time high

GMT 05:17 2017 Saturday ,25 February

Oil world cautious on Trump’s next move

GMT 09:59 2017 Friday ,24 February

Baidu revenue slips anew amid ad clampdown
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Reading therapy relieves mental disorders

GMT 15:39 2017 Friday ,24 February

Reading therapy relieves mental disorders
Arab Today, arab today UK appoints 1st Scotland Yard chief in 188 years

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years
Arab Today, arab today Penguins in the age of dinos

GMT 11:44 2017 Saturday ,25 February

Penguins in the age of dinos
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today 'Constructive' Vauxhall talk with union

GMT 08:54 2017 Saturday ,25 February

'Constructive' Vauxhall talk with union
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Reasons for the delay 'On the Stairs of Servants'

GMT 06:42 2017 Saturday ,25 February

Reasons for the delay 'On the Stairs of Servants'
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage

GMT 07:23 2017 Friday ,24 February

Ola Ghanem hopes to work with M.Ramadan

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby

GMT 18:23 2017 Friday ,24 February

Fadi explains secrets of  Nancy Ajram's newlook

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"

GMT 10:51 2017 Saturday ,25 February

Pigs with edited genes show resistance

GMT 14:04 2017 Friday ,24 February

Messi visit will contribute in tourism

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 22:42 2017 Thursday ,23 February

Nasima Gamei revives heritage in jewelries
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday