January 14, 2025
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OIL & GAS

Nationwide Protests Cause Oil Scarcity, Drive Up Pump Prices in Nigeria

The ongoing nationwide protests in Nigeria against economic hardship tagged #EndBadGovernance have plunged some states of the oil-rich country into a state of turmoil, causing disruptions across various sectors, most notably the oil supply.

As millions of Nigerians take to the streets demanding succour, the resulting chaos has led to a scarcity of fuel and an increase in its prices across most of the states.

The protests, which began as a response to the economic hardship due to the removal of the fuel subsidy, floating of the naira, and other unpopular policies of President Bola Tinubu’s administration, have seen widespread participation.

One of the most immediate impacts of the protests has been on the oil supply chain. With what seems as the growing fear by tanker drivers for their safety due to the disrupted routes, the distribution of fuel has been hampered especially in the Northern part of the country.

Motorists formed long queues at petrol stations across most of the states, driving up prices, with some stations selling petrol at N850 to N1,000.

In Abuja, the nation’s capital, and other major cities in the North like Kano, the scarcity has led to panic buying, further exacerbating the crisis. Many residents have resorted to purchasing fuel on the black market, where prices are even higher.

“I spent almost an hour in line just to get a few litres, look around most of the stations are closed,” Alhaji Musa Sirajo, a frustrated motorist in Bauchi told Energy Afrique. “The prices of fuel are always skyrocketing, and it’s becoming unaffordable for many of us,” he added.

The economic impact of the fuel scarcity is widespread. Transportation costs have surged, affecting the prices of goods and services. Commuters are bearing the brunt of increased fares, and businesses, particularly those reliant on fuel for operations, are struggling to cope with the rising costs.

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