By Aaior K. Comfort

Despite a recent hike in petrol prices, the Federal Government is struggling to stabilize the supply of Premium Motor Spirit (PMS) in Nigeria. The shortage has persisted, with long queues and black market activities intensifying in major cities like Lagos and Abuja. The pump price of petrol now stands at N855 per liter, but independent marketers are selling at rates between N900 and N1,000 per liter, with some areas exceeding N1,000.

President Bola Tinubu defended the removal of fuel subsidies, citing the need to redirect budgetary resources towards critical infrastructure and social services. Vice President Kashim Shettima, speaking on Tinubu’s behalf at a recent Chartered Institute of Bankers of Nigeria (CIBN) conference, emphasized that the reforms, though painful, aim to restore confidence in Nigeria’s economy.

Finance Minister Wale Edun announced plans to alleviate transportation costs by supplying 25 million liters of petrol through the Dangote refinery starting this September. However, petroleum marketers have blamed the persistent shortages on unresolved pricing disputes between Dangote Refinery and NNPC Limited, as well as challenges in securing additional capital to purchase stock.

Experts have called for increased supply and practical deregulation to stabilize the market, urging the public to avoid panic buying. The ongoing crisis highlights the need for operational refineries and sustainable solutions to Nigeria’s petrol supply issues.