Nigerians have been bracing themselves for a worsening fuel scarcity crisis following a recent hike in the pump price of the product.
The Executive Vice President of Nigerian National Petroleum Company Limited (Downstream), Adedapo Segun, warned on Thursday that the situation would only get worse.
“We are facing a perfectly competitive market, and the only way to ensure stable fuel prices and supplies is to allow the market forces to dictate,” Segun said on Arise Television’s Morning Show. “Unfortunately, this means that Nigerians will have to endure more fuel scarcity in the short term.”
The warning comes as the petrol price hike has sparked widespread outrage, with Labour demanding a reversal and threatening to meet with NNPCL. The company may stop petrol importation as depot prices near N1,000/ltr.
Segun emphasized the need for a perfectly competitive market to ensure stable fuel prices and supplies in Nigeria. “We cannot continue to subsidize fuel prices and expect the market to stabilize. It’s a recipe for disaster,” he said.
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The fuel scarcity has already led to long queues at petrol stations, with many Nigerians struggling to get fuel for their vehicles.
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