fuel crisis

Nigerians are grappling with a severe fuel crisis, marked by chronic shortages and soaring petrol prices. Despite being a major oil producer, Nigeria depends on imported petroleum due to inadequate refining capacity. The state-run Nigerian National Petroleum Corporation (NNPC) offers the lowest fuel prices, but when NNPC raises its rates, private stations follow suit. Currently, petrol prices range from $0.56 per liter at NNPC stations to $0.74 or more at independent garages. With many households and vehicles relying on petrol and diesel for power due to unreliable electricity, the ongoing fuel shortages are worsening the cost-of-living crisis. This situation follows government reforms aimed at ending fuel subsidies and floating the currency, which have already led to a significant rise in inflation.