Author: Anyakora Mmachukwu

In recent months, Nigeria has faced severe gridlock caused by fuel shortages and rising petrol prices. This has been attributed to the nation’s dependence on imported refined fuel, leading to frequent supply disruptions and price fluctuations. These issues have fuelled the growth of the black market, where petrol is sold outside formal regulatory frameworks. In an interview with a black-market PMS (Premium Motor Spirit) seller, Bola Blessing, she provided insights into the operations of black-market dealers and how they manage to thrive amidst fuel scarcity. She revealed that there is an organised union for black-market sellers, and before anyone can…

Despite Nigeria’s wealth in crude oil and other mineral resources, petrol scarcity has been a persistent issue since the 1970s, with fuel shortages occurring almost every year. Nigeria’s petrol crisis continues to cause significant disruptions to the nation’s economy and daily life. Nigeria’s petrol crisis and rising fuel prices, if not stabilised, will continue to impact the nation’s economy and obstruct growth. To resolve Nigeria’s petrol crisis, several steps can be taken. First, we must boost local refining capacity to reduce dependence on imports to stabilise supply and control prices. Secondly, improving transparency in the petroleum distribution chain can help…

The Nigerian Economic Summit Group (NESG) has detailed how state governors spent the allocated country’s $50 billion excess crude account in 2010, funds that could have been used to address subsidies and other critical financial issues. This was disclosed yesterday by NESG’s C.E.O, Dr. Tayo Aduloju during his visit to The Punch. Aduloju recollected that the outcome of the global financial crisis of 2007 and 2008 was minimal on Nigerian firms due to the solid substantial fiscal buffer in the excess crude account, which prevented the country from external shock. $50 billion fund was disbursed to the governors across all…

In a bid to reduce petrol costs, President Ahmed Bola Tinubu has offered Nigerians an alternative to diesel and petrol by making Compressed Natural Gas (CNG) available for vehicles at ₦230 per litre. In a statement on Tuesday by Michael Oluwagbemi, this move shows that President Tinubu is committed to making life better for Nigerians, especially following the recent removal of fuel subsidies. The Project Director of the Presidential Compressed Natural Gas Initiative (PCNGI) said that the initiative promises to deliver widespread economic relief, particularly to those reliant on transport for their livelihoods. He added, “As part of this transformative…

Crude oil significantly influences the economic conditions and production capacities of various nations, affecting sectors like education, agriculture, transportation, infrastructure, health, and security. Recently, crude oil prices have fluctuated globally due to shifts in demand and supply chain disruptions. Geopolitical tensions, especially in the Middle East, continue to impact oil prices across the twelve member nations of the Organisation of the Petroleum Exporting Countries (OPEC). For example, Saudi Arabia’s Arab Light crude is priced at $71.89 per barrel, reflecting stability. In contrast, Iraq’s Basrah Light is at $66.72 per barrel, experiencing a slight decrease due to fluctuating demand and regional…

On September 3, 2024, Aliko Dangote unveiled his new colourless petrol, sparking curiosity among Nigerians due to its unfamiliar appearance compared to the usual petrol they know. Addressing the press with a sample in a bottle, Dangote said, “It may look like a different colour, but this is the real thing. You will now have high-quality petrol that will make your vehicle engines last longer. The engine issues many of us have experienced won’t happen anymore. The quality here will match that of any in the world… we will ensure that no one beats us on quality.” Petrol and Its…