Biting Fuel Scarcity: The Shame of a Nation

For most of this week, long queues persisted in most fuel stations in many states. Nigerians are patronising the black market for petrol because most fuel stations in many states don’t have the product. The price of a litre of petrol varies from N120 to N150 depending on the part of the country you are buying. This is the same petrol the APC said should not sell above N70 per litre when the Jonathan administration slashed N10 off its price and it came to N87. I remember pretty clearly that the APC said then that since the price of crude oil had fallen by over 60%, petrol should not exceed N70 per litre. The party accused the Jonathan administration of deception by its so-called fuel price reduction, saying a 10.3 per cent slash in the price of petrol was tokenism at a time the price of crude oil had crashed by about 60 per cent. The APC told the nation so much lies about the price of petrol and now that they are in government, petrol is selling for N150 per liter in some places. The regulated price per litre also remains N87, almost six months after the party assumed power. For now, fuel scarcity is biting harder in many states. Many fuel stations are selling above the regulated price. There is scarcity because the marketers have refused to import. They want almost N500 billion outstanding subsidy claims paid. The marketers were not impressed by government’s promise to settle N413 billion subsidy claims. They want the cash in the accounts before resuming importation. For how long shall we continue to suffocate Nigerians? For how long shall this administration continue with this corruption called fuel subsidy? This country has wasted about N950 billion paying petroleum products subsidy claims in the last 1
1 months. I thought the “Change” would have by now touched the supply of petrol and kerosene. The truth is that consumption is not subsidised in sane societies. We should be subsidising production. Government should fully deregulate the downstream sector and stop controlling shares in the refineries to improve supply of petroleum products. The plants should be given to the private sector for prudent management. The over 120 refineries in the United States are privately controlled. This is the standard in sane societies.
YEMI ADEBOWALE