House Committee Warns of Fuel Shortages and Price Hikes

The House Committee on Petroleum Resources Downstream, led by Chairman Ikeagwuonu Ugochinyer, issued a warning regarding potential fuel shortages and price increases in Nigeria. During a press briefing in Abuja, Ugochinyer emphasized that the current supply of crude oil to Dangote Refinery is critically inadequate, with only five cargoes received instead of the required minimum of 21 to operate optimally.

This shortfall poses a significant threat to economic stability and the welfare of Nigerians. The committee noted that unless the supply issues are resolved within 48 hours, the country could face a resurgence of fuel queues and increased hardship due to higher pump prices.

Ugochinyer criticized the inefficiencies in the supply chain and pointed out that crude oil produced in Nigeria is sold to middlemen in London and Dubai, which adds unnecessary costs. The committee has called for the presidential technical committee on crude oil to reconvene urgently to address these supply bottlenecks.