Nigeria Faces Imminent Petrol Scarcity and Price Hike

The House of Representatives' Committee on Petroleum Resources (Downstream) has raised alarms about a potential return of fuel scarcity across Nigeria, warning that petrol queues and pump prices may spike imminently if corrective measures are not taken. During a press briefing in Abuja on Thursday, Committee Chairman Ikenga Ugochinyere highlighted that the situation could worsen the economic burden on Nigerians within a week.

The committee cautioned that unless key supply challenges are resolved within the next 48 hours, the country risks widespread fuel shortages and disrupted distribution. It was noted that the domestic refineries currently receive only five out of the required 21 cargoes of crude oil, undermining refining capacity.

The committee expressed dissatisfaction with the quality of crude supplied to domestic refineries and highlighted the role of middlemen in inflating crude prices. The committee called for the presidential technical committee to reconvene urgently to address these issues and enforce compliance with the Petroleum Industry Act 2021.