Experts Urge Nigeria to Act on Rising Petrol Prices

Nigerian energy expert Dr. Marcel Okeke has outlined urgent structural measures that the federal government should adopt to reduce soaring petrol prices, which currently range from N1,300 to N1,400 per liter. This crisis is attributed to long-standing policy failures rather than external shocks alone.

The persistent rise in petrol prices reflects vulnerabilities within Nigeria's oil and gas framework, particularly the failure to sustain domestic refining capacity. Experts criticize the government's naira crude policy, which is seen as a missed opportunity to stabilize the domestic fuel market.

They recommend invoking a "force majeure" mechanism to temporarily suspend certain obligations and redirect resources to local needs. Despite the ongoing crisis, there is concern that the government has not yet adopted this approach.

Prof. Dayo Ayoad emphasizes that the government cannot fully shield Nigeria from global price swings, as petrol price fluctuations are largely driven by international developments rather than local dynamics.