The Independent Petroleum Marketers Association of Nigeria has attributed the current fuel scarcity to the combination of low refining capacity and inconsistent government policies in the petroleum sector. “Government policies have also played a significant role in exacerbating the fuel scarcity situation. Inconsistencies in pricing regulations, particularly regarding PMS, have deterred private investors from participating in the importation and distribution of petroleum products. “Despite efforts by some independent marketers to import petroleum products, the unfavourable foreign exchange rates and high operational costs have rendered such ventures unprofitable. “The current situation highlights the urgent need for a comprehensive review of government policies and increased investment in refining capacity to ensure a stable and reliable supply of petroleum products across Nigeria.

Source: Punch May 08, 2024 11:16 UTC