Prices soar as Nigeria's gasoline shortage deepens

Guardian Nigeria

Fuel shortages in Nigeria have raised the price of gasoline and caused huge queues in cities like the capital Abuja, in a country already grappling with high inflation and a cost of living crisis.

Transcript

00:00 In Nigeria's capital, queues for gasoline snake through the streets.

00:07 Fuel shortages have been causing a sharp increase in prices, exacerbating a cost-of-living crisis.

00:14 Some prices in Abuja and Lagos have risen above 850 naira, or about 60 cents per litre.

00:22 That's even though the state-owned oil firm NNPC, which imports the fuel, sells at an average price of 617 naira.

00:31 I'm supposed to be in my office and I'm not there because I have to come and do this.

00:38 Last year, President Bolotunubu's government removed popular but costly fuel subsidies and allowed private businesses to import.

00:47 However, foreign currency shortages and a cap on the price of petrol have meant NNPC remains the sole importer.

00:55 Outside one gasoline station in Abuja on Tuesday, businessman Dan Issa said this isn't what Nigerians voted for.

01:03 The country is bleeding and you are adding more injuries.

01:07 I mean, with my money I'm still suffering, sweating.

01:11 I have other business to attend to. I can't go for it.

01:14 So how do I feed my family?

01:17 Oil marketers, who lift fuel from NNPC, have said they're not getting sufficient volumes to distribute around the country

01:25 and are being told that logistics challenges were hampering supply.

01:30 An NNPC spokesperson, however, said the company had more than 1.5 billion litres of petrol,

01:36 enough to last at least 30 days and that queues would end within days.

01:41 They accused some outlets of taking advantage of the situation to maximise profits.

01:47 I've been here since 6 o'clock. I've been here since 6 o'clock.

01:51 Let the government help. Let them help us, please.

01:55 The fuel shortage is weighing on an economy already struggling with the highest inflation rate in 28 years.

02:03 Analysts say the price of basic food items would see a sharp increase if shortages persist.

02:10 This will add to frustrations after the government raised electricity tariffs for some consumers.

02:17 [BLANK_AUDIO]

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