Fuel Shortages Continue Amid Economic Strain.
Nigeria is facing an ongoing petrol shortage due to a $6 billion debt to suppliers, high foreign exchange rates, and limited liquidity. The situation has driven up the landing cost of petrol to over N1,100 per liter, leading to inflated prices across the supply chain. Major and independent marketers are struggling with access to direct supply from NNPC, resulting in long queues at filling stations. The Nigeria Employers Consultative Association (NECA) highlights the impact of foreign exchange fluctuations, low crude oil production, and high monetary policy rates on the economy, which continues to struggle despite a 3.19% GDP growth in Q2 2024. NECA calls for strategic reforms to enhance sectoral productivity, stabilize the economy, and avoid price controls that could lead to further market distortions.
petrol scarcity, foreign exchange, oil marketers, landing cost, NNPC debt, fuel supply, Nigerian economy, GDP growth, economic stability, sectoral reforms.
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