Opinion
The Malady Of Fuel Prices
The problems posed by petroleum products pricing has taken a turn for the worse. Every day, one is affronted by worsening condition of living. This is largely so because there are little or no palliatives to cushion the effects of strenuous economic policies by government such as the removal of petroleum subsidy, privatisation or deregulation.
In Port Harcourt for example, the urban poor are finding it increasingly difficult to meet up with the increase in the prices of petroleum products. As a result many have resorted to the use of firewood for cooking since fossil fuel has gone beyond the reach of the ordinary folks.
Since the partial removal of fuel subsidy on January 1, 2012, and the pegging of the pump price of fuel to N97 per litre, petroleum marketers and petrol attendants have taken advantage of the fuel subsidy removal to impose hardship on Nigerians.
Today, in Port Harcourt, and some other cities in the country, fuel sells for about N120 per litre at filling stations instead of the official pump price of N97. The filling stations have fraudulently adjusted their metres to between N110 and N120 per litre. Never mind the N97 per litre being displayed on the metres.
The situation has made nonsense of the 25 per cent pay rise for civil servants and has triggered spiral inflation, as the cost of living has reached an all time high.
The most benumbing is that Nigeria is the world’s sixth largest producer of crude, yet fuel has gone beyond the reach of the ordinary folks. Even when the money is available to buy the fuel, it is not easy to get the product. Marketers create artificial scarcity. The rumbling over the prices of petroleum products has continued, yet nobody seems to be bothered about it. The frequent labour and tank drivers’ strike has even worsened the scenario.
It is unfortunate that despite the army of think-tanks in the petroleum industry, the problem of fuel scarcity has persisted. Why wouldn’t it be so when the nation’s refineries are down? It is regrettable that 31 years of refining crude oil it has not brought any appreciable change in the sector, let alone imparting positively on the lives of the citizenry. By now, Nigeria ought to have gone beyond the perennial fuel scarcity. But since most of our refineries are not working, we rely so much on imports, hence the unfortunate increase in the pump prices of petroleum products. Even the so-called deregulation of the downstream oil sector is yet to bring the much needed succour to the populace.
There is no doubt whatsoever that Nigeria’s reliance on a mono-cultural economy is responsible for this hardship. It is, therefore, imperative for the country to do away with this mono-cultural economic system by investing on agriculture as an additional economic mainstay.
Besides, there ought to be prudence on the part of the government if it must achieve the goals of privatisation and commercialisation.
Let us also not forget that the privatisation, commercialisation and deregulation of the nation’s economy can only make greater impact when social infrastructural facilities are put in place. Deregulation must be executed with the awareness that the facilities that can make it work effectively must be on ground.
Also, there should be a form of social security for the unemployed youths who are badly affected by frequent increase in the prices of petroleum products. Since we want our fuel market price to compete with international price, our facilities should also have international standard. Deregulation must therefore have a human face.
Ilegbara is a student of the International Institute of Journalism, Abuja.
Mercy Ilegbara
Opinion
Man and Lessons from the Lion
Opinion
Marked-Up Textbooks:A Growing Emergency
Opinion
Humanity and Sun Worship

-
Sports5 days ago
CAFCL : Rivers United Arrives DR Congo
-
Sports5 days ago
FIFA rankings: S’Eagles drop Position, remain sixth in Africa
-
Sports5 days ago
NPFL club name Iorfa new GM
-
Sports5 days ago
NNL abolishes playoffs for NPFL promotion
-
Sports5 days ago
NSF: Early preparations begin for 2026 National Sports Festival
-
Sports5 days ago
Kwara Hopeful To Host Confed Cup in Ilorin
-
Sports5 days ago
RSG Award Renovation Work At Yakubu Gowon Stadium
-
Politics4 days ago
Rivers Assembly Resumes Sitting After Six-Month Suspension