Adding to the Stress of Nigerians, the price of diesel has more than doubled from a January average of 290 Naira per litre to over 700 Naira per litre in March.
Just in 2022 alone, Nigeria has suffered from ASUU strikes, the double collapse of the national grid in the space of three days, fuel scarcity occasioned by the importation of adulterated petrol by oil marketers, ballooning inflation on food prices caused by the fuel scarcity, paucity of forex and consequences of the Russia – Ukraine war and scarcity of aviation fuel.
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Most businesses in the country are in a state of panic. Due to the perpetual poor power supply in the country, plenty of businesses across different industries rely on the product to power their generators.
Business owners in Nigeria are currently threatening to adjust the prices of their products or shut down production totally if the situation is not remedied.
Unlike petrol, Nigeria does not subsidize diesel imports and lacking local refineries, pump prices are likely to go higher as the Russia-Ukraine continues to affect global markets.
However, Economists and past Senate President, Bukola Saraki opine that the increase is caused by a gap in the supply chain as opposed to the Russia-Ukraine war. According to Senator Saraki petroleum products must have been ordered, paid for and shipped at least two months ago before this Ukraine war started.
On their end, the members of the Major Oil Marketers Association of Nigeria (MOMAN) blames the increase on the ongoing conflict in Europe and other factors such as the high exchange rate.