WHY DO WE SUFFER FUEL SCARCITY IN
NIGERIA?
1. We do not have enough refineries to satisfy
our domestic need, so we depend on fuel
importation
2. Fuel is bought at the international market with
US dollars and importers need USD to buy and
import fuel
3. There is variability up to N121 bewteen the
official USD exchange rate and the parallel
market rate in Nigeria.
4. The government determines the price for fuel
because the CBN is the only source of US
Dollars for Marketers who import fuel.
5. If marketers source for dollars themselves,
they cannot sell the product at the government
price because of the N121 difference.
6. When the CBN gives US dollars to importers to
buy fuel and import, they opt to selling the US
dollars in the parallel market since they will
make more profit, say about 50 times more than
buying fuel and importing.
7. Most of the few marketers and dealers who
use the dollars they got from CBN to buy fuel
and import, divert the fuel to neighbouring
countries like Chad and Benin Republic etc
because fuel costs more in these countries since
their Petroleum Market is free, and they will sell
at a higher price and make more gains.
8. The CBN as a result of over 60% decrease in
the price of crude leading to a reduced foreign
reserve cannot afford to give enough dollars to
marketers and dealers to import enough quantity
of fuel for domestic consumption in the midst of
all the leakages
9. These factors combined with a few others
always lead to a shortage in the quantity of fuel
that will satisfy Nigerian domestic consumption.
WHAT HAS THE MINISTRY OF PETROLEUM
DONE?
1. Stopped the CBN from giving USD to
marketers and dealers and gave them freedom to
source for foreign exchange in the parallel
market
2. Allowed the pump price of fuel to reflect the
international price of fuel using the foreign
exchange at the parallel market
3. Given all marketers and dealers the right to
buy and import fuel while sourcing for foreign
exchange from the parallel market
WHAT WILL BE THE IMPACT OF THIS?
1. Marketers and dealers can no longer collect
dollars from CBN and sell at the parallel market
instead of importing fuel and then causing fuel
shortage
2. Marketers and dealers can no longer divert
fuel to Chad, Benin and other neighbouring
countries since they will not make extra profit in
doing so
3. Everyone can now buy fuel and import. There
are no more cabals in the Petroleum industry.
Anyone can join and do business.
4. More fuel will be brought to Nigeria and there
will be competition among marketers that fuel
stations will be begging and giving incentives to
customers to buy their fuel
5. Competition will drive down the price of fuel
as seen in the case of diesel.
6. Government will use its
resources and time to develop infrastructure.
This is the choice we have to make now that we
have a Government that we can entrust our
resources to and go to sleep.
President Muhammadu Buhari has shown a high
level of uprightness, prudence, determination to
kill corruption and develop Nigeria.
Let us support him..

the rich also cry.

Op... Until when to we keep supporting buhari at our own expense..

When will buhari support the masses? Whether zombies or wailers...

In the fuel subsidy aspect, what are the benefits for the common man on the street...

Or will the crime of the rich be as well be crime of the poor. Why can't fish out the money launderers and save the masses from the shit hold they are about to enter...

Buhari should now support us...
Zombies learn for once please... This is becoming unbecoming...