Queues for petrol have resurfaced in the federal capital territory (FCT) causing anxiety and hardship for residents trying to get the product.

It is not clear why the petrol queues are back in the nation’s capital.

TheCable observed that between Saturday and Sunday, many petrol stations were closed. The few selling the product had long queues.

The development comes weeks after parts of the country witnessed petrol scarcity.

In April, the national assembly approved the request of President Muhammadu Buhari to earmark N4 trillion for petrol subsidy.

The lower and upper legislative chambers approved the president’s request after they revised the 2022 medium term expenditure framework (MTEF) and fiscal strategy paper (FSP).

Speaking at the time, Senate President Ahmad Lawan lamented that the country depends too much on the oil industry, adding that any change in the global economy hits the country hard.

“I also think that diversification of our economy is key because we depend so much on oil and gas and the slightest issue that affects the global economy affects us seriously in our country here,” Lawan had said.

Omihanifa:
Again where is this country headed sef

subsidywise18:
Simple...subsidy isn't enough to keep fuel at N162-5 per liter.

Either that, or it's a local supply problem.

Either way, even if we refined fuel at home, as we should, the fact remains that keeping fuel cheap, just when it is costing far more to produce is a pipe dream.

subsidywise18:


Nowhere awful

This is happening because Nigerians insist on selling something at N165 , which costs N300 and above to refine. (even if we refined all our petrol at home, even if Dangote started refining).

NNPC gets paid something called a subsidy to keep it from collapsing under the contradiction. That subsidy has been hard to maintain for over 30 years now, because, unlike other countries, we pay for it from oil revenue (and thanks to higher crude prices, and higher prices of petrol as a result, the subsidy has grown so large that it is eating into government revenues.).

We have been told, several times, since 1993 , and even earlier to remove this thing called a subsidy. But since most of us think that it is better, it remains, and it drains our economy. It is also a big reason why domestic refining, until recently...is in a bad state here.

All this will end if subsidy goes. But because it means that fuel would cost above N350....and since we are too 'poor' to pay it, we keep on keeping it. At our expense.

dre11:



https://www.thecable.ng/petrol-queues-resurface-in-abuja/amp

subsidywise18:


Nowhere awful

This is happening because Nigerians insist on selling something at N165 , which costs N300 and above to refine. (even if we refined all our petrol at home, even if Dangote started refining).

NNPC gets paid something called a subsidy to keep it from collapsing under the contradiction. That subsidy has been hard to maintain for over 30 years now, because, unlike other countries, we pay for it from oil revenue (and thanks to higher crude prices, and higher prices of petrol as a result, the subsidy has grown so large that it is eating into government revenues.).

We have been told, several times, since 1993 , and even earlier to remove this thing called a subsidy. But since most of us think that it is better, it remains, and it drains our economy. It is also a big reason why domestic refining, until recently...is in a bad state here.

All this will end if subsidy goes. But because it means that fuel would cost above N350....and since we are too 'poor' to pay it, we keep on keeping it. At our expense.

iLoveYouToo:
Sickening shît, even this evening the queues persist