Return of fuel queues and return of subsidy?

But this, actually, is one of the core reasons stakeholders in the downstream sector of the oil industry insisted on the need to remove subsidy from fuel. The Depot and Petroleum Products Marketers Association of Nigeria, DAPPMAN, for instance, held that the abolition of subsidy would help to end perennial fuel scarcity, eliminate unnecessary hardship on citizens in need of fuel, reduce waste, eliminate the arbitrage that induces cross border smuggling and stimulate responsible consumption.

The hard fact today is that there is pressure on supply of fuel if not full-blown scarcity. A lot of fuel stations are not selling , some are shut down because supply is not forthcoming. And there is no question that the Nigerian National Petroleum Company Limited, NNPCL, is to blame. We must call a spade a spade. News emerging from credible sources insists that NNPCL should take responsibility for the irregular supply and flow of fuel from the pumps.

The National President of Petroleum and Natural Gas Senior Staff Association of Nigeria, PENGASSAN, however threw a blazing light into why the price of fuel still remains the same. In his words “Government still subsidises fuel….In reality today, there is subsidy because as of when the earlier price was determined, the price of crude in the international market was around $80 for a barrel. But today, it has moved to $93/94 per barrel of brent crude.

Apparently NNPCL are calculating at N750/$ maximum. At N750/$ the landing cost is N508/litre maximum. Marketers cannot compete with NNPCLas there is no level playing ground as there is forex subsidy applied by NNPCL. Dr Uche Chukwuemeka, US based Economist and Business Analyst, says ” the post subsidy removal era offers companies opportunities to quickly reinvent themselves to withstand global economic shifts, capricious energy prices, Nigeria’s macro-economic conditions and opaque forex regime.

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