Over a month now, Nigerians woke up to face fuel scarcity and arbitrary increase in fuel pump price created by the importation of fake and adulterated fuel from Portugal which then engulfed Lagos and Abuja. The Federal Government promised to deal with the importers while they address the issue soonest.
Today the problem of fuel scarcity and pump price increase has persisted affecting every other sector of Nigerian economy as the prices of goods and services are on steady increase including transportation fare which doubles.
At the start the pump price ranged between N180 to N200 while black market was N270 but today while patrol stations are selling between N220 to N230 black market sell at N280 to N300 per liter. Our reporters who monitored the situation in filling stations around old Port Harcourt township, Ikwerri road, Woji and Aba/Port Harcourt express road report that no petrol station sells below N200 per liter.
An economist Mr. Charles Nzekwe in an interview with our reporters said that there are many implications to the government, motorists and the general public as a result of the fuel scarcity. He said to the Government, it brings about stagnancy in the economy as the revenue derivation drops, and it is also a calculated means of giving impetus to bunkering and illegal refining of petroleum products yet it is believed that the Government is working towards putting an end to such illegalities. Adding that a lot of Nigerians are suffering and wallowing in abject poverty whereas it takes a driver some hours to buy fuel even at a higher price.
Some people interviewed stated that it pushes up insecurity to an unbearable level and many more corruption cases as people try to make ends meet no matter how.
It is equally believed by many that school children are most affected as they face high transportation cost and as a result majority of them trek long distances before getting to their schools and eventually back home because transport fare has doubled or tripled and some parents could not afford to shoulder such expenses. The only option is for the child to trek thereby exposing the children to dangers of road accident. They however called on the federal government to come to their aid and addresss the issue.
In the meantime, the president of the Rivers entrepreneur and Investors Forum (REIF), Ibifiri Bobmanuel is asking the Federal Government to sell off the country’s refineries to private investors for effective management.
Mr Ibifiri Bobmanuel said government will continue to refine Petroleum products outside the country if it fails to sell off the refinaries to competent management.
REIF president explained that federal government has shown that it doesn’t have the capacity to run such facilities. Because those refineries has been where they are forever and they have never been functional. He advised the federal government to either spin majority stakes of it out to the private sector to invest and run them, then hold minority interest.
The president, Rivers Entrepreneur Investors Forum also said the lack of a conducive environment for business to thrive is responsible for the non establishment of modular refineries by those granted license over five years ago. He pointed out that the laws and policies are not conducive at all for them. He however advised the federal government to look at those policies and make the environment more conducive.
