Nigeria marks first fuel scarcity-free yuletide in years

… as petrol hits 13-month low

OLUWASEGUN OLAKOYENIKAN

Federal Government’s intention behind an upward review of pump price of Premium Motor Spirit (PMS), otherwise known as petrol, was fully achieved in 2018, as Nigerians did not only have access to the product, consumers could also buy fuel at government approved price, according to recent data.

The average price paid by petrol consumers fell by 15.1 percent in December 2018 to N145.80 from a year earlier, the lowest since November 2017. When compared with N171.80 consumers paid in the same period in 2017, it represents the biggest monthly drop so far, according to available data from National Bureau of Statistics (NBS).

This means that Nigerians bought the least expensive fuel during festive season last year since 2015, despite several uproars over a likely reoccurrence of fuel scarcity during the period.

According to the NBS latest PMS data, Taraba, Gombe and Bayelsa were states with the highest average pump prices of petrol at N150.27, N150.20 and N150 in December, while Yobe, Bauchi and Jigawa sold the cheapest fuel N143.33, N144.20, N144.21 in the review month, respectively.

Nigeria has been faced with perennial fuel scarcity in previous years, particularly during yuletide when commercial activities were on the rise. This resulted in significant transport fare hike across the nation with commuters and manufacturers bearing the brunt.

The Federal Government through the minister of state for petroleum resources, Ibe Kachikwu, in May 2016 announced an upward review of PMS pump price from N86.50 to N145, and directed filling stations across the country not to sell the product above the fixed price.

The hike was the only way out of the scarcity and exorbitant prices of N150 to N250 Nigerians were subjected to at many filling stations across the country during yuletide, according to Kachikwu.