Amid a steep decline in fuel consumption due to surging fuel prices, oil marketers in Nigeria are facing unprecedented challenges, with around 10,000 dealers on the brink of shutting down.
Recent data from the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) reveals that fuel consumption fell sharply to 4.5 million litres per day in August 2024, down from 60 million litres per day in May 2023—a staggering 92 percent drop.
Additionally, only 16 out of the nation’s 36 states received fuel from the Nigerian National Petroleum Company Limited in August, exacerbating shortages across the country.
The crisis follows the removal of the fuel subsidy by President Bola Tinubu in May 2023, which has led to a 488 percent surge in petrol prices, skyrocketing from N175 to over N1,000 by October 2024.
The resulting economic strain has driven up transport costs, intensified inflation, and forced many Nigerians to abandon personal vehicles for public…