It is unacceptable to subject Nigerians to excruciating pains while trying to access Premium Motor Spirit , otherwise known as petrol, the market of which the Federal Government claims has been deregulated. It also does not make sense for Nigerians to pay as high as N900-N1000 per litre of petrol, at a time when the cost of living is sky-high and the citizens are dejected.
Experts had warned that a deregulated petroleum market that relies on importation is a recipe for chaos. The market is bound to experience hiccups in response to vagaries in international prices of crude and the level of crude production at home. Crude oil production in Nigeria has been short of what the Organisation of Petroleum Exporting Countries , the global oil-producing cartel, approved for the country, due to low investment and theft.
The Independent Petroleum Marketers Association of Nigeria blames the scarcity on product shortage, which is linked to ongoing maintenance of refineries in Europe. Public Relations Officer of IPMAN, Chinedu Ukadike stated: “The situation is that there is no product. Once there is lack of supply or inadequate supply, what you will see is scarcity and queues will emerge at filling stations,” which is what has been happening for close to two months.
Nothing has changed with subsidy payments despite repeated denials and the President is careful not to admit that he blundered. Irrespective of whatever quick-fix methods the government conjures to end this fuel crisis, what has been established is that there is deep-seated sectoral dysfunction that must be overcome in the immediate and the long term. The refineries must be fixed to commence production for the local market.
Israeli Prime Minister, Benjamin Netanyahu has said that Israel will not accept Hamas' demands for Israel to end the Gaza war. It comes as negotiators resumed talks in Egypt to broker a pause in Israel's Gaza offensive in return for the release of hostages taken by Hamas.