Story Summary :
- NNPCL Warning: Adedapo Segun, Executive VP (Downstream) of NNPCL, alerts Nigerians to brace for more fuel scarcity.
- Price Increase: Fuel prices have risen to ₦855 per litre at NNPC stations.
- Market Stabilization: Segun emphasizes the need for a competitive market to stabilize prices and ensure a steady supply.
- Scarcity Causes: Ongoing scarcity linked to NNPCL’s challenges with fuel imports and supplier debts.
- Expert Advice: Experts recommend strategic borrowing by NNPCL to resolve supply issues.
- Impact on Citizens: The price surge adds to the financial strain on Nigerians and is likely to increase transportation costs and the prices of goods and services.
The Executive Vice President (Downstream) of the Nigerian National Petroleum Company Limited (NNPCL), Adedapo Segun, has issued a stark warning to Nigerians, advising them to brace up for ongoing fuel scarcity.
This comes in the wake of a significant hike in fuel prices, with the cost per litre now soaring to ₦855 at NNPC filling stations, as reported on Tuesday.
Speaking on Arise Television’s Morning Show, Segun stressed the need for a competitive market to stabilize fuel prices and ensure consistent supply. The current scarcity, already hitting various regions, is attributed to NNPCL’s ongoing issues with managing fuel imports and outstanding debts to suppliers.
Experts are advocating for strategic borrowing by NNPCL to address these supply challenges and mitigate further disruptions.
The fuel price surge is placing additional financial strain on Nigerians, exacerbating the already high cost of living. This spike is expected to drive up transportation costs and inflate the prices of goods and services nationwide
