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Threat of Petrol Scarcity, Price Hikes, Has Nigerians Scrambling

Fuel queues are forming at filling stations across Nigeria over fears of a rise in petrol costs and scarcity, even as the government's Nigerian National Petroleum Corporation (NNPC)  promised consumers that prices would remain stable, with no price increases in March.  The NNPC has also cautioned sellers and buyers against hoarding and panic-buying. With food inflation at an 11-year high, Nigeria risks a backlash if it allows fuel costs to go up in line with the rebound in crude in international markets. Labour unions have warned of protests if increases are announced. Nigeria is facing its second recession in five years, triggered by a crash in oil prices that has hammered state revenue, creating large financing needs and weakening the naira.

 

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