Petrol Pricing Disparity Sparks Federal Action

Minister of State for Petroleum Resources Ibe Kachikwu called for federal intervention to resolve the gap between petrol's landing cost and official pump price. The disparity has caused widespread fuel scarcity across Nigeria, with citizens spending holidays at filling stations to secure fuel.

Kachikwu stated that petrol's landing cost at N171 per litre contrasts with the official pump price of N145 per litre during his Abuja committee presentation.

The minister proposed three short-term measures to address pricing: a special exchange rate for importers, a tax holiday for NNPC and private sector fuel stations, and stricter enforcement of regulations.

Long-term solutions require fixing existing refineries and constructing new ones, according to Kachikwu, to end persistent fuel scarcity issues affecting Nigerian households.