“AS I speak to you, our external reserves stand above $31bn and that provides us with enough fire power to be able to defend the Naira (N305=$1)” (Godwin Emefiele CBN Governor, April 25th, 2017).

THE acute scarcity of petrol nationwide may have receded significantly, but issues relating to steady supply, appropriate pricing and fuel subsidy, obviously still remain very contentious. Government and NNPC have invariably blamed private marketers for the fuel shortage, while marketers have conversely, demanded the immediate payment of over N720bn that NNPC owes them.

Thankfully, fuel stations have gradually reopened for ‘normal’ business, while the severe social agony and angst instigated by the recent acute scarcity, has significantly eased with the reported improvement in NNPC’s fuel stock.

NIGERIANS were probably jolted by the Petroleum Minister, Ibe Kachikwu’s confirmation to a National Assembly Committee, last week (4/1/18), that the current landing cost of petrol is about N171/litre, i.e. well beyond the present N145/litre regulated pump price. Instructively,  the deregulated price of petrol is about $1.00(N305)/litre in nearby Ghana.

NIGERIANS are obviously outraged by allegations of a deliberate arrangement by marketers to foster fuel scarcity, during major public holidays, especially the year end festivities. Indeed, low and stable pricing and the elimination of scarcity were campaign platforms of the current administration.