Although President Bola Tinubu’s administration had allowed private companies to import gasoline last year, foreign currency shortages and a price cap have left NNPC as the sole importer.
Additionally, Nigeria’s new Dangote Refinery has not yet commenced gasoline production.
According to NNPC spokesperson Olufemi Soneye, the recent fuel shortages and distribution delays in parts of Lagos and the Federal Capital were caused by issues encountered during the discharge operations of several vessels.
Retail gasoline prices have climbed to over 800 naira ($0.5063) per liter, up from approximately 617 naira in May 2023, following the government’s decision to eliminate gasoline subsidies. This increase has exacerbated inflation and deepened the cost of living crisis in Nigeria.
Owing more than $6 billion to gasoline suppliers, the NNPC Ltd is struggling with supply disruptions. The company is currently seeking funding to address its debt and stabilize supplies.