By Busola Bamidele
The Nigeria National Petroleum Company (NNPC) Limited’s mounting debt to international petrol traders, currently estimated at $6 billion, is casting a long shadow over the nation’s economy.
This financial strain, coupled with ongoing supply disruptions and price hikes, has raised concerns among experts that Nigeria could be on the brink of an economic crisis.
The NNPC’s inability to secure new supplies of petrol due to its debt has led to a shortage of fuel, resulting in long queues at filling stations across the country.
This scarcity has had a ripple effect on businesses that rely on fuel for their operations, from transportation to manufacturing.
As of [Date], the price of petrol in Nigeria is [Current Price per Liter]. This price has been fluctuating due to the ongoing fuel crisis, adding to the challenges faced by businesses and consumers alike.
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SMEs, in particular, are feeling the brunt of the fuel crisis. Increased transportation costs, reduced productivity, and potential revenue losses are putting these businesses under immense pressure. The uncertainty created by fluctuating fuel prices is also making it difficult for SMEs to plan for the future and invest in growth.
To address this crisis, experts are calling for a comprehensive overhaul of the NNPC and the adoption of a market-based pricing mechanism for petrol. This would help to ensure a more sustainable and transparent fuel supply chain, reducing the company’s reliance on debt and benefiting businesses of all sizes.
