By Kayode Sanni-Arewa
As fuel prices skyrocket in Nigeria, oil marketers face unprecedented challenges, with nearly 10,000 dealers on the brink of closure due to plummeting fuel consumption
Recent Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) data reveals that daily fuel consumption dropped drastically, from 60 million liters in May 2023 to just 4.5 million liters in August 2024—a steep 92% decline. In August, only 16 out of Nigeria’s 36 states received fuel from the Nigerian National Petroleum Company Limited, deepening shortages.
The Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) has also raised alarms about the crisis, reporting job losses among truck drivers and fuel station employees. NUPENG Secretary-General, Mr. Afolabi Olawale, described the situation as dire, especially for the downstream sector, which has seen numerous petrol stations unable to afford even a single truckload of fuel, forcing closures and widespread job cuts.