MMS PLUS NG – Maritime, Aviation, Business, Oil and Gas News Online Newspaper with coverage in Maritime, Oil and Gas, Aviation, Power and Energy as well as Financial News
The surge in the cost of petroleum products occasioned by scarcity this week created a record within the oil and gas sector in Nigeria.
For the first time in the history of petroleum sales in Nigeria, pump price went as high as N500 per litre in some areas and people were even willing to pay at that price.
That had been myriad of fuel scarcity situations in the country and fuel had sold at such price but at road sides (black market) and not official rate.
This is one situation that almost defaced (if not defaced already) the image of Nigeria across the globe. The sixth highest producer of oil having to go through such harrowing experience.
It was so worse that electricity was not in supply and Nigerians had no choice than to grope in darkness since there was no fuel to power generators as well.
As President Buhari has since taken over power from Goodluck, much is expected from his government especially in terms of constant supply of fuel and electricity as these are the mainstay of the economy.
However, part two of the incident that just played out in the country will not be a pleasant one as many are still basking in the euphoria of the recent episode.
