The Inexplicable High Cost and Scarcity of PMS in Nigeria: A Looming Catastrophe

Introduction

Nigeria, often hailed as one of the largest producers of crude oil in the world, paradoxically finds itself engulfed in the quagmire of high-cost and scarcity of Premium Motor Spirit (PMS), commonly known as petrol. This puzzling situation underscores a conundrum that has plagued the nation for decades, despite its vast oil reserves.
At the heart of the issue lies the dilapidated state of Nigeria's refineries. Despite being endowed with abundant crude oil resources, the country's refineries have suffered from neglect and mismanagement, leading to their moribund status. Even if these refineries were fully operational, their capacity would fall woefully short of meeting the local demand for petroleum products, given Nigeria's burgeoning population of over 200 million.

The ramifications of this predicament extend beyond mere inconvenience; they strike at the core of Nigeria's economic stability and social fabric. The reliance on imported petroleum products exacerbates the nation's vulnerability to fluctuations in global oil prices, rendering it susceptible to economic shocks and exacerbating poverty levels.

Moreover, the recent removal of fuel subsidies has further exacerbated the burden on Nigerian households, many of which already struggle to afford basic necessities. The resultant spike in PMS prices has placed an unbearable strain on the populace, pushing many further into poverty and exacerbating social inequalities.
The scarcity of PMS, compounded by its exorbitant cost, presents a grim reality for Nigerians, who now face the specter of economic collapse. The precariousness of the situation is underscored by the looming threat of a complete breakdown in social order, as the populace grapples with the dire consequences of fuel scarcity.

In the absence of urgent intervention, Nigeria risks sliding into the annals of history as a failed state, a cautionary tale of squandered potential and systemic neglect. The imperative for decisive action cannot be overstated; concerted efforts are needed to revitalize the nation's oil sector, address infrastructure deficiencies, and implement sustainable economic reforms.

As Nigeria teeters on the brink of catastrophe, the urgency of the moment demands bold leadership and visionary policymaking. The alternative is too dire to contemplate: a future where the once-promising nation is relegated to the footnotes of history, remembered only as 'There was a country.'

To catch up on my previous post on ensuring safe homes: Addressing earthing and thunder arrestors problems

https://www.bulbapp.io/p/ce57b7f6-1502-4b01-b5d6-68a01a9c0c8a/ensuring-safe-homes-addressing-earthing-and-thunder-arrestor-problems

References:

1. https://www.bbc.com/news/world-africa-58735674
2. https://www.aljazeera.com/news/2022/2/23/nigeria-subsidy-removal-fuel-prices-inflation
3. https://www.worldbank.org/en/country/nigeria/overview