2023-06-03 16:11:09
So much advocated by activists for a decarbonized society, the post-oil reign has not yet arrived, if we are to believe the nervousness that always provokes gasoline prices. As he had promised during the election campaign, the President of Nigeria, barely invested, has just announced, on May 29, the end of fuel subsidies.
Bola Tinubu wants to save the government ten billion dollars annually. A sum that he intends to reinvest in public infrastructure, education, health care and employment. What to offer a breathing in Nigeria, where the outgoing administration leaves a debt of 77,000 billion naira (155.5 billion euros)…
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Oil: Nigeria loses its status as Africa’s leading producer
In a country whose 200 million inhabitants – two-thirds in multidimensional poverty – would consume 70 million liters of fuel daily, the announcement of the new head of state might not go unnoticed. Instantly, between panic and speculation, the country saw an increase in queues at service stations, and prices at the pump logically began to soar.
Tripling of prices
Specialist publications announce that the prices charged have already almost tripled. The Bloomberg network thus declared having noted, on May 31 in a shopping center in Nigeria, prices rose, in a single day, from 184 naira per liter (0.37 euro) to 488 naira (0.98 euro). And the president’s communications team clarified that the grants would not expire until the end of June, as was budgeted by the previous administration.
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Aliko Dangote’s mega-refinery (finally) opens its doors
So goes the paradox of a country that produces oil, without having the infrastructure sufficient to refine it and extract the fuel. And Nigeria is not the only one to suffer from this incongruity. The press in neighboring Benin has been announcing since May 31 that the price of “adulterated” gasoline – commonly called it’s worth it – nearly doubled among informal vendors in major cities as a result of the Nigerian decision. Several small sellers have already closed shop, strangled by the demands of wholesalers. For the time being, Beninese service stations have not yet yielded to the price increase…
If the Nigerian energy situation is not without consequences internationally, the concerns of some are not always those of others. Thus, before its meeting on June 4, the Organization of the Petroleum Exporting Countries (OPEC) is not worried regarding a surge in gasoline prices, but rather regarding oil prices currently trending… downwards.
To read
Oil: Nigeria, Angola, Algeria… the hierarchy of producers upset once more
If the logic were to apply, a drop in production should at least be considered. Eventually decided, it would aim to raise prices. What tariffs would then discover the Nigerian motorist at the pump ?
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