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Weeks after Nigeria experienced harrowing fuel scarcity, blamed largely on the rising prices of crude oil globally amidst the Russia-Ukraine crisis and the dirty fuel saga, another wave of fuel scarcity is looming in the country. Queues are again getting longer in the country’s Federal Capital Territory, Abuja.
Nigeria’s effort to reduce gas flaring is on track as the volume of gas flared dropped by 30.07% between 2012 and 2021, from 9.62 billion cubic metres (bcm) of gas flared in 2012 to 6.63 bcm in 2021.
Approximately 6.63 billion cubic metres (bcm) of gas was flared across the various oil fields in Nigeria in 2021.
This activity causes a loss of energy resources annually. The volume of flared gas was estimated at $12.94 billion in 2020. The loss to these seven countries was $8.39 billion, making up 64.8% of the total loss.
Dataphyte’s Research arm, in its latest NNPC performance report, has spotlighted several issues of concern, such as high production costs, high credit sales, high indebtedness, low revenues and low gross profits, all linked to the poor financial management of the Nigerian National Petroleum Corporation (NNPC) and its subsidiaries.
The National Bureau of Statistics price watch report shows the average price paid by consumers to purchase Automotive Gas Oil (AGO) popularly called Diesel, across the 36 states in Nigeria including the FCT for February 2022 was 311.98 naira per litre.
According to National Oil Spill Detection and Response Agency (NOSDRA) data, Nigeria recorded 9,856 oil spills between 2011 to 2021 and a total of 468,803 barrels of oil has been released to the country’s inland waters, shores, open seas, and swamps.
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As of the time of writing this report, Nigerians are paying high prices for petroleum amid scarcity and long queues.
For many weeks, Nigerians have been battling with petrol scarcity.
According to the recently published Nigeria Extractive Industries Transparency Initiative (NEITI) report, the total revenue generated from Nigeria’s oil and gas operations in 2020 was $20.43 billion.
Nigeria recorded a slight decline in its gas production in 2020. This was revealed in the latest report from the Nigeria Extractive Industries Transparency Initiative (NEITI).
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A Dataphyte review of the Nigeria Extractive Industries Transparency Initiative, (NEITI) Oil and Gas industry report has revealed that over 270 million of Nigeria’s commercial crude oil production was lost to theft and sabotage between 2016 and 2020.
Total crude oil production in Nigeria dropped from 735.24 million barrels in 2019 to 646.79 million barrels in 2020.This amounts to a 12.03% drop in output in 2020.
On a hot Sunday afternoon on the 6th of March 2022, Johnson Agwaza drove around town searching for fuel. After driving around the streets of Makurdi, the capital city of Benue State for some time, he finally finds a filling station selling fuel and only with a short queue.
The lack of functional refineries has meant continuous importation of refined petroleum for Nigeria. For instance, Nigeria spent 37.9 billion dollars to import refined petrol between 2015 and 2019.
