By Collins Gbarawi Radio Nigeria Treasure FM, Port Harcourt, Rivers State.
Despite its position as a major oil and gas producer in the world, Nigeria is yet to fully develop its oil sector for the benefit of the citizens.
The situation has often subjected Nigerians to untold hardship whenever there is any negative development in the international oil market.
It is on record that each time there is any sleaze in the global oil market, Nigerians bear the blunt of it, either through scarcity of petroleum products or a hike in their prices.
The current crisis in the international oil market occasioned by the conflict between Iran and the United States of America, has further exposed the vulnerability of Nigerians to any shock in the global oil market.
The blockade of the Strait of Hormuz by Iran, has disrupted global oil supply as movement of oil tankers, especially from the Gulf States through the route is being hampered, thereby creating scarcity of petroleum products throughout the world.
This has led to an increase in the price of crude oil globally, as fewer products are made available against an increasing demand.
Since the Iran and United States conflict started on February 28, 2026, Nigerians have experienced an increase in the prices of petroleum products throughout the country.
From eight hundred and forty naira per liter of fuel in January, the pump price of petrol hovers between one thousand four hundred to one thousand five hundred naira per liter,
subject to price differential at the global oil market.
The effects of the rising pump price of petrol on Nigerians cannot be over-emphasised, as transport fares on various routes, have been increased by more than fifty percent, this development has a multiplier effect on the prices of goods and services in the country.
In a nation where monthly income of civil servants can barely cater for their needs for two weeks, they are further subjected to more hardship under a harsh economic condition.
To overcome the situation, experts in the oil industry have called for the resuscitation of the ailing four government owned refineries, to at least, refine products for local consumption.
They also suggested that sufficient crude should be supplied to the Dangote Refinery, at a reduced rate, to enable it refine and make petrol available for local consumption, at a lower price.
The government can also embark on energy security by building storage facilities for finished petroleum products, to serve as reserves for local consumption, in case of any global oil crisis or emergency.
Furthermore, government should encourage the setting up of modular refineries, by assisting those who had obtained licenses, to get loans for the establishment of such refineries.
It is regrettable that while other oil producing nations are adopting measures to cushion the effects of the global oil crisis on their citizens, nothing is being done by government to safeguard Nigerians from the effects of the global oil crisis.
This is therefore a call on the government to put in place, a clear cut policies to alleviate the plight of Nigerians.
