While many Nigerians are keeping vigil at filling stations to fuel their vehicles, motorists in the neighbouring countries of Benin Republic and Niger are enjoying fuel smuggled from Nigeria.
Our correspondents, who visited the two countries discovered that the smuggled petrol was being sold by black marketers, whose rates were cheaper than those operating in filling stations.
Findings show that drivers often patronise the black marketers because their rates are cheaper than those who buy from the filling stations.
The Punch Headlines gathered that the higher value of cefas (CFA) to naira made the Nigerian smuggled fuel attractive to citizens of the two countries.
Nigeria is witnessing the fifth major fuel crisis since President Bola Tinubu assumed office on May 29, 2023, following his removal of the fuel subsidy.
The removal led to a sharp rise in fuel prices, causing panic buying, widespread fuel scarcity, and a subsequent hike in the cost of living. Petrol pump prices jumped from around N200 to over N500/litre.
A second fuel scarcity unfolded around September 2023 as a result of another surge in petroleum pump prices, leading to queues in major cities, including Lagos.
