I may not be an expert in the petroleum sector, and I will not pretend to have all the answers to the energy challenges confronting Nigeria at the moment.
But as a Nigerian who buys petrol, pays for transportation and watches what is happening around me, there is one issue I think is worth discussing.
It is the speed at which the price of petrol responds whenever there is a major crisis in the global oil market, particularly when tensions in the Middle East escalate.
The moment there is a major disruption or uncertainty in the international market, we begin to hear of rising crude oil prices, higher landing costs and, eventually, higher petrol prices at filling stations.
I understand that Nigeria operates a deregulated petroleum market. I also understand that the price of a petroleum product cannot be completely divorced from developments in the international market, exchange rates, supply and demand, logistics and other factors.
My concern, however, is what happens when the situation begins to ease.
When international tensions reduce and some of the pressures that caused the increase begin to moderate, the reduction in the price Nigerians pay at the pump does not always appear to happen with the same speed.
That is where, for me, the conversation should begin.
I am not suggesting that the government should permanently return to the old subsidy regime. There are genuine arguments around the cost, sustainability and management of subsidy, and I believe those arguments deserve to be acknowledged.
But policies are sometimes tested most during difficult moments.
Today, the global petroleum market is experiencing another period of uncertainty as the conflict in the Middle East continues to affect energy markets and supply expectations. At the same time, Nigerians are already dealing with high transportation costs, food prices and the general increase in the cost of living.
The question, therefore, is not necessarily whether Nigeria should permanently return to subsidy.
The question is whether there is room for a temporary intervention to cushion Nigerians during an extraordinary period.
I think there is.
Before the current price levels became the new reality, there were periods when petrol sold around the ₦600 mark in some parts of the country. The National Bureau of Statistics, for instance, recorded an average national retail price of ₦750.17 in June 2024, while Lagos recorded an average of ₦626.94.
Today, the situation is considerably different.
Recent reports indicate that Dangote Refinery’s petrol gantry price has risen to ₦1,350 per litre, while several filling stations have adjusted their pump prices accordingly. In Abuja, motorists are already feeling the impact of the latest increases.
And this is where the ordinary Nigerian feels the real consequence.
When the price of petrol rises, it is not only the person who owns a car that pays for it. The cost eventually finds its way into transportation, food, services and almost every aspect of daily life.
A trader pays more to transport goods. A farmer pays more to move produce. A commercial driver spends more on fuel. A family pays more to move from one place to another.
The effect goes beyond the filling station.
This is why I think government may need to consider extraordinary measures at extraordinary times.
I am not arguing for a permanent return to subsidy. I am arguing for a temporary relief mechanism that can cushion Nigerians while the global petroleum market remains uncertain.
Perhaps it could be a temporary subsidy. Perhaps there are other mechanisms that experts in the sector can recommend. The important thing, in my view, is that the government should continue to explore ways of ensuring that the burden of global shocks does not fall disproportionately on ordinary Nigerians.
For me, this is not about blaming any individual, agency or government.
It is about asking a simple question: when circumstances change and the people begin to struggle under the weight of those changes, what more can be done to cushion the impact?
I may not have the technical answers.
But I believe the welfare and purchasing power of Nigerians should remain at the centre of every conversation about energy policy.
At ₦1,350, ₦1,400 or ₦1,450 per litre, depending on location and filling station, petrol is no longer just a petroleum-sector issue.
It has become a household issue.
And perhaps, at a time like this, that is the conversation we should be having.
By Iliyasu Haruna Bala, ANIPR
Public Affairs and Strategic Communications Professional
Writes from Jabi, Abuja.
