Many Nigerians who spent hours in the queue to buy fuel in 2022 crossed into the New Year with the same challenge. The pump of petrol which was selling between N162 to about N170 per litre before last year suddenly started moving up to N200 per litre when the first disruption in the petrol supply and distribution system occurred in the first quarter of 2022.
At the moment, a litre of fuel sells between N250 to N600 per litre depending on the location. However, oil marketing companies have consistently blamed the shortages and price hikes on the movement in market fundamentals including foreign exchange, inflation, high cost of renting daughter’s vessels, and the cost of trucking products to many parts of the country.
If fuel scarcity must stop permanently in Nigeria, Nigerians must rise to the task. In Economics, when there is no demand for a product, its price falls. There is high demand for fuel hence the artificial scarcity in anticipation of a higher price. To avoid this, there are a lot of things that has to be put in place, one of the things is that Nigerians should resort to solar energy.
This is why we’ve brought about the innovation of our electric cargobikes to reduce the pressure on the use of fuel. Our electric cargobikes use electricity and other renewable energy sources such as solar to power. With our electric cargobikes, we have reduced the pressure placed on fuel thus reducing fuel scarcity in Nigeria.
If fuel scarcity must stop permanently in Nigeria, Nigerians must rise to the task, Thinkbikes.