Before we criticize any Government policy, it will be more appropriate to analysis and ascertain both the negative and positive impacts of that policy. I will, to the best of my knowledge analysis the different components that involve this topic in question.

ECONOMIC COMPONENT- why do we suffer fuel scarcity in Nigeria?
1. We do not have enough refineries to satisfy our domestic need, so we depend on fuel importation.
2. Fuel is bought at the international market with US Dollars and importers need USD to buy and import fuel.
3. There is variability up to #122 between the official USD exchange rate and parallel market rate in Nigeria.
4. The Government determines the price for fuel because the CBN is the only source of USD for marketers and dealers who import fuel.
5. If marketers source for USD themselves, they cannot sell the product at the Government controlled price because of the #122 difference.
6. When the CBN gives USD to importers to buy fuel and import, they opt to selling the USD in the parallel market since they make more profit, say 50 times more than buying fuel and importing.
7. Most of the few importers who use the USD they got from CBN to buy fuel and import, divert the fuel to neighboring countries because fuel costs more in these countries since there market is free(de-regularized), they sell at higher price and make more gain.
8. The CBN as a result of over 60% decrease in crude oil price leading to a depleted foreign reserve cannot afford to give enough USD to marketers and Dealers to import enough quantity of fuel for domestic consumption in the midst of all the leakages.
9. These factors combined with few others always lead to a shortage in in the quantity of fuel that will satisfy Nigerian domestic consumption.

POLICY COMPONENT- The Ministry of Petroleum took the following actions to Address the above mentioned Challenges.
1. Stopped the CBN from given forex to marketers and dealers, giving them the freedom to source for forex in the parallel market.
2. Allowed the pump price of fuel to reflect the international price of fuel using the forex at the parallel market.
3. Given all investors the right to buy and import fuel while sourcing for forex from the parallel market. You can also become a dealer if you want.

THE IMPACT OF THIS POLICY ON THE ECONOMY
1. Marketers and Dealers can no longer collect USD from CBN and sell at the parallel market instead of importing fuel and then causing fuel shortage.
2. Marketers and dealers can no longer divert fuel to Chad, Benin and other neighboring countries since they will not make extra profit in doing so.
3. Everyone can now buy fuel and import. There are no more cabals in the petroleum industry.
4. More fuel will be brought to Nigeria and there will be competition among marketers that fuel stations will be begging and giving incentives to customers to buy their fuel.
5. Competition will drive down the price of fuel as seen in the case of diesel.
6. Government will use its resources and time to develop infrastructure.
7. The cabals will no longer hold the nation at ransom in the name of non- payment of outstanding subsidy.

I see..