Authors : Eze Chidi Nwauba

Volume/Issue : Volume 9 - 2024, Issue 5 - May

Google Scholar : https://tinyurl.com/yywn63dh

Scribd : https://tinyurl.com/3envnz4w

DOI : https://doi.org/10.38124/ijisrt/IJISRT24MAY2136

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Abstract : One of Nigeria's most pressing economic issues is the country's chronic petrol shortage. The intractable macroeconomic monster that is petrol scarcity in Nigeria has resisted the political achievements made by successive administrations. Petrol is essential, and its accessibility and price are critical issues, particularly given the unsavoury nature of the hazards and their consequences. Therefore, the methods of strategic management that aim to reduce its incidence are the primary subject of this study. The investigation revealed that fuel shortages are caused by things like excessive corruption and mismanagement of the government treasury and that the hazards associated with them include things like social and economic turmoil, increases in transportation costs, and slowdowns in economic growth. Government efforts to alleviate the petrol shortage, such as forming task forces and reforming the downstream industry, were also determined to be ineffective. As a result, effective strategic ways to control and prevent petrol shortage in Nigeria were suggested, such as the use of balanced scorecards and SWOT assessments.

Keywords : Economic Performance, Gas Oil Industry, Governance, Petrol Scarcity, Risk Management, Strategic Management.

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