Fuel scarcity hits Lagos, worsens in Abuja, others

Entrances to many filling stations in Lagos and other parts of the country remained shut to motorists on Sunday following a sharp drop in the supply of petrol to the market.

Findings revealed that oil marketers were no longer interested in importing the product mainly because of the rising exchange rate of the dollar to the Naira.

The other factors responsible for the marketers’ action are delayed subsidy payments and rising interests on loans from banks.

An official of a major marketing firm, who declined to have his name in print, said, “I am afraid that we cannot continue to import petrol because it costs more now to do so owing to the recent devaluation of the Naira. The rising amount of petrol subsidy arrears payable to us coupled with the high interests on loans from financial institutions, are still major issues in our hands.”

...Punch