Business Hilights

Tracking Nigeria's Headline Business News Online


Fuel scarcity inevitable as only NNPC imports due to forex scarcity—Marketers

Ad 2
Ad 3

Serious indications are emerging as to why the country may be in for another round of fuel scarcity crisis.

Already, fuel queues are gradually resurfacing in parts of Lagos and Abuja since Wednesday last week as many marketers seemed to have reduced importation due to forex differentials and inability of the government to ease forex access for importers of the product.

Even though the federal government had ordered for the payment of over N150bn owed importers, some of the importers who spoke to our correspondent said the refund will not make much difference as the fund belongs to the banks whom they owed.

Before the forex crisis became deeper, markers had been shoring up 70 per cent while NNPC supplies the remaining 30 per cent, but now, the NNPC, in its latest monthly report, said it remained the major importer of petroleum products, especially the PMS.

However, the NNPC has continued to tell Nigerians not to panic as product will continue to circulate without any need for scarcity.

But checks in some part of Lagos metropolis show that some petrol stations have already adjusted their meters to N150 per litre contrary to NNPC assurances that petrol is in stable supply.

Whereas the DPR had last week shut some stations in Zamfara State for selling more than N145 per litre, nothing has been heard on ceiling stations that sell above pump price in Lagos.


Business Hilights is an online news channel conceptualized and structured to report and track on a daily basis; latest developments in critical business sectors to serve as a one stop news gateway for governments, foreign and indigenous investors.