Fuel Scarcity Hits Abuja, Lagos And Other States

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.

It was gathered that oil marketers were no longer interested in importing the product mainly because of the rising exchange rate of the dollar to the Naira which was N226 to a dollar as at Sunday.

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

States mostly affected by the fuel scarcity were Lagos, Ogun, Oyo, Bayelsa, Ondo, Ekiti, Kaduna, Delta, Plateau, Akwa-Ibom.   Abuja, the nation’s capital, appeared to be the worst hit.

In Lagos, many filling stations refused to sell petrol but those that were open for business had long queues of customers to attend to.

Although their pump prices remained N87 per litre, black market operators sold N120 per litre.

Drivers of commercial buses capitalised on the situation to increase bus fares.

In Ibadan, Oyo State, the scarcity was said to be due to unsubstantiated information going round that petrol price would go down to N65 per litre, which has made dealers refuse to restock after exhausting their product for fear of running at a loss, if the government suddenly reduces the prices after buying at a higher price.

According to a dealer, he said, “No businessman wants to run at a loss. Those who are not selling must have exhausted their product and are unwilling to buy more at the old price because of the fear that the rumour of a new price of N65 per litre could be true. If we buy today at the current price and government slashes price tomorrow, who pays for the deficit?”

The situation was the same in Ekiti, Ondo, Bayelsa, Delta and most other parts of Nigeria on Sunday as long queues were evident at many filling stations.

How are you coping with the fuel scarcity in your area?