Nigeria hit with fuel scaricity amid election preparation

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 by The PUNCH 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

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 by The PUNCH 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.