Fuel scarcity has hit Lagos and other Nigerian cities as the supply of petrol for the teeming masses has reduced since last week, with characteristic long queues in various fuel stations, while many do not have for sale at all. decreases in the market while the demand increases from the citizens of the country. According to reports, oil marketers no longer have interest in the importation of the product due to the unstable, rising exchange rate of dollar to Naira.
Delayed subsidy payments, rising interests on bank loans are also parts of the factors responsible for the withdrawal of oil marketers from importation.
An Anonymous official of a major marketing firm, was quoted saying;
“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.”
States greatly affected by the fuel shortage include Lagos, Ogun, Oyo, Bayelsa, Ondo, Ekiti, Kaduna, Delta, Plateau, Akwa-Ibom, and Abuja, the nation’s capital.