Fuel scarcity returns to Abuja
long qeues and black market hawkers returned to petrol stations in Abuja on Monday.
long qeues and black market hawkers returned to petrol stations in Abuja on Monday,
signaling the coming of fuel scarcity in federal capital territory.
The Nigerian government felt a sense of ease when crude oil gained substantial increase in price of in the international market.
It appears however, the Nigeria is about to pay the price of the increase in the pump price of petroleum products locally. signature tv correspondent Chibueze Obi, visited some filling stations in Abuja and now reports.
As at Monday, crude oil has hit N70 dollars per barrel in international market.
For the Nigerian government, this translates to increase in revenue to fund its budget.
Unfortunately however, Nigeria import almost 100% of its refined petroleum product, which means that the landing cost of these products will also rise in line with new crude oil price .
Most of the fillings visited in Abuja on Monday were either locked and so not selling to customers or were dispensing product using one or two pumps.
Qeues by motorists seeking to buy petrol stretched hundred metres.
The long wait to buy this product has spun frustration and complaint by motorists
The situation however, is good fortune for Blac market sellers who now sell a litre of petrol for four hundred naira as against one hundred and sixty- three naira.
Petrol station managers refused to speak on camera but told signature TV that Depot cost for petrol has increased substantially and many stations are reluctant to take product which they cannot sell at present government recommended price.
The fuel qeues which are a feature of previous fuel scarcities could also lead to downturn in economic activities if it is not addressed immediately.
The Nigerian national petroleum corporation NNPC which is the sole importer of petroleum product to go round and motorists should not engage in panic buying.
The present situation creates doubt in many Nigerians whether the government can sustain its no subsidy policy which is the only means of keeping price at the current level.
