Mary Onyia
Economic activities remain grounded in Lagos as the petrol scarcity persist, with indications that the petrol shortage may linger for sometime more, due to some unresolved matters.
Reports say that Nigerians may not get immediate respite to the lingering petrol shortage owing to the $6 billion debt to petrol suppliers, liquidity and other pressing issues that have put pressure on the Federal Government’s capacity to continue the importation of the product.
This is even made worse as oil marketers lament their inability to import the product because of the high foreign exchange rate of $1,500/$, which has increased the landing cost of the product to more than N1,100 per liter.
Long queues were seen at the filling stations in most parts of Lagos on Sunday, as many people struggled to get the scarce resource. Many independent marketers remain shut for business and the few who opened merely rationed the fuel.
Mr. Festus Oyibo, a journalist told FP that for three days consecutively he has been trying to get fuel for his car to no avail.
“Each morning I wake up a little earlier, as early as 5:00 am to go to any of the nearby filling stations opened for business. Sometimes I will be there for four or five hours, and then the next thing we are told is that there is no more fuel”, Oyibo said.
He said; “What I notice is that in the few filling stations lucky to have petrol for sale, there is strong racketeering going on.”
He alleged that the attendants collect bribes from some desperate people who are ready to cough out a little more than necessary to buy the product ahead of those in the queue.
This has invariably hiked the price of the products, as some of these people who allegedly bribe the fuel attendants to obtain fuel, sell it to other desperate road users at exorbitant prices.
Reacting to the development yesterday in a statement, the Chief Corporate Communications Officer, NNPC Ltd, Olufemi Soneye, stated: “NNPC Ltd has acknowledged recent reports in national newspapers regarding the company’s significant debt to petrol suppliers.
‘’This financial strain has placed considerable pressure on the company and poses a threat to the sustainability of fuel supply.
‘’We are actively collaborating with relevant government agencies and other stakeholders to maintain a consistent supply of petroleum products nationwide.”
Major marketers, their dealers, and depot owners, reports say, get the product at about N560 per liter and sell it to independent marketers for between N670 and N680 per liter.
The independent marketers that incur the cost of transportation to many parts of the nation, including the outskirts, sell the product at between N700 and N900 per liter, depending on location.
Due to the scarcity. most operators of filling stations have adopted measures to maximize the allocation of the limited supply they get.
Some have resorted to rationing, not allowing their supply to run dry until they are able to get new supplies. While others have allegedly resorted to selling to black market dealers who are ready to pay more for the scarce product in order to boost their profit.
All these going on as the economy continues to struggle owing to various factors such as the fluctuations in the foreign exchange market, low crude oil production, and a plethora of other issues, which has led to a lull in business activity according to reports by the Nigeria Employers Consultative Association.