L
LequteMan
Guest
Nigeria - The fuel crisis situation in Nigeria lingers on despite the federal government's payment of N156bn subsidy arrears to major oil marketers last week.
According to reports, the long queues at filling stations are not getting shorter and petrol stations are selling fuel above the approved rate of N87 per litre.
Investigations by NigerianBulletin into the matter shows that two main reasons are responsible for the continued crisis.
Sharp Practices by Petrol Stations
Most petrol stations in the country have hoarded petrol and refused to sell to consumers. This practice, it's believed is carried out in order to make the most of the situation.
Following news of MOMAN's grouse with FG getting more pronounced, petrol stations close up shops and hold on to what they have, hoping to sell when a higher amount has been approved by authorities.
However, some petrol stations take the risk and sell at prices above the regulated amount, citing increased costs of fuel procurement.
This in turn leads to consumers patronizing stations settling for stations with the least price ( mostly around N140 or N150 which above the approved N87/litre), thus leading to long queues at these stations.
Demand is Still higher than Supply
From all indications, the demand for fuel price in the country is still higher than its supply.
Major oil marketers had promised to increase supply and end the scarcity following payment of the N156bn subsidy arrears but things are still at a slow pace.
The process of procuring it seems is taking a while and the toll is telling on Nigerians.
Also, independent oil marketers have decided to stop loading fuel, accusing the FG of neglecting them in payment of their own subsidy arrears.
Read: Nigeria: Independent Oil Marketers Blast MOMAN& FG, Refuse to Load Fuel
All these contribute to the lingering of fuel scarcity in the nation. Major oil marketers have however threatened to stop importation of fuel if FG doesn't pay the outstanding N200bn subsidy claims in two weeks.
However things are looking up and the incident should be a thing of the past in the near future.
#Nigeria #Fuel #MOMAN #Subsidy
According to reports, the long queues at filling stations are not getting shorter and petrol stations are selling fuel above the approved rate of N87 per litre.
Investigations by NigerianBulletin into the matter shows that two main reasons are responsible for the continued crisis.
Sharp Practices by Petrol Stations
Most petrol stations in the country have hoarded petrol and refused to sell to consumers. This practice, it's believed is carried out in order to make the most of the situation.
Following news of MOMAN's grouse with FG getting more pronounced, petrol stations close up shops and hold on to what they have, hoping to sell when a higher amount has been approved by authorities.
However, some petrol stations take the risk and sell at prices above the regulated amount, citing increased costs of fuel procurement.
This in turn leads to consumers patronizing stations settling for stations with the least price ( mostly around N140 or N150 which above the approved N87/litre), thus leading to long queues at these stations.
Demand is Still higher than Supply
From all indications, the demand for fuel price in the country is still higher than its supply.
Major oil marketers had promised to increase supply and end the scarcity following payment of the N156bn subsidy arrears but things are still at a slow pace.
The process of procuring it seems is taking a while and the toll is telling on Nigerians.
Also, independent oil marketers have decided to stop loading fuel, accusing the FG of neglecting them in payment of their own subsidy arrears.
Read: Nigeria: Independent Oil Marketers Blast MOMAN& FG, Refuse to Load Fuel
All these contribute to the lingering of fuel scarcity in the nation. Major oil marketers have however threatened to stop importation of fuel if FG doesn't pay the outstanding N200bn subsidy claims in two weeks.
However things are looking up and the incident should be a thing of the past in the near future.
#Nigeria #Fuel #MOMAN #Subsidy
