There were queues in Lagos this morning as most filing stations did nit have fuel to sale. Those that had fuel witnessed many cars queuing to buy fuel a sight many of us hate to see.
Why is this so?
Newspaper reports have blamed this on the refusal of Oil Marketers to import petroleum products for no other reason but, you guessed it, depreciation if the naira.
This is despite them being paid a part of the subsidy arrears and the approval of the import allocation for the quarter. The importers are basically scared of the consistent depreciation of the naira which no one seems to know when it will end. The Punch quoted The Chairman, Nigeria Union of Petroleum and Natural Gas Workers, Lagos Zone, Alhaji Tokunbo Korodo
“loading had dropped drastically. It is very important to know why marketers are not loading despite the recent payment of subsidy arrears by government and the approval of the fourth quarter import allocation for Premium Motor Spirit. The situation is very clear. The dollar is fast appreciating against the naira. Oil marketers are not comfortable to go into importation.
“This will, very likely, worsen by next week. I pray this does not disrupt the festive period.”
I really don’t blame them considering the volatility in the market at the moment. Brent crude crashed to a five year low of $66 on Monday putting more pressure on our budgetary provisions and exchange rate. Oil Marketers are looking at happenings in the world economy and as such the government will have to react swiftly to ensure social unrest is avoided by all means.
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