• Login
  • Register
Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
Nairametrics
No Result
View All Result
Home Business News

Why Another Petrol Scarcity Looms

Editor by Editor
February 1, 2016
in Business News, Politics
fuel scarcity
Share on FacebookShare on TwitterShare on Linkedin

The persistent depreciation of the naira against major currencies especially the United States dollar may create another round of petrol scarcity, according to oil marketers interviewed by Punch.

The marketers said that sourcing for dollars to import petroleum products was becoming increasingly difficult, with most them turning to the parallel market for foreign exchange. One of the oil marketers interviewed told Punch that they buy a dollar for as high as N280 at the parallel market, because it was not easy to get the greenback at the Central Bank of Nigeria’s official exchange rate of N197.

The Central Bank of Nigeria (CBN), had earlier in January stopped the sale of forex to Bureaux De Change (BDC) operators, one of the reasons being the activities of dubious BDC dealers who buy from the CBN at the official rate only to sell at a higher rate.

RelatedStories

pain killers

Kano drug centre seizes N1.3 billion worth of fake medicines, contaminated foods 

July 11, 2025
Lagos govt mandates permits for amplified sound in nightclubs, worship centres 

Lagos Govt to demolish buildings encroaching on Ikota River in Lekki area 

July 11, 2025

Here is what a major oil marketer had to say;

“Everybody is sourcing for forex; when you are lucky, you get it. But when luck is not on your side, you have to wait. Since the petrol import allocations usually lapse after three months, people often have the latitude to source for forex within the period. For example, the last allocations were given in December and so people had the latitude to source for the foreign exchange for about two months.

“The essence of giving the allocations ahead is also for you to plan. For instance, if you want to bring in three cargos, you can’t bring in all at once. Maybe you bring one in the first month, the second in the next month and the third cargo in the last month.

“But that’s under a normal circumstance where you have the forex. But now that you don’t have the forex, your cargo may have to stay for one or two months while you source for forex. This is not good for the business, especially if we must avoid petrol scarcity.”

Although the CBN announced that it permitted banks to receive forex deposits, but the marketers are complaining that deposit money banks were no more willing to give out Letters of Credit to oil marketers, except those who could provide guaranteed sources of forex.

Punch originally reported this article

Editor

Editor

Related Posts

pain killers
Health

Kano drug centre seizes N1.3 billion worth of fake medicines, contaminated foods 

July 11, 2025
Lagos govt mandates permits for amplified sound in nightclubs, worship centres 
Real Estate and Construction

Lagos Govt to demolish buildings encroaching on Ikota River in Lekki area 

July 11, 2025
Top 5 highest paid bank CEOs of 2022 
Breaking News

BREAKING: GTCO targets East Asia expansion, no plans for US 

July 10, 2025
GTCO to write off Aiteo loan and switch to aggressive recovery plan
Bank Recapitalization

GTCO lists 2.28 billion Public Offer shares on NGX after London debut, discloses price 

July 10, 2025
Netherland commits €120 million to back Lagos waste-to-energy project with Dutch company 
Business News

Lagos Govt reopens Purple Mall after fatal car fall incident 

July 10, 2025
Transmission lines in Cross River, Rivers have been vandalized severally in over 2 months – TCN
Energy

Dangote Refinery faults FCCPC’s second attempt to challenge N100 billion import license suit 

July 10, 2025
Next Post
Here Is What Happened When Angola Devalued

Angola Joins Nigeria In Seeking For World Bank Loan

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Emple
nlng
first bank








DUNS

Recent News

  • Kano drug centre seizes N1.3 billion worth of fake medicines, contaminated foods 
  • Lagos Govt to demolish buildings encroaching on Ikota River in Lekki area 
  • BREAKING: GTCO targets East Asia expansion, no plans for US 

Follow us on social media:

Recent News

pain killers

Kano drug centre seizes N1.3 billion worth of fake medicines, contaminated foods 

July 11, 2025
Lagos govt mandates permits for amplified sound in nightclubs, worship centres 

Lagos Govt to demolish buildings encroaching on Ikota River in Lekki area 

July 11, 2025
  • iOS App
  • Android App
  • Contact Us
  • Home
  • Markets
  • Sectors
  • Economy
  • Business News
  • Financial Literacy
  • Disclaimer
  • Ads Disclaimer
  • Copyright Infringement

© 2025 Nairametrics

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Social Media Auto Publish Powered By : XYZScripts.com
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Login
  • Sign Up

© 2025 Nairametrics