FUEL CRISIS BITES HARDER, AS OIL MARKETERS SUSPEND IMPORTATION. PRODUCT NOW SELLS FOR N140/LITER

The continued fuel scarcity being experienced in major parts of the country, mostly in Lagos and Abuja, went on today, showing no signs of easing up, while respite seems not in sight for motorists and residents. This was even as oil marketers disclosed that they have suspended the importation of Premium Motor Spirit, PMS, into the country due to the failure of the Federal Government to pay them their claims.

Information available has it that majority of the oil marketers are yet to be paid by the Federal Government, making it impossible for them to secure fresh funds from the banks to finance fuel import. Out of the huge amount owed marketers only about N4 billion was paid to some of them a few days ago while others are yet to be paid. Source revealed that “The money that the marketers were paid by the Federal Government was, according to the banks, like a tip of the iceberg, compared to the huge amount the marketers owe the banks. Majority of the marketers are not able to repay their indebtedness to the banks, making it impossible for them to secure new facilities from the banks to finance fuel import.

Because of the worsening scarcity, majority of the petrol stations now engage in sharp practices. Specifically, most of the petrol stations in a bid to make huge profits, sell at between N120 and N140 per litre, while others prefer to sell to black marketers. In Abuja, petrol stations sell to the black marketers at between N120 and N140 per litre, with the black marketers reselling same to motorists at between N160 to N250 per litre.

In Lagos metropolis fuel were been sold above the approved pump price. Specifically, at Ojo Road in Ajagbandi (Adekam Oil, Ralhamed), Isolo/ Okota in Cele Road (Mobil, Rainoil, Conoil, PM), Amukoko sold between N110 and N160 per litre. While others are making brisk businesses, many petrol stations had since last week, shut their gates to motorists. These include Forte Oil, NNPC, MRS, Mobil at Festac, Forte Oil, Total, Mobil at Mobil Road, Apapa.