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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