Fuel Scarcity: 3 reasons why the hike will continue
The already bad problem of fuel supply in the country has been worsened by a growing uncertainty which is connected to the payment of oil subsidies to marketers.
According to an industry source who spoke to The Cable, these are three reasons why you will keep queuing for fuel:
Banks have become hesitant to FINANCE imports of petrol and kerosene and have now tagged the transactions as a “political risk”.
Recent payments to marketers were sourced from a loan taken by the federal government, a development that effectively shook the confidence of the financial system on the immediate future of subsidy in the country.
Most oil marketers have decided against importing fuel until the incoming government of President-elect, Muhammadu Buhari settles in and defines its direction on the deregulation of the downstream sector.