Petrol shortage might last till June

The current fuel scarcity being witnessed in Nigeria might not ease up until June, reports say.

The marketers are said to be afraid that the incoming administration of President-elect, Muhammadu Buhari might refuse to pay them the balance.

“We have been paid partially, but everybody is suspicious of what will happen to the outstanding balance owed marketers and what happens after May 29. Nobody is importing now against June, because no one is sure of what is going to happen next,” a source told The Guardian.

“There are so many vessels laden with fuel at Nigeria’s border line, but the marketers are not buying, there is nothing the traders can do than to go back with their products,” he added.

Marketers who are desirous of importing the product with the use of loans are also being prevented from doing so as banks in the country have reportedly labelled fuel importation a “political risk”.

“We are stuck on all sides. The banks are unwilling to fund fuel importation because they do not want to take any risks that have political implications. They have classified it as political risk. They are not sure the incoming administration will be eager to pay up on subsidy, especially with the impression that it is all a scam,” a source told The Cable.

Finance Minister, Ngozi Okonjo-Iweala had earlier assured the marketers that the money owed would be paid by the incoming administration.

She also denied reports that there was no provision for the subsidy in the 2015 budget.