Fuel scarcity might run through February 2016

Report have it that the ongoing scarcity of petroleum products across the country is one that would linger till February 2016. Marketers were reported to have suspended fresh importation of petroleum products despite receiving N413 billion in subsidy claims from the government.

Disclosing that they are in full support of the deregulation of the downstream sector in view of the alleged plan by the Federal Government to remove subsidy on petrol next year and commence full deregulation by January 1, is already unsettling them.

According to an importer, “Marketers are not against deregulation. But deregulation must be planned for. It must not be a hasty decision. We are entities that invest a lot in importation of petroleum products. If a decision that is to affect us must be taken, then, we must be taken into consideration. For now, uncertainty pervades the sector.”

A source said “Nigerians are not considering the vagaries involved in deregulation. There are speculations that with deregulation, a li­tre of petrol would sell for N97, which is a possibility on one hand. But considering the current price of crude oil which sells for about $38 per barrel, what if this price slides further in the weeks to come and the permutation declines to less than N87 for a litre, who bears the loss?”