There are strong indications that the country may be plunged into yet another round of scarcity of petroleum products as banks in the country have continued to deny petroleum marketers funds for the importation of petroleum products.
This troubling news was revealed in Abuja last week by the Executive Secretary of the Petroleum Product Pricing and Regulatory Agency (PPPRA) Reginald Stanley.
He said that the country may face serious fuel scarcity because banks were skeptical of granting fuel importers fund due to removal of fuel subsidy.
There are strong indications that the country may be plunged into yet another round of scarcity of petroleum products as banks in the country have continued to deny petroleum marketers funds for the importation of petroleum products.
This troubling news was revealed in Abuja last week by the Executive Secretary of the Petroleum Product Pricing and Regulatory Agency (PPPRA) Reginald Stanley.
He said that the country may face serious fuel scarcity because banks were skeptical of granting fuel importers fund due to removal of fuel subsidy.
"Banks are not giving credit lines to the importers because they said there is no definite statement on the removal of subsidy, a troubling development since they rely on banks for funding of their activities", he said.
However, the Group Managing Director of the Nigeria National Petroleum Corporation (NNPC), Austin Oniwon, said that corporation has reserve that can last for up to 33 days in the likelihood that scarcity occurs.
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