Home Entertainment Forex Crisis: Fuel Scarcity Looms As Depots Go Dry, Filling Stations Shutting Down
Entertainment - News - October 6, 2023

Forex Crisis: Fuel Scarcity Looms As Depots Go Dry, Filling Stations Shutting Down

Oil marketers have warned that there might be fuel scarcity in the coming days in the country as many petroleum products depots have been deserted and several filling stations shutting down.

According to them, petroleum products depots and some filling stations are running dry because of a lack of products caused by the foreign exchange rate volatility.

Speaking at its National Executive Council meeting, the National President of the Natural Oil and Gas Suppliers Association of Nigeria (NOGASA), Benneth Korie, in Abuja on Thursday, said a lot of depots were presently dried up or out of stock.

He also explained that filling stations were shutting down daily in numbers because times are really getting tough in the sector, and if nothing is done in time, there might be looming fuel scarcity in the coming months.

Naija News understands that Korie at the event further said, “Depot owners are so terribly affected by the increasing cost of crude oil and exchange rate, to the extent that many depots are practically deserted as their owners are unable to secure bank loans to fund their business due to high-interest rates.

“Banks are not willing to guarantee funds release to stakeholders as a result of the difficulty, instability and galloping rates of foreign exchange and high cost of the dollar. Many depots are presently dried up or out of stock, and this is no gainsaying as it is evidently verifiable.

 “Worst hit are filling stations whose owners find it extremely difficult to secure funds to procure products for their retail outlets. Both the independent and major marketers are so terribly affected.

“As of today, filling stations are shutting down in great numbers on a daily basis, and dealers are going out of business, with many more on the verge of bankruptcy because of their inability to secure funds to facilitate orders for their stations.”

The NOGASA boss therefore called on the government to intervene urgently, less the industry collapse to add more pressure on the economic hardships.

The post Forex Crisis: Fuel Scarcity Looms As Depots Go Dry, Filling Stations Shutting Down appeared first on Naija News.

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