Fuel scarcity may persists as banks deny marketers credit

The scarcity of refined petroleum products, especially petrol, may continue across the country for the unforeseeable future because marketers have stopped importing the product due to the reluctance of the banks to provide them with credit.

It was also learnt that as of May 29, 2015, the amount being owed all the oil marketers by the Federal Government was N291.7bn.

Reports says the refusal of the banks to provide credit to the marketers had adversely affected the business of some of them, as many were already contemplating leaving the venture.It added that the refusal of the banks to provide additional loans to the marketers could be due to the Federal Government’s delay in paying the huge subsidy debt being owed the fuel importers.

Although they admitted that the Nigerian National Petroleum Corporation was currently the sole importer of petrol, the quantity of fuel being consumed in the country was so high that the NNPC might not be able to handle it solely.