PETROL SCARCITY LOOMS OVER DELAYED SUBSIDY PAYMENT, DEVALUATION

Nigerians have enjoyed relative stability in the supply of Premium Motor Spirit across the country for some time now, but may be in for a difficult time in the coming months due to a combination of factors.

 

Last Wednesday’s decision of the Central Bank of Nigeria to fix the exchange rate of the naira to the dollar at 198 and the initial devaluation of the currency as well as rising petrol subsidy arrears have forced some oil marketers in the country to reduce the stock of petrol they supply to the market.

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