Written by – Friday, 10 February 2012 05:00
The Executive Secretary of the Petroleum Product Pricing and Regulatory Agency (PPPRA) Reginald Stanley yesterday said there was looming scarcity of petrol in Nigeria.
He told the House of Representatives ad-hoc committee investigating the management of subsidy 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.