The oil producing state of Bayelsa has being gripped by severe fuel
shortage that has left most commuters and motorists stranded and the
price of fuel hitting N500 at the black market.The shortage is allegedly due to the drop in fuel imports caused by the partial removal of subsidies.
Motorists and residents in the state are seen on long queues at petrol stations, while some struggled at various black market points which sold a litre for a staggering N500.
The fuel scarcity has made some residents resort to walking long distances to their destinations and car owners going into neighbouring states like Delta to buy at a cheaper rate of N100 per litre.
Some residents told Channels Television, that they have been at the petrol station for three days.
The Executive Secretary of the Petroleum Product Pricing and Regulatory Agency (PPPRA) Reginald Stanley had warned about the looming scarcity of petrol in the country.
He had told the House of Representatives ad-hoc committee investigating the management of subsidy that the country may face serious fuel scarcity because banks were sceptical 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 told the panel.
However, the Group Managing Director of the Nigeria National Petroleum Corporation (NNPC), Austin Oniwon, told the probe panel that corporation has reserve that can last for up to 33 days in the likelihood that scarcity occurs.
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