Nigerians queuing for petrol
Nigeria, Africa’s largest oil producer is
now facing severe petrol shortages. This has meant that Nigerian
citizens are queuing for hours to fill up their tanks and generators,
and many taking to the black market to buy petrol at 3-4 times the
market price!
Fundamentally, this is all because Nigeria does not not possess
enough refining capacity to supply petrol to all of it’s citizens, and
therefore has to rely on importing roughly 75% of its fuel. Over the
last several months it’s fuel import levels have dropped as the country
struggles to find the foreign currency reserves to pay for this
commodity.
Nigerians queuing for petrol
Reviewed by Admin
on
09:33:00
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