CEO of Seplat Petroleum, Avuru revealed that the fuel shortages are likely to return as the government doesn't have enough money to pay for petrol subsidies.
This is certainly bad news for Nigerians as reports say the country is likely to be hit by another fuel scarcity in the next few weeks.
The Chief Executive Officer (CEO) of Seplat Petroleum Development Co Plc, Austin Avuru revealed this.
Avuru explained that the shortages are likely to return as the government doesn’t have enough money to pay for petrol subsidies.
“In three weeks we will be back to scarcity because we simply don’t have the money to pay for the subsidy,” Avuru said on Thursday, June 25, 2015, while speaking at a Bloomberg conference at the Nigerian Stock Exchange (NSE).
Nigeria is just coming out of a scarcity which forced banks to close and almost crippled the economy.
An industry insider has told Pulse that the shortages are frequent because the refineries, which can produce 60% of the country’s needs, have been shut for about a year.
Nigeria relies on importation to meet its fuel needs despite its large crude oil deposits.