Fuel Crisis: Filling Stations Turn Into ‘Ghost Places’ Petrol Marketers Lay Off Staffs

Fuel Crisis: Filling Stations Turn Into ‘Ghost Places’ Petrol Marketers Lay Off Staffs

borrowing costs and diminished consumer purchasing power are compounding the industry’s difficulties. “The cost of financing is extremely high, and our products are not being sold quickly because Nigerians are struggling with their buying power,” he added……..CONTINUE READING 

Echoing Gillis-Harry’s concerns, Chinedu pointed out that many filling stations are seeing a significant drop in traffic as middle-class Nigerians turn to public transport instead of using their cars. “Most of the funds we invest come from loans, and the interest rates are prohibitive. The returns on investment are minimal, as sales do not yield enough profit,” he stated.

“Currently, the activity at filling stations is very low. Buyers are opting for more economical transportation options instead of their luxury vehicles. You can often see just two or three cars at some stations—what we are witnessing now is more about price disparities than scarcity,” Chinedu explained.

Both unions are urging President Bola Ahmed Tinubu to establish a ₦100 billion seed fund to support oil marketers, similar to the aid provided to the aviation and agricultural sectors.

As these economic challenges mount, Nigerians continue to face skyrocketing food and energy prices, which have surged dramatically under the Tinubu administration. Petrol prices, which were under ₦200 per litre just a year ago, have now skyrocketed to over ₦1,000.

Many attribute the soaring costs to policy changes such as the removal of petrol subsidies and the unification of foreign exchange rates, both of which have disproportionately affected the middle class.