ABUJA—As fuel scarcity bites harder nationwide, fresh facts emerged, yesterday, indicating that a combination of policies from Nigeria’s Central Bank and the high level of indebtedness of product marketers to some banks led to the low supply of Premium Motor Spirit PMS (petrol).
Because of the high level of indebtedness of marketers to banks, most of the banks have refused to issue Letters of Credit to them. A competent source at the Petroleum Products Pricing Regulatory Agency, PPPRA, disclosed that “the National Consumption level is predicated at 40 million litres daily and this is shared at ratio 50:50 between NNPC and other petroleum products marketers.