‘No Petrol‘. That seems to be the official motto of Nigeria now- a days.
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Petrocalypse, The entire nation is now crippled due to severe fuel shortage that the country has been experiencing for more than a month.
The fuel shortage is directly and indirectly affecting the local businesses and the heavy industries simultaneously. On the other hand the wholesale fuel sellers have been withholding petrol and demanding the government to pay the bills due to them.
According to the reports, The Nigerian government owes owed $1bn (£625m) to the wholesale dealers. The fuel companies made it clear that they won’t supply anymore fuel unless their debts are fulfilled.
The crisis is also affecting the banking sector. The Guarantee Trust Bank says its branches will close at 12:00 GMT as it struggles to get fuel for its generators.
Unlike rest of the world, most Nigerian businesses and homes rely on diesel-powered generators because of the poor electricity infrastructure. This is resulting in the grinding halt of Africa’s biggest economy.
Even the country’s mobile networks MTN, Airtel and Etisalat are issuing warning that the services might be disrupted due to poor availability of fuel resources for their base stations.
The Traffic on the roads is next to nil. Many fuel stations have stopped selling petrol and there are long queues at places where they are selling petrol. Many domestic flights have been cancelled and some international flights are having to land in neighboring countries to refuel.
On the whole the experts and economists are considering this the whole system break down.
