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Naira-for-crude: Motorists engage in panic buying
FollowNaira for crude: Motorists engage in panic buying as fuel scarcity loomsNigerian motorists are in a state of panic as fuel scarcity looms due to the recent increase in crude oil prices. The naira has been devalued causing the cost of importing fuel to rise and this has led to fears of a shortage in supply. As a result many motorists are rushing to fill up their tanks causing long queues at gas stations. This has also led to an increase in the price of fuel on the black market. The government has assured the public that measures are being taken to address the situation but the uncertainty and panic among motorists continue.
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- 1) The anxiety over fuel price following the announcement of Dangote refinery that is suspending the sale of petroleum product due to the collapse of naira-for-crude deal between the company and the NNPC. This new development has caused panic buying amongst Nigerians because they believe this might lead to scarcity of the product in the following days to come. Do you think the NNPC should have given more leverage to Dangote's refinery on the naira-to-crude deal?
- 2) Panic buying and scarcity of fuel has been a long problem afflicting the oil industry in the country for decades. Despite being the largest producer and export country in Africa, Nigeria has been plagued by this problem for so long. Should Nigeria still be faced by these problems despite having the largest private refinery in the world?
- 3) Announcing few days ago of it desire to stop receiving crude from the NNPC due to the collapse of the crude-for-naira deal between both companies, there has been some certain developments and technical issues between both companies which in turn will create problems to consumers of the products such as scarcity of the products and maybe a potential hike in the price of the products. What do you think the government should do about this issue and for a fact that the NNPC is a body of the government?
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