Fuel Shortages Hit Guaranty Trust Bank | Independent Newspapers Limited
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Fuel Shortages Hit Guaranty Trust Bank

Posted: May 25, 2015 at 3:50 pm   /   by   /   comments (0)

Severe fuel shortages on Monday, May 25, 2015, forced Guaranty Trust Bank to close its branches nationwide at lunch time, the companies said.

Africa’s biggest crude producer subsidises fuel heavily and depends on imports for the bulk of its domestic fuel due to inadequate refineries.

The fuel importers say they are owed money from the government and have shut depots until their demands have been met.

The telecommunications, banking and aviation sectors have been brought to a virtual standstill because fuel is needed to power the private generators that produce most of the electricity in the nation of 170 million.

In the commercial hub of Lagos, the usually gridlocked streets were relatively clear during the Monday morning rush-hour because many drivers had run out of petrol.

Some drivers resorted to buying black market fuel for N500 naira per litre, more than five times the N87 per litre subsidised price.