The global oil price is below $40, the new policy under this administration is yet to provide enough forex for marketers; These are reasons Nigerians are battling with the current fuel crises.
However, hawkers and secondary sellers of Premium Motor Spirit (PMS) on streets (otherwise known as Black market) have populated the city.
Black market operators are people who buy fuel at a regular price then in turn sell it to consumers at an outrageously inflated price.
Fuel scarcity has been a boom for black market, most of them often record up to 100% profit on sales.
The danger behind this business idea cannot be over emphasized; the city of Lagos alone has witnessed several explosion as a result volatile movement of petroleum.
The House of Reps in March ordered that Black market should quit the street.
However, some citizens disagree with reps’ order, many believe black market have been a helpful source in conquering the fuel crisis.
Adeoye Martha, a hair stylist who makes use of petrol throughout the day said “I don’t think black market should be eradicated because I cannot withstand the queue at the fuel station. My customers come in and they want their hair done as soon as possible so how am I supposed to stand in queue at fuel station and still come back and service my customer. Black market saves me the stress.”
Most Petrol stations around the city has a huge crowd of grieving customers.
Gbolahan a commercial driver said “I had to wake up as early as 5’o clock to get fuel in my bus before starting my business for the day. This is the only way I can get fuel at the regular price (85 naira). A particular day fuel finished in my bus and my conductor had to patronise the black market and he bought 5 litres of fuel for one 1500 naira. Black market extort but they save stress”
Chinedu said “since the fuel situation I have been unable to put on my generator at home. The bus fare is now a double of what we pay before and whenever am lucky to get the fare at a reasonable price, the seating arrangement in the bus is choking”.
Mr Joaseph Bamidele a civil servant said “the fuel situation is critical. Before the crisis became so arduous, I either wake up early or home really late in order to queue up at the fuel station to buy fuel at the regular price, even though some still inflate the price. But on the long run, I had to switch to the black market sellers because queuing up at fuel station is painstaking. If the black market sellers had not been there, the queue at ful station will be larger.
The Minister of state for petroleum, Dr Ibe Kachikwu had earlier said the fuel crisis would not end until may before withdrawing his statement to settle for the 7th of April.
According to the 2016 budget presented by President Muhammadu Buhari, Oil revenues are expected to contribute N820 billion this year as Buhari propose to diversify the economy and invest fully in agriculture.
The black market has created an easier bit expensive way to purchase fuel without dealing with hours on a long queue.
The order by the National Assembly might not have much hold as the people still prefer the quick access to petrol.
Written By: Daniel Enisan