Long Petrol Queues Frustrate Tunisians

 Cars queue for fuel at a gas station in Tunis, Tunisia October 11, 2022. REUTERS/Jihed Abidellaoui
Cars queue for fuel at a gas station in Tunis, Tunisia October 11, 2022. REUTERS/Jihed Abidellaoui
TT

Long Petrol Queues Frustrate Tunisians

 Cars queue for fuel at a gas station in Tunis, Tunisia October 11, 2022. REUTERS/Jihed Abidellaoui
Cars queue for fuel at a gas station in Tunis, Tunisia October 11, 2022. REUTERS/Jihed Abidellaoui

Frustrated motorists queued in long lines outside Tunisian petrol stations on Tuesday even after the energy minister had said a shortage would end on Monday with a new delivery of fuel.

Many petrol stations started running out of fuel over the weekend as imports slowed and national supplies dropped, leading to lines of cars stretching kilometers in some places, causing bad traffic in Tunisian cities.

Mohamed Neji, who had been waiting for an hour and a half in the Ariana district of Tunis, told Reuters he didn’t go to work on Tuesday.

“We’ve become like refugees in our own country,” he added, alluding to other shortages that have struck Tunisia in recent weeks including flour, sugar, butter, milk and cooking oil.

Tunisia faces a crisis in public finances. The influential labor union, which has branches in government and national supply sectors, says the state has struggled to pay for imports of goods that it sells at subsidized rates.

President Kais Saied, who moved to rule by decree after shutting down parliament last year and expanding his powers with a new constitution, has blamed hoarders and speculators for goods shortages.

Tunisia hopes soon to finalize a staff-level agreement with the International Monetary Fund for a rescue program that could also unlock billions of dollars in bilateral support from other countries.

However, it is not clear if it can push through the reforms that the IMF wants, including reductions in subsidies that are opposed by the labor union.

Tunisia’s petroleum reserves are sufficient for one week, down from the usual 60 days of strategic reserves, said Salouan Smiri, a senior official in the oil section of the UGTT union.

Near petrol stations in Tunis on Tuesday there was furious honking from cars as lines of waiting motorists blocked traffic lanes, with vehicles crammed into the spaces around.

Cars at many petrol stations were only allowed to fill up to 30 dinars ($9) worth of petrol, or about 13 liters. At some, petrol station workers were distributing petrol from plastic bottles to ease congestion at the pumps.

“I waited my turn for two hours. It’s a nightmare we live every day. I no longer have confidence in the state. It’s bankrupt, but they in government keep telling us everything is available,” said Zara, a woman waiting in Ariana.



Gold Steady as Firm Dollar Offsets Safe-haven Demand

FILE PHOTO: Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo
FILE PHOTO: Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo
TT

Gold Steady as Firm Dollar Offsets Safe-haven Demand

FILE PHOTO: Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo
FILE PHOTO: Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo

Gold steadied on Monday as a stronger US dollar countered safe-haven demand amid trade war concerns, while investors looked to inflation data this week for clues on the Federal Reserve's next interest rate decision.
Spot gold was at $2,913.09 an ounce at 0946 GMT, while US gold futures firmed 0.2% to $2,920.10.
The dollar index held above last week's four-month low, making gold more expensive for holders of other currencies, Reuters said.
Quantitative Commodity Research analyst Peter Fertig said a rise in the dollar is weighing on bullion and he expects a further correction to below $2,900.
Meanwhile, market focus remains on trade tensions. In his latest warning to Canada, US President Donald Trump said on Friday that reciprocal tariffs on dairy and lumber could be imminent.
Gold's success in holding above $2,900 reflects concerns about the wider economic picture and an ongoing heightened geopolitical risk environment, Frank Watson, market analyst at Kinesis Money, said in a note.
Traders are looking to US Consumer Price Index (CPI) data on Wednesday and the Producer Price Index (PPI) on Thursday for US interest rate cues.
The Fed has held interest rates so far this year after cutting three times in 2024. Market pricing reflects expectations of a further cut in June.
Bullion is seen as a hedge against inflation and geopolitical uncertainty but higher rates can dent the non-yielding asset's appeal.
Data showed top metals consumer China's consumer price index missed expectations in February and fell at the sharpest pace in 13 months, while producer price deflation persisted.
Spot silver edged up 0.2% to $32.59 an ounce, platinum rose 1% to $973 and palladium was up 0.5% at $952.68.