MasterCard reveals fuel spending back to pre-COVID-19 peak

MasterCard reveals fuel spending back to pre-COVID-19 peak

MasterCard has detailed that spending on fuel has peaked in Nigeria and Egypt compared to 2019.

According to the tech company, this is a sign that some economies are reopening at a faster rate.

MasterCard made the disclosure in its Post COVID-19 Recovery Insight issued by Mr David Mann, its Chief Economist for the Middle East and Africa (MEA), on Sunday, July 11, in Lagos.

According to the report, although global travel has remained uneven, there has been a rebound in ground travel and pick-up in domestic flight bookings showing encouraging signs.

It also includes the balance between leisure and business, local and long-distance travel, saving, and spending. The report also looked at the spending categories seeing an uptick and the signal for travel recovery.

“There are indicators of recovery across some markets in the Middle East and Africa, for example, gas spending in Nigeria and Egypt are already above 2019 peaks,” the report said.

Also Read: Sultan announces Tuesday July 20 as 2021 Eid-el-Kabir holidays

MasterCard added that Global gasoline spending is up by 13% from its previous peak in 2019. Adding that in Egypt and Nigeria, spendings at gas stations are already higher than their 2019 peaks; while in the UAE and in Kenya, they have equalised previous levels.

Meanwhile, Governor Babajide Sanwo-Olu of Lagos State has warned the citizens of an imminent third wave of the COVID-19 pandemic.

Sanwo-Olu gave this warning on Sunday, July 11, via a statement personally signed by him.

The Governor also reeled out statistics of the increasing number of cases in the state and the need to buckle up; especially as the Islamic religious festival of Eid-l-Adha nears.

The governor said the number of confirmed cases, which had earlier reduced to one per cent average as of the end of June, has suddenly increased to a 6.6 per cent rate as of Thursday, July 8.

Sanwo-Olu, however, did not say whether the new Delta variant; which has been described as the most transmissible, has been found in Lagos or not.

He, therefore, urged full compliance with all the protocols imposed in the country; and threatened to prosecute anyone found to have willfully flouted the protocols, and particularly the travellers.

 

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