Business

Fuel sells for N175/litre as marketers threaten strike over debt

Published

2 years ago

July 7, 2022

Some filling stations on Wednesday dispensed Premium Motor Spirit, popularly called petrol, at over N175/litre, higher than the government-approved N165/litre price.

This came as oil marketers insisted on embarking on strike from next week if the government fails to pay them (marketers) what they were being owed.

A report by The Punch said some outlets in Lagos that sold the commodity at N169/litre last week had to adjust their pumps on Wednesday, as they dispensed the PMS to motorists at N175/litre.

Also, queues by motorists at filling stations, which had persisted in Abuja and environs since February this year, gradually resurfaced in parts of Lagos on Wednesday.

Our correspondent also observed that many filling stations, particularly those belonging to members of the Independent Petroleum Marketers Association of Nigeria, were shut due to a lack of products to sell to customers.

Gegu Oil, Eterna and Oando filling stations at the Dutse end of the Kubwa-Zuba Expressway in Abuja, for instance, had remained shut for days for lack of products to sell, despite the heavy queues of motorists in a nearby NNPC retail outlet.

Amidst these concerns, oil marketers under the aegis of Abuja-Suleja IPMAN, stated on Wednesday that their proposed strike would go ahead next week if the government fails to substantially clear the bridging claims for transportation of petrol being owed marketers.

Last week, oil marketers warned that Nigeria could witness “the mother of all queues” soon if the Federal Government fails to pay the 12 months bridging claims being owed operators in the downstream oil sector.

They had also denied being paid N74bn by the Federal Government as bridging claims for the transportation of petroleum products.

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The Federal Government through its Nigeria Midstream and Downstream Petroleum Regulatory Authority had said last week that it paid N74bn as bridging claims to oil marketers for the transportation of petroleum products across the country in seven months.

But the Secretary, Abuja-Suleja IPMAN, Mohammed Shuaibu, whose unit covers Abuja, Kogi, Niger and parts of Nasarawa and Kaduna, told our correspondent on Wednesday that though some members had confirmed the receipt of payments, a host of others had yet to receive theirs.

“Few of our members have confirmed receiving alerts, but the majority have not been paid and so the decision to embark on the mother of all strike still stands, except we get our payments,” he stated.

Shuaibu added, “Many independent marketers are closing shop and because of these debts. We cannot continue to fold our hands. We are sorry about the hardship, but the government has to pay us, otherwise we will withdraw our services.”

Reacting to the concerns, the spokesperson, NMDPRA, Kimchi Apollo, earlier told our correspondent that the petrol price had not changed from the approved N165/litre price, as he also stated that efforts were on to settle to bridging claims being owed the marketers.

Meanwhile, there were indications that long queues were beginning to resurface in Lagos State and its environs on Wednesday, as findings showed that filling stations were beginning to sell petrol above N175 per litre.

The Federal Government and oil marketers are yet to come to a compromise on how much a litre of petrol should be sold, and marketers are beginning to sell products at prices not approved by the Nigerian Midstream and Downstream Petroleum Regulatory Authority.

The PUNCH on Wednesday, noticed that while most filling stations in Lagos in Ogun state were under lock and keys, long queues were beginning to reappear at few stations with products.

A source close to the matter told The PUNCH that marketers met with Chief Executive, NMDPRA, Farouk Ahmed, in Abuja on Tuesday, where he pleaded with them not to increase the price.

According to our source, Farouk has promised that the N74bn bridging claims owed marketers would be paid any time soon.

Marketers, however, said they could no longer bank on the Federal Government’s promise to pay the claims, while they continue to run at a loss for selling petrol at N165 per litre.

Marketers had held a similar meeting with the NMDPRA two weeks ago, where they aired their grievances on the high costs of running their petrol stations.

Also, the Depots and Petroleum Products Marketers Association of Nigeria had hinted that it would be impossible for its members to keep prices at N165/litre when the landing costs to their stations were already on the high side.

Related Topics:Featured Fuel marketers N175/litre Queues

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Yuletide: Chisco deploys new luxury, mini buses, top quality services

Published

28 minutes ago

January 1, 2025

Trends Admin

Yuletide: Chisco deploys new luxury, mini buses, top quality services

…hails Tinubu for 50% fare rebate

Nigeria’s Transport Company of the Year, Chisco Transport Ltd, has deployed in various routes nationwide its newly procured new luxury and mini buses with the latest innovative features in the industry.

It assured the travelling public of safe and top quality services on all its routes this Christmas/New Year season, and beyond.

It stated this in a statement released on Tuesday, adding that the company, which had been one of the country’s front runners in long distance passenger transportation and logistics for over 45 years, recently inaugurated about four new branches in order to bring its services closer to its teeming customers.

It listed some of the new branches that had helped to boost service delivery this Yuletide season as in Awka, Enugu, and on Okota Road (near Cele Bus Stop on Oshodi-Apapa expressway), Lagos.

It stated, “This is in addition to embarking on a comprehensive maintenance of the existing fleet of buses in order to ensure they are in roadworthy shape for trips across Nigeria and the Lagos-Cotonou-Lome-Accra international route.

“Apart from advanced safety features like real-time GPS tracking and efficient safety systems, the new-look Chisco Transport fleet, featuring state-of-the-art buses, has all it takes to guarantee that passengers travel in style with their comfort and safety prioritised this season.”

It stated that the updated fleet had enhanced the popular Chisco 24 to 48-hour nationwide mail and parcel services.

All these, the leading transport solutions and logistics provider said, are part of deliberate efforts to ensure seamless and comfortable bus and logistic services to the customers during the 2024 Yuletide season and thereafter.

Chisco’s Head of Business Operations, Mr Buchi Ochuba, in the statement explained that the same commitment to ensuring safe and comfortable trips out of major cities and towns before Christmas, would also be deployed to return journeys in the new year.

He said that the management was aware that the huge investments the company had been making towards upscaling its services recently earned it the Transport Company of the Year at the recent Nigeria Auto Journalists Association (NAJA) Awards in Lagos.

Ochuba reiterated Chisco Transport’s resolve to sustain the high standards that earned the company an enviable reputation, as well as continue investments in safety and comfort of travellers that have earned it the confidence of the travelling public and the auto journalists’ award.

“We appreciate the fact that in adjudging Chisco Transport the Transport Company of the Year, NAJA must have taken into consideration the high standards of our services, the over 50 new air-conditioned buses we procured recently, the new branches we inaugurated, our customer reward scheme and other investments we made to enhance passenger transportation and logistics,” Ochuba stated.

According to him, everything is in place to make certain that the teeming Chisco Transport customers all over Nigeria and on the international route enjoy top quality services, adding “We wish them a wonderful Christmas and a highly prosperous 2025.”

Chisco Transport also applauded President Bola Tinubu for the gesture of subsidising inter-state luxury bus transport fares by 50 percent this Christmas season.

Drawing attention to the importance of infrastructure to the road transportation business, the statement further commended the President for the appreciable allocations for the sector in the 2025 budget.

“We, therefore, wish to urge members of his cabinet to put in more deliberate efforts to help the President attain his vision with speedy and prudent execution inspired by patriotism.”

On the current sharp increase in fares across the routes, the award-winning transport company blamed the situation on rising costs of maintaining the buses, as well as on the high pump prices of diesel and petrol.

The Head of Operations, however, added that at the peak of every Christmas season, long distance buses are almost empty during return trips, which leads to a situation whereby the fares for the first journeys are raised to cushion the losses incurred during reverse trips.

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Naira exchanges N1,650/$ in parallel market

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4 hours ago

January 1, 2025

Trends Admin

Naira exchanges N1,650/$ in parallel market

Yesterday, the Naira appreciated N1,650 per dollar in the parallel market, compared to N1,655 on Monday.

Similarly, the Naira appreciated to N1,535 per dollar in the official foreign exchange market.

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Exchange rate ends 2024 at N1,535/$1, marking a 40.9% depreciation

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16 hours ago

December 31, 2024

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Exchange rate ends 2024 at N1,535/$1, marking a 40.9% depreciation

The exchange rate between the naira and the dollar ended the year at N1,535/$1 representing a 40.9% depreciation for 2024.

The official exchange rate between the naira and dollar closed in 2023 at N907.11/$1 thus depreciating by 40.9% for the year which compares to a 49.1% devaluation at the end of 2023.