Business

Fuel crisis: NUPENG directs members to commence nationwide distribution

Published

2 years ago

December 15, 2022

President of NUPENG, William Akporeha

In a bid to restore normalcy to the prolonged fuel crisis, the Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) has directed members to ensure adequate and unhindered fuel distribution nationwide.

The President of NUPENG, William Akporeha, in a message to the Daily Sun said all members involved have been directed to present themselves at their loading bays.

Akporeha said this was against the backdrop of a meeting the union had with stakeholders in the downstream sector.

He noted that members involved in the distribution have been warned to shun any form of complicity that would further exacerbate the current problem.

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He said, “Arising from a stakeholder meeting on downstream of the petroleum sector of the oil and gas industry, the leadership of Nigeria Union of Petroleum and Natural Gas workers has decided to once again direct all its members involved in direct distribution chain and who are Petroleum Tankers Drivers, Deport workers and Petrol station workers to shun any form of illegal and sharp malpractices that will cause or compound the present fuel scarcity across the country.

“All members are also directed to make themselves available at their various loading and distribution units round the clock to ensure adequate and unhindered distribution of the petroleum products across the nook and crannies of the country.”

Nigeria, is the world’s 6th oil producer but is dependent on importation of petroleum products, which has always made the country suffered shortages of supply due to fluctuating and scarcity of foreign exchange.

The development has in recent times thrown motorists and households into confusion as petrol, diesel and kerosene disappeared from filling stations.

The NUPENG president reiterated that the solution to end the perennial fuel crisis would be for the country to reactivate all its refineries to checkmate the incidence of fuel imprtation.

SUN

Related Topics:Featured fuel crisis nupeng William Akporeha

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PH refinery: 200 trucks will load petroleum products daily, says Presidency

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November 26, 2024

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No fewer than 200 trucks are set to load petroleum products at the government-owned Port Harcourt Refinery, the presidency has said.

A presidential spokesperson, Sunday Dare, made this known in a statement through his official X handle on Tuesday.

Newstrends had reported that the Nigerian National Petroleum Company on Tuesday announced that Port Harcourt Refinery has resumed operations and crude oil processing after years of inactivity.

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Breaking: CBN increases interest rate to 27.50%

Published

15 hours ago

November 26, 2024

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Breaking: CBN increases interest rate to 27.50%

The Central Bank of Nigeria (CBN) has raised the lending interest to 27.50 per cent from 27.25 per cent.

This latest increase in the Monetary Policy Rate came after a meeting of the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) on Monday and concluded Tuesday.

The Monetary Policy Rate measures the benchmark interest rate.

The CBN Governor, Yemi Cardoso, announced this in Abuja on Tuesday after the MPC meeting, last for the year, held at the apex bank’s headquarters.

He said the MPC voted unanimously to raise the MPR by 25 basis points from 27.25% to 27.50%; and retain the Cash Reserve Ratio (CRR) at 50% for Deposit Money Banks and 16% for Merchant Banks.

The CBN governor also said the MPC retained the Liquidity Ratio (LR) at 30% and Asymmetric Corridor at +500/-100 basis points around the MPR.

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Nigeria’s unemployment rate dropped to 4.3% in Q2 – NBS

Published

19 hours ago

November 26, 2024

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Nigeria’s unemployment rate dropped to 4.3% in Q2 – NBS

Nigeria’s unemployment rate stood at 4.3 per cent in the second quarter of 2024, the National Bureau of Statistics (NBS) has said in its latest report.

The report released on Monday said the unemployment rate decreased compared to the 5.3 per cent recorded in the Q1 of 2024.

The NBS defined the unemployment rate as the share of the labour force (the combination of unemployed and employed people) who are not employed but actively searching and are available for work.

“The unemployment rate for Q2 2024 was 4.3%, showing an increase of 0.1 percentage point compared to the same period last year,” the report stated.

“The unemployment rate among males was 3.4% and 5.1% among females.

“By place of residence, the unemployment rate was 5.2% in urban areas and 2.8% in rural areas. Youth unemployment rate was 6.5% in Q2 2024, showing a decrease from 8.4% in Q1 2024.”

Report also said the unemployment rate among persons with post-secondary education was 4.8 per cent; 8.5 per cent among those with upper secondary education, 5.8 per cent for those with lower secondary education, and 2.8 per cent among those with primary education in Q2 2024.

Employment rate – 76%

The report showed that the employment-to-population ratio, which measures the number of employed workers against the total working-age population, increased to 76.1 per cent in Q2 2024.

“In Q2 2024, 76.1% of Nigeria’s working-age population was employed, up from 73.1% in Q1 2024,” the report stated.

Self-employment – 85.6%

The report further showed that Nigeria’s labour market saw a notable shift as the proportion of self-employed individuals increased in Q2 2024.

It stated, “The proportion of persons in self-employment in Q2 2024 was 85.6%.”