Updated: NNPC blames fuel scarcity on panic buying, hoarding, marketers disagree 

The Nigeria National Petroleum Company Limited (NNPCL) has attributed the ongoing fuel scarcity in the country to panic buying and sharp practices by some petroleum marketers. But the marketers have refuted the claim, asserting that inadequate supply is the primary cause of the persistent scarcity.

The NNPCL assured the public that the fuel queues across the country would disappear by next week.

It stressed that it had sufficient fuel reserves to resolve the scarcity issue. This statement came in response to concerns raised by the Independent Petroleum Marketers Association of Nigeria (IPMAN) and other stakeholders regarding the scarcity.

The NNPC spokesperson, Femi Soneye, had earlier indicated that the corporation had over 1.5 billion litres of petroleum products, enough to last for at least 30 days.

But some individuals were allegedly exploiting the situation for profit.

Petroleum marketers maintained they were not responsible for the fuel scarcity, as they are not importers of petrol. According to the National Vice President of IPMAN, Hammed Fashola, blaming marketers for hoarding petrol was unfounded as they could only divert the product if available.

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Furthermore, Chinedu Ukadike, the National Public Relations Officer of IPMAN, emphasized that independent marketers operate their businesses to maximize profit and return on investment. He highlighted the challenges faced by marketers in ensuring product availability and dismissed allegations of sharp practices.

Similarly, the Executive Secretary of the Major Energies Marketers Association of Nigeria, Clement Isong, acknowledged the existence of sharp practices within the oil sector but argued that it is too simplistic to attribute the fuel scarcity solely to such practices.

To address the fuel scarcity effectively, stakeholders emphasize the need for increased distribution of petroleum products by regulatory authorities. They also call for the involvement of security agencies to deter profiteering and ensure fair distribution to consumers across the country.

Updated: NNPC blames fuel scarcity on panic buying, hoarding, marketers disagree

Lagos issues 48hr quit notice to Ikoyi Towers’ illegal squatters

Lagos State Government has issued a 48 hours ultimatum to illegal squatters at abandoned Ikoyi Towers, Lagos Island to evacuate.

The State Commissioner for the Environment and Water Resources, Mr. Tokunbo Wahab, gave the notice on Saturday, during an inspection of some identified sites, including the abandoned Federal Government property, Ikoyi Towers.

The Ikoyi Towers, located behind the abandoned Federal Secretariat, Ikoyi, comprise of three blocks of 12 floors, tagged: A, B and C.

Wahab said the quit notice has become necessary to protect lives which is the primary function of any responsible and responsive government.

According to him, “Apart from constituting an environmental nuisance, they are security risk to the state which can be used as hideouts for criminal elements to perpetrate their nefarious acts.

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Give Nigerians affordable, quality vehicles, Tinubu challenges auto manufacturers

President Bola Tinubu has urged the Nigerian Automotive Manufacturers Association to devise ways of producing vehicles that would be affordable for all categories of Nigerians.

He said this is necessary as the government rolls out consumer credit for millions of Nigerians to purchase vehicles and other important goods and services.

He also urged the delegation to ensure that locally manufactured vehicles are of the highest standard that would stand the test of time, and complement the government’s efforts in revitalising the automotive industry.

Tinubu said this when he received a delegation of the African Association of Automotive Manufacturers and the Nigerian Automotive Manufacturers Association in Aso Rock presidential villa on Friday, according to a statement by presidential spokesman Ajuri Ngelale.

The President, represented by his Chief of Staff, Femi Gbajabiamila, met the members led by the Minister of Industry, Trade and Investment, Ms Doris Uzoka-Anite, on Friday in Abuja.

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The delegation had earlier notified the President of their efforts to start manufacturing vehicle and spare parts in Nigeria.