Business
Fuel queues persist in Lagos, others despite NNPC assurances
Fuel queues persist in Lagos, others despite NNPC assurances
Emmanuel Addeh in Abuja, Peter Uzoho in Lagos, Adibe Emenyonu in Benin City, John Shiklam in Kaduna, Ahmad Sorondinki in Kano and Blessing Ibunge in Port Harcourt
The long petrol queues in Abuja appeared to have shortened in several parts of the Federal Capital Territory (FCT) at the weekend, although a number of filling stations were still shut, while some continued to sell for as much as between N700 and N800.
But in the outskirts of town, some stations were still selling the product for as high as N950, since the product had yet to fully circulate.
There had been biting scarcity of Premium Motor Spirit (PMS) also known as petrol in Abuja for over a month, which later extended to more states of the federation, with the product selling for over N1,000 in some places before now.
Although in Abuja, the long stretches which had disrupted commercial and social activities were reducing, however, neighbouring states like Kaduna, Kano, Niger, Nasarawa, had yet to experience similar relief.
The Conoil and Total filling stations opposite the NNPC headquarters in Abuja had shorter queues compared to earlier in the week when THISDAY visited.
At the NNPC mega station in Zone 1 and the one opposite GSM village, the long lines which dominated most of the roads around the area, had begun to shrink. The NNPC was still selling for its subsidised rate of N617 per litre as of yesterday evening.
Last week, the Nigerian National Petroleum Company Limited (NNPC) said that the shortages were caused by ‘distribution’ challenges, even though it failed to specifically tell Nigerians what caused the current scarcity which had lingered in Abuja and environs for over four weeks.
In several parts of Abuja, a 10-litre container of the product which hitherto sold for as high as N12,000 at roadside black markets, had fallen to N10,000. Many private filling station owners also sold for circa N700 per litre within town.
Earlier, NNPC’s Vice President (Downstream), Dapo Segun, apologised to Nigerians over the queues blaming weather conditions for the insufficient distribution of fuel across the country.
“A number of the causes are outside of our control but we’ll do our best to manage. We do not like to make excuses,” Segun stated.
In Lagos, marketers of petroleum products and motorists expressed their frustration and anger over the continuous petrol scarcity in the nation’s commercial nerve centre and other parts of the country despite promises by the NNPC which is the sole importer and supplier of the product in the country.
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Since last weekend, residents of the state have been going through harrowing experiences just to buy fuel to power their vehicles, tricycles, motorcycles and generators.
Despite the national oil company’s assurances, nothing positive has happened as most of the filling stations in Lagos still didn’t have the product as of the time of filing in this report.
The few filling stations that had petrol in the city had their premises crowded with vehicles, tricycles, motorcycles, jerrycan-bearing buyers as well as those that came with fuel tanks of their generators and motorcycles.
At AP filling Station on Awolowo Road Ikoyi, THISDAY observed that buyers crowded the facility in their desperation to buy, as the outlet was selling relatively cheaper at N720 per litre.
Mobil filling station on the same road was also selling but with queues while the nearby Total filling station was not selling and was completely deserted because it had no product.
At NNPC filling station at Obalende, only buyers with jerrycans, generators and motorcycle tanks were being sold to. Although, the station was dispensing at N568 per litre but a buyer had to pay N1,500 first before being attended to.
The Northwest mega filling station at Gbagada was selling but with a massive queue at the premises that stretched several kilometres along the busy expressway. Similarly, Total filling station by Anthony, Gbagada, was also selling but in a skeletal manner.
However, there was no fuel at Conoil filling station at National Bus-stop Ikeja, and at NIPCO filing station at Mangoro axis as the two outlets were deserted.
Also, on the Mangoro axis, NNPC was selling with shorter queue, while another Conoil filling station nearby had no fuel when THISDAY visited.
In the same vein, NNPC filling at Akowonjo Roundabout had no fuel as of yesterday, but Nepal filling station very close to it was crammed with motorists and jerrycan-bearing buyers.
Again, the two NNPC filling stations on Egbeda-Idimu Road were submerged with queues, just as Eterna, Petrocam, Omalad, Alpha, Al-Moruf, IIG, NNPC, AP, and Mobil filling stations all located along the Isheri-Igando-LASU Road had no fuel.
When contacted to get their supply updates, a top official at the Major Energies Marketers Association of Nigeria (MEMAN), formerly MOMAN, who pleaded not to be mentioned, told THISDAY that he was tired of talking about the same issue every time without any improvement.
Admitting that the endless fuel supply challenge had got him demoralised like every other Nigerian, the source said he would only talk when he was in a good mood.
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Former Chairman of MOMAN and Managing Director of 11Plc Limited, owners of Mobil filling stations, Mr. Tunji Oyebanji, told THISDAY that NNPC was still giving them the usual quantity that was not enough for the market.
He said the queue was not likely to disappear unless product supply to marketers improved.
He said: “No much improvement yet. They are still giving us what they have been giving to us, which is not enough. So the queue is not likely to disappear since the supply from the source is not enough. So people need to shun panic buying and have the confidence that the supply will improve.
“As long as people keep on with their panic buying where they will go to the station and wait to fill up their tanks, the queue will continue. So like I said, let people have the feeling that whenever they come to the station, they can buy the quantity that will take them for that day. With that, the queue will reduce.
“We are hoping and praying for the supply to improve so that every filling station will have the product to sell, and this problem will end”.
Some of the motorists, who spoke to THISDAY, said they had lost confidence in the government, adding that all they get from their leaders was suffering and punishment.
A motorist at the Northwest filling station at Gbagada, Mr Ayodeji Amosun, said he had been at the facility for over five hours but was yet to get fuel.
“I came here to buy fuel since five hours. I have not gotten. I don’t even know if I can still get fuel today. All my business appointments have been cancelled today because I can’t drive to anywhere from here without fuel. My tank is empty. Is this how to be wicked to the people?
“Every time we go and vote but things remain the same. All we get from our government is promise upon promise without fulfilment. All we get from them is suffering and punishment.”
Efforts to get supply updates from NNPC proved abortive as the company’s Chief Corporate Communications Officer, Mr. Olufemi Soneye did not respond to THISDAY’s text message and phone call as of the time of filing in this report.
However, Soneye had last Sunday, blamed the current product shortage on evacuation challenge, promising that NNPC would have that resolved by midweek.
He had stated, “We are currently experiencing some evacuation challenges in Lagos, but they should be resolved by midweek”.
The Rivers state chapter of the Independent Petroleum Marketers Association Of Nigeria (IPMAN) assured that in few weeks, the state will witness consistent supply of fuel in all the filling stations in the state.
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The state chairman of IPMAN, Tekena Ikpaki who spoke with THISDAY, was reacting to the public outcry over the increase in fuel price.
Ikpaki disclosed that there was an ongoing intervention in loading, and expressed the hope that soonest the issue of high fuel price will be resolved to douse the ongoing tension in the system.
“Whatever they see in the market now is just a function of short supply. Right now supplies are ongoing, hopefully tension will also die down because at this moment loading is ongoing.
“When there is short supply, price of fuel will be high and it will cause unpleasant situation in the system. And there is intervention loading from NNPC. As the loading continues there will be consistency of fuel and it will douse the pressure,’’ Ikpaki pointed out.
Meanwhile, THISDAY observed that fuel was sold between N800 and N950 in filling stations in Port Harcourt. However, there was no scarcity in the state.
It was also discovered that there was fuel in almost all the filling stations in Port Harcourt although rates were high, apart from the NNPC which still sold at N591 and N600 per litre.
An energy analyst, Mkpoikana Udoma, said the high price of fuel had badly affected the economy and had led to hardship experienced by Nigerians across the country.
Udoma said: “In fact, since our President on May 29, 2023 announced that subsidy is gone, automatically the price increased by more than 300 per cent which inadvertently affected the price of every commodities in the market.
“So, the high price of fuel has affected every aspect of the economy and further plunging the masses into poverty and hardship”.
In Edo, petrol scarcity is also persisting, with long queues of vehicles and high cost transport fare being the lot of residents of Edo State since the #EndBadGovernance protest.
Most fuel stations especially in Benin City, capital of the state have remained closed because there is little or no products to lift, according to a fuel station owner.
However, the few who were able to get products sold between N850 to N1,000 per litre. Commuters were the worst hit. For instance, a route which in the past attracted N200 to N400 now goes for as high as N500 and N800.
Similarly, in Kano, there was growing anger among motorists as a majority of filling stations belonging to oil marketers had virtually run out of stock for the past few days.
The situation has become even more challenging as motorists are forced to rely on black marketers who sell fuel at exorbitant prices.
The fuel shortage in Kano has led many government workers and businessmen to resort to trekking a long distances to their various destinations.
One of the residents, Abubakar Sadiq said he was forced to park his car because of non- availability of the fuel at filling stations and exorbitant price at the black market on the other hand.
He said: “It’s frustrating and disappointing when authorities fail woefully to provide lasting solution to fuel scarcity. Despite promises and efforts, the issue remains unresolved.”
In Kaduna, there seemed to be no respite for residents as fuel scarcity continued to bite harder, with the few fill stations that had petrol selling at exorbitant prices.
At the Rain Oil filling station in Barnawa area of Kaduna metropolis, petrol sold for N895 per litre; Omosco filling station along Yakowa road, was selling at N960 per litre while some black market filling stations at the outskirts of the town were selling the product for between N1000 to N1,100 per litre.
Some of the NNPC filling stations which usually sell the product at N620 per litre, especially those located at the Stadium Roundabout, Barnawa- near Living Faith Church and Kachia Road, after Indomie factory were not selling fuel.
Fuel queues persist in Lagos, others despite NNPC assurances
Auto
Yuletide: Chisco deploys new luxury, mini buses, top quality services
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.
Business
Naira exchanges N1,650/$ in parallel market
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.
Data published by the Central Bank of Nigeria, CBN, showed that the exchange rate for the Nigerian Foreign Exchange Market (NFEM) fell to N1,535 per dollar from N1,537 per dollar on Monday, indicating N2 appreciation for the naira.
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Consequently, the margin between the parallel market and NFEM rate narrowed to N115 per dollar from N118 per dollar on Monday.
Naira exchanges N1,650/$ in parallel market
Business
Exchange rate ends 2024 at N1,535/$1, marking a 40.9% depreciation
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/$1 thus depreciating by 40.9% for the year which compares to a 49.1% devaluation at the end of 2023.
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Nigeria introduced several foreign exchange policies in 2024 as the central bank expanded on market-friendly forex policies to attract foreign investors.
Meanwhile, on the parallel market where the exchange rate is sold unofficially, the naira exchanged for N1,660 to the dollar when compared to N1,215/$ according to Nairametrics tracking records. This represents a 26.8% depreciation.
Exchange rate ends 2024 at N1,535/$1, marking a 40.9% depreciation
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