Business
Abuja fuel queues persist as oil hits $66 ahead of OPEC meeting
The price of crude oil (Brent) itched close to $66 a barrel at the close of business on Monday, the highest since its biggest slump last November.
This is coming ahead of a meeting of the Organisation of Petroleum Exporting Countries on Thursday.
But fuel queues have persisted in Abuja and there are fears that it may spread to other parts of the country as many filling stations are not selling the product, following continued increase in crude price at the international market.
The situation has continued to cause traffic snarls in the Federal Capital Territory (FCT), including Olusegun Obasanjo Way and Sultan Abubakar Way.
The seeming scarcity of the product in parts of the country is based on the fact that pump price of petrol is tied to the price of crude oil in the international market under the deregulation of the downstream sector of the petroleum industry.
While the US oil price rose by 2.2 per cent to $62.90 a barrel, after opening at $61.53, and hitting a low of $61.53, the Brent crude rose by 2.2 per cent to $65.90 a barrel, after opening at $64.50, and hitting a low of $64.50.
The US crude lost 3.0 per cent on Friday while Brent crude futures fell 3.9 per cent, in their second straight daily loss on profit-taking from a 13-month high.
However, the crude oil rebound came after the commodity took a pause on Friday on profit-taking from a 13-month high, partly due to hopes about the United States stimulus measures and the latest positive updates regarding the COVID-19 vaccines.
Oil prices gained around 17.5 per cent in the fourth consecutive monthly gain, as the oversupply concerns receded after OPEC+ compliance with the agreed supply cuts and Saudi Arabia’s voluntary cut.
The fuel queues may spread to other parts of the country despite assurances by the NNPC that it is not planning any increase in the pump price of petrol this month.
Amid fears that the NNPC may hike the pump price of petrol, retailers have tightened sales on the grounds of supply scarcity from depots where they alleged that ex-depot price has gone up, despite assurances by the Nigerian National Petroleum Corporation of no price adjustment.
The corporation, in a statement, had said that contrary to speculations of an imminent increase in the price of petrol in the country, the ex-depot price of petrol in March would remain unchanged.
It is not clear how OPEC will act when members gather on Thursday, with the Saudi Arabian Energy Minister, Abdulaziz Bin Salman, calling for producers to remain “extremely cautious.”
Oil’s recovery from the impact of the pandemic has been driven by Asian demand, as well as fiscal and monetary stimulus as data showed most key manufacturing economies gained ground last month, with China staying in expansionary territory.
Positive sentiment in equity markets also aided crude, while President Joe Biden’s $1.9 trillion relief plan moved closer to realisation after passage at the House of Representatives.
Saudi Arabia’s output curbs, the improving demand outlook as vaccines are rolled out, and the growing popularity of commodities as a hedge against inflation have pushed oil higher this year.
There have been indications in recent weeks that the rally will continue as the producer response trails consumption, while maintenance in North Sea fields is set to reduce supply.
At stake in Thursday’s meeting is how much OPEC+ output gets restored and at what pace, with current reductions amounting to just over seven million barrels a day, or 7 per cent of global supply.
The 23-nation coalition will decide whether to revive a 500,000-barrel tranche in April, and in addition, whether the Saudis confirm an extra one million barrels they have taken offline will return as scheduled.
The freeze-driven shuttering of core sections of the US refining system isn’t all good news for rival plants in Europe because down at the bottom of the barrel, losses are deepening.
Kazakhstan relaxed its oil production restraint in February, allowing output to jump to its highest since the current OPEC+ supply pact came into effect at the start of May.
Reacting to the fuel queues, the Group General Manager of the Public Affairs Division at the NNPC, Dr Kennie Obateru, said the corporation had no plan to raise the price of petrol in March in order not to jeopardise ongoing engagements with organised labour.
It warned petroleum products marketers not to engage in an arbitrary price increase or hoarding of petrol so as not to create artificial scarcity and panic buying.
Auto
Abuja Demand Rises as Jetour Brings X70 Plus Experience to FCT
Abuja Demand Rises as Jetour Brings X70 Plus Experience to FCT
Jetour Nigeria is taking its seven-seater X70 Plus SUV to Abuja as rising interest from motorists in the Federal Capital Territory and neighbouring states fuels the brand’s latest push to deepen its presence across Nigeria.
The X70 Plus will headline the Jetour Experience Abuja, holding from September 22 to 24 at Maha Event Centre, Area 8, Garki, following the strong response recorded during the Lagos edition, where motorists turned out for test drives and made enquiries about Jetour models.
The Abuja activation is designed to give prospective buyers direct access to the X70 Plus and other models, with opportunities to test-drive the vehicles, engage product specialists and experience their technology, safety and comfort features.
The X70 Plus is positioned as a family-oriented SUV, offering seven-seat capacity and a range of features targeted at customers seeking comfort, technology and practicality.
The SUV is available with 1.5-litre and 1.6-litre turbocharged engine options, with outputs of up to 145kW and 290Nm of torque, paired with a dual-clutch automatic transmission.
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Its safety equipment includes front, side and curtain airbags, Vehicle Stability Control, Hill-Start Assist, Hill-Descent Control and a 360-degree panoramic camera with 2D and 3D viewing modes. Advanced Driver-Assistance Systems are also available.
Inside the cabin, the X70 Plus features a 10.23-inch LCD touchscreen, dual-zone climate control with air purification, wireless charging, a panoramic sunroof and an eight-speaker audio system.
Jetour Nigeria, the authorised distributor of the brand in the country, currently operates through seven accredited dealers: Elizade Nigeria Limited, Mandilas Autos, R.T. Briscoe Motors, Germaine Auto Centre, Kojo Motors, Tab Autos Limited and New Era Auto Vehicle Services Limited.
The company said the dealer network supports vehicle sales, genuine spare-parts supply and after-sales services across the country.
Jetour has also received recent industry recognition in Nigeria, including Fastest Growing Auto Brand by the Nigeria Auto Journalists Association and Auto Brand of the Year at the Nigeria Transport Lecture and Awards.
The Abuja experience is expected to provide prospective customers in the FCT and surrounding states with direct access to the X70 Plus and other Jetour models as the brand continues its national market expansion.
Abuja Demand Rises as Jetour Brings X70 Plus Experience to FCT
Auto
Jetour Unleashes F700 Hybrid Pickup as Abuja Experience Begins Tuesday
Jetour Unleashes F700 Hybrid Pickup as Abuja Experience Begins Tuesday
Jetour is taking its premium pickup game to Abuja as the automaker prepares to showcase the powerful F700 hybrid pickup at the Jetour Experience Abuja, bringing a blend of electrified performance, luxury and rugged off-road capability to the Federal Capital Territory.
The three-day event, scheduled for September 22 to 24 at Maha Event Centre, Area 8, Garki, comes on the heels of strong reception in Lagos and is expected to draw commercial fleet operators, corporate buyers and luxury pickup enthusiasts keen to experience Jetour’s latest hybrid workhorse.
Following high-impact reception in Lagos, the Abuja activation, which holds at Maha Event Centre, Area 8, Garki, answers massive demand from commercial fleet leaders, corporate buyers, and luxury truck enthusiasts eager for an electrified workhorse built without compromise.
Jetour’s rapid ascendancy as Nigeria’s Fastest Growing Auto Brand and Auto Brand of the Year is backed by nationwide after-sales infrastructure, certified technicians, and genuine parts availability through its authorized dealer network including Elizade Nigeria Limited, New Era AutoVehicle Services, Germaine Auto Centre, Kojo Motors, Mandilas Autos, R.T. Briscoe and
Tab Autos.
The Ultimate Hybrid Powerhouse
Engineered on the heavy-duty platform of Jetour’s G700 luxury SUV, the double-cab F700 redefines utility.
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Stretching nearly 5.5 meters, it commands road presence via a high-tensile ladder-frame chassis and independent double-wishbone suspension engineered for punishing industrial demands and refined highway cruising alike.
Under the hood lies the revolutionary Kunpeng Super Hybrid CDM-O powertrain—pairing dual high-output electric drive motors with an onboard turbo petrol generator that seamlessly feeds the battery pack on the fly, eliminating range anxiety entirely.
According to Jetour, an advanced CATL 800V architecture surges the battery from 20% to 80% in just 10 minutes, achieving ultra-fast charging.
The vehicle delivers a monumental combined cruising range of up to 1,300 km on a single charge and tank, and achieves exceptional fuel economy, sipping as low as 1.39 L/100 km.
Conquering Terrain in First-Class Luxury
Engineered for unforgiving terrain, the F700 deploys Jetour’s intelligent XWD all-wheel-drive system governed by front, center, and rear mechanical differential locks.
With 9.5 inches of ground clearance and an imposing 900 mm water-wading capability, the F700 glides through deep water crossings, unpaved construction corridors, and rocky trails effortlessly.
Inside, the cabin abandons utilitarian compromises for bespoke executive refinement, featuring
35.4-inch Panoramic “Sky Screen” dominating the dash architecture.
Also, it features the 15.6-inch Central Command Touchscreen for seamless telematics and vehicle dynamics, Sculpted Luxury Finishes combining aviation-grade acoustic insulation, premium materials, and active driver-assist safety suites.
The three-day Jetour Experience Abuja will feature live technical walkarounds, rugged dynamic tests, and hands-on driving trials at the capital.
Jetour Unleashes F700 Hybrid Pickup as Abuja Experience Begins Tuesday
Auto
26th Abuja Motor Fair: NADDC, BKG Set November 10 Date for Auto Industry Show
26th Abuja Motor Fair: NADDC, BGK Set November 10 Date for Auto Industry Showcase
The National Automotive Design and Development Council and BKG Exhibitions Ltd have unveiled plans for the 26th Abuja International Motor Fair, scheduled to hold from November 10 to 13, 2026, at Eagle Square, Abuja.
The four-day event is expected to bring together major players across the automotive value chain, such as vehicle manufacturers and assemblers, component producers, financial institutions, technology firms, transport operators, logistics companies, development partners, investors and government agencies.
A three-day conference will also feature prominently at the fair, with the theme, “Driving Nigeria’s Automotive Transformation: Policy, Production, and Prosperity.”
A statement on Friday by BKG Exhibitions said the conference would examine key issues shaping the development of Nigeria’s automotive industry, with speakers drawn from various sectors of the industry and related fields.
Chairman of the Organising Committee and Managing Director of BKG Exhibitions, Mr Ifeanyi Agwu, said the conference would feature a keynote address by the Director-General of NADDC, Otunba Joseph Osanipin, alongside presentations and speeches by leading stakeholders in the automotive and transport sectors.
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According to him, the fair will provide participants with opportunities to engage industry leaders, investors, government officials and business executives while exploring emerging vehicles, technologies, products and investment opportunities.
Other highlights of the event are the Nigeria Automotive Excellence Awards Night, Abuja Automotive Road Show, Ultimate Test-Drive experience, exotic automobile displays and the Automotive and Future Mobility Arena.
Visitors will also have access to professional advice, technical papers and a showcase of some of Abuja’s finest cuisine.
The Abuja International Motor Fair has, over the years, evolved into one of Nigeria’s major automotive exhibitions and platforms for industry and policy dialogue.
The organisers said this year’s edition would further strengthen the platform’s role in promoting investment, innovation, local production and sustainable growth across Nigeria’s automotive sector.
26th Abuja Motor Fair: NADDC, BGK Set November 10 Date for Auto Industry Showcase
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