Business

Fuel queues return as marketers raise petrol price to N170/litre

Published

4 years ago

February 17, 2021

Some filling stations in Lagos are witnessing the return of motorists queuing up for petrol as fuel marketers have started adjusting their petrol pump prices from N162 to N170 per litre following the rise in the landing cost of the product from N151 to N180 per litre.

Some filling stations that claim to have run out of petrol are not open for business starting from Tuesday. There are also reports of supply shortage at private depots in Apapa, Lagos.

Already, The PUNCH reported on Tuesday that some filling stations in Lagos and Ogun states had increased the pump price of petrol to N170 per litre from N162 per litre.

Some of the stations were Capital Oil and Gas, Fatgbems and Amo Oil, all along the Lagos-Ibadan Expressway. Another station, Enyo Retail, adjusted its pump price to N165 per litre from N162.

The National Operation Controller, Independent Petroleum Marketers Association of Nigeria, Mr Mike Osatuyi, said members of his association had to increase the pump price because they bought the product at N160-N161 from depot owners.

The PUNCH reported last Thursday that IPMAN members disrupted loading of petroleum products at private depots in Apapa on Wednesday as well as Ibadan, Ejigbo and Mosimi depots belonging to the Nigerian National Petroleum Corporation.

They picketed the facilities to protest their inability to get products due to a new payment method introduced by the Petroleum Products Marketing Company, a subsidiary of the NNPC.

“My members buying from DAPPMAN members are buying at N160-N161, and they will have to add their transportation costs to it. So, at what price do you want them to sell? Even that N170 is still very cheap,” Osatuyi said on Tuesday.

He said the PPMC had told marketers to register under the new payment method, called ‘PPMC Customer Express’, before they could buy products from it.

“Right now, PPMC has said that the era of ATP (Authority to Pay) has gone. It means that payment has to be made online. So, my members are now in the process of doing that, and without doing it, we cannot lift products,” he added.

The NNPC, which has been the sole importer of petrol into the country in recent years, is still being relied upon by depots and marketers for the supply of the product despite the deregulation of the downstream petroleum sector.

Our correspondent also gathered that many private depots in Apapa, Lagos, from where many marketers get petroleum products for distribution to other states, were running dry of petrol due to supply shortage.

When contacted, the Group General Manager, Group Public Affairs Division of the Corporation, Dr Kennie Obateru, told our correspondent that there was no shortage of petrol supply from the NNPC.

He said, “We have 1.7 billion litres of product as at today, which will give us about 40 days’ sufficiency. Even some more vessels are on the programme.

“And we have not increased our ex-depot price; even though we know some of them (marketers) are sort of slowing down because they are expecting that we will react to the crude oil price increase. But for now, we haven’t done that.”

One of the major private depots told marketers to stop payment for the petrol because of the supply shortage and the uncertainty over when it would get the product.

A top official of a Lagos-based oil marketing company told our correspondent on condition of anonymity that there had been erratic supply of petrol to private depots in Apapa since last week.

Related Topics:Featured NNPC Petrol Price

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Business

Top 5 crypto apps that work with Nigerian Bank accounts

Published

9 hours ago

November 12, 2024

Trends Admin

Top 5 crypto apps that work with Nigerian Bank accounts

Nigeria is the number one country by crypto adoption in Africa and the second largest in the world.

Cryptocurrency is a revolutionary idea in the country and resonates well with the country’s large demographic of young people.

Despite mixed signals from the Nigerian authorities as regards crypto regulation, the sector is still thriving in the country and cryptocurrency is fast becoming an everyday means of transaction.

Earlier this year, Nigerian authorities led a crackdown on crypto entities accusing them of currency manipulation and other unregulated activities.

The highlight of the era was the prolonged dispute between Nigerian authorities and Binance Limited which led to the detention of a Binance executive for 7 months.

The crackdown led to an investor flight in the crypto space with Binance closing down its Peer to Peer feature and Kucoin and OKX pulling out of the Nigerian market.

The investor flight led to a shortage of crypto apps that the Nigerian crypto community can use for their day-to-day transactions.

Despite the vacuum, some crypto apps and resources are filling in the gap in the market while ensuring a smooth experience for Nigerian traders and crypto enthusiasts.

Some of these apps work with Nigerian banks making their services more tailored and relative to the Nigerian end user.

Yellow Card

Yellow Card is a pan-African crypto exchange that allows users to buy, sell, and Trade cryptocurrencies. The crypto exchange supports Nigerian Banks in its services and users can sell their crypto assets and withdraw them in Naira into the Nigerian banks.

The exchange has an instant transfer feature where sold cryptocurrencies can be sent to your Nigerian bank account directly. This makes for convenient use amongst Nigerian and African users.

Quidax 

Quidax is another cryptocurrency exchange that supports Nigerian bank accounts. The exchange allows users to buy cryptocurrencies with Nigerian bank accounts.

This process occurs via Bank transfers or a Quidax Bank Account number which is usually the User’s bank account number.

Quidax is one of the two crypto exchanges to receive a full license from the Nigerian Securities and Exchange Commission under Emomotimi Agama.

Busha 

Busha is a cryptocurrency exchange platform that allows users to buy and sell cryptocurrencies with the naira. The Indigenous crypto exchange supports Nigerian bank accounts for payouts.

Busha Users can make deposits to Merchant’s Nigerian Bank accounts through their Naira wallet on the platform.

Busha is the second of the two crypto exchanges to receive a full license from the Nigerian SEC.

Local Traders 

Local Traders is a P2P crypto exchange platform gaining some popularity in the Nigerian crypto space. The platform offers over 750 payment options including traditional Nigerian bank accounts.

Nigerians using the platform for P2P transactions can send money directly to their Nigerian Bank accounts through Bank transfer and Paystack.

The P2P sector in Nigeria took a hit following the discontinuation of Binance Naira P2P. platforms like local traders are filling the void.

Koyn 

Koyn is a crypto app that facilitates the sale of major cryptocurrencies like Bitcoin, Litecoin, Ethereum, and Tether. The app is gaining ground in the Nigerian crypto market due to its ease of use.

The crypto app supports Nigerian bank accounts and readily converts crypto naira which can be easily withdrawn to Nigerian bank accounts.

The app has a dedicated rate calculator which varies according to the given market price for the day.

Koyn is patronized mostly by Nigerians who don’t want to go through the hassle of direct P2P.

The crypto industry in Nigeria is still lagging in much-needed infrastructure to meet up with the demand in the Nigerian market. This is partly due to an unclear regulatory framework from relevant Nigerian authorities for investors and crypto end users in the country.

The issuing of Full licenses to Busha and Quidax marks a significant step forward in the Nigerian crypto space as regards regulation and its role in creating an enabling environment for growth.

Top 5 crypto apps that work with Nigerian Bank accounts

Railway

Nigerian railway adds extra train to Friday, Saturday trips on Lagos-Ibadan route

Published

9 hours ago

November 12, 2024

Trends Admin

Nigerian railway adds extra train to Friday, Saturday trips on Lagos-Ibadan route

The Nigerian Railway Corporation (NRC) has announced the introduction of additional train trips on its Lagos-Ibadan Train Service (LITS) route, exclusively for Fridays and Saturdays.

This initiative increases weekend trips from two to three, offering commuters greater travel flexibility.

The announcement, made via the NRC’s official X (formerly Twitter) handle on Tuesday, revealed that the new Lagos-to-Ibadan trip will depart at 1:40 pm, complementing the existing schedules of 7:45 am and 4:00 pm.

For the Ibadan-to-Lagos route, the additional trip is set for 10:50 am, joining the regular departures at 8:00 am and 4:30 pm.

Nigerian railway adds extra train to Friday, Saturday trips on Lagos-Ibadan route

Business

NNPCL to deliver 12 CNG stations, LNG mini plants

Published

17 hours ago

November 12, 2024

Trends Admin

NNPCL to deliver 12 CNG stations, LNG mini plants

Mele Kyari, Group Chief Executive Officer (GCEO) of Nigerian National Petroleum Corporation (NNPC Ltd), has stated that the company has finalised plans to deliver 12 Compressed Natural Gas (CNG) Mother Stations and Mini LNG Plants as part of efforts to increase the existing 1.6 billion cubic feet of gas supply for the domestic market.

In a statement issued on Monday, the NNPCL’s Chief Corporate Communications Officer (CCCO), Olufemi Soneye, quoted Kyari as saying this at the opening ceremony of the 42nd Nigeria Association of Petroleum Explorationists (NAPE) Annual International Conference and Exhibition, themed “Resolving the Nigeria Energy Trilemma: Energy Security, Sustainable Growth, and Affordability,” held in Lagos.

He said, “The energy trilemma is a profound responsibility we shoulder as stewards of Nigeria’s energy future. NNPC Ltd is working tirelessly to improve our supply chain, develop new refining capacities and expand our retail network.”