- Petrol sells for N200/litre
- Panic buying in Lagos
Fuel scarcity, which started in Abuja and parts of Oyo State some weeks ago, has spread to a number of areas in the South-West region including Ogun and Osun states as major filling stations have either shut down or are experiencing long queues of buyers.
There was also panic-buying in some parts of Lagos, Nigeria’s commercial capital, as long queues were observed in a number of filling stations in Ikotun, Ejigbo, Mushin, Yaba and Ojota, among others.
The scarcity arising from the increase in cost of diesel which the tankers rely on for transportation of petroleum products has resulted in an increase in pump price of the products to between N180 and N200 per litre in Ogun.
While the major marketers are still selling for the approved pump price of N165 per litre, with their attendants asking motorists to part with N100 for every purchase, the independent marketers are selling between N180 and N200.
There are noticeable queues in some of the fuel stations operated by the major marketers, such was absent in those stations owned by the independent marketers.
Apparently, people are trying to avoid buying where they would pay more and would rather join the long queue unless it was in a situation where they could not help.
Not much of a long queue was observed in some parts of Abeokuta but was gathered that there were queues in Sagamu, Ilisan, Ijebu Ode, among others.
The NNPC mega station at Oke Mosan area of Abeokuta was reported not to have dispensed fuel from Thursday to Saturday that our Correspondent visited the station.
The Fatgbems filling station, located directly opposite the NNPC mega station, was not dispensing fuel when our correspondent visited the station in the early hours of Saturday.
Also in Sango-Ota, Ogun State, some filling stations had long queues while others were not selling fuel.
There was also a report of fuel scarcity in Ile-Ife but the scarcity was barely visible on Sunday. Some filling stations were seen dispensing fuel to motorists while some did not open their stations.
Some dependent marketers who have PMS such as NNPC, MOBIL, TOTAL, TEXACO and BOVAS filing stations were selling fuel to customers. No queue was noticed yesterday in most of the filing stations that were seen selling petroleum motor spirit to their customers.
Some of the independent marketers have closed their filling stations for lack of fuel while some were also seen dispensing PMS to motorists.
The fuel scarcity had not been absolutely affecting the town as some of the filing stations had PMS were selling it at stated price of N165 per litre. Though some Independent marketers were on Friday selling PMS between N180 to N200 per litre before reverting to official price of N165 per litre.
Long queues were spotted earlier in parts of Abuja, causing motorists to hike fare amidst gridlock occasioned by the scarcity on the Nyanya-Keffi expressway.
The Chairman of the South-West zone of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Dele Tajudeen, said that the association might direct its members in the zone to increase the pump prices of petrol as well as diesel if the appropriate regulatory agency failed to address the continuous non-supply of the products to its members.
He said members of IPMAN in his chapter had been unable to access supplies of the products from any of the six government-owned depots for the past six months.
NAICOM revokes licences of Niger Insurance, Standard Alliance, appoints liquidators
The National Insurance Commission (NAICOM) has revoked their licences of Niger Insurance Plc and the Standard Alliance Insurance after failing to recapitalise.
The insurance regulator has also appointed two liquidators to prepare their rites of passage.
The two insurance firms had been in poor financial state and several efforts to resuscitate them had proved abortive.
Nasdaq ‘Salami Head, Corporate Communications and Market Development
NAICOM notified insurance stakeholders and members of the public of the commission’s action
“This is to notify all insurance stakeholders and members of the public that the National Insurance Commission, NAICOM has cancelled the certificates of registration of Standard Alliance Insurance Plc, RIC – 091 and Niger Insurance Plc, RIC – 029 with effect from the 21st day of June 2022.”
Salami also announced that Sanya, Ogunkuade Esq of Plot 217, Upper Grace Plaza, 3rd Floor (Left Wing), Shetima Munguno Crescent, Behind Julius Berger Equipment Yard, Utako, Abuja as the Receiver/Liquidator for Niger Insurance Plc and, Kehinde Aina Esq of Aina Blankson LP, 5/7, Ademola Street, SW Ikoyi, Lagos as the Receiver/Liquidator for Standard Alliance Insurance Plc.
He advised all stakeholders to forward their enquiries to the respective receiver/liquidator for each company for their necessary action.
The commission assures all stakeholders of the safety and protection of their interests.
As Mercedes cuts dealerships, Nigerian traders may be axed
There is uncertainty over the fate of some Mercedes-Benz dealers in Nigeria operating through Weststar Associates Limited (the authorized distributor of Mercedes Benz in the country) as there are speculations that they may be sacked.
This follows international reports that Mercedes-Benz plans to reduce its dealerships by 10% worldwide, and up to 20% in the home market, Germany, by 2025, as it targets direct sales.
The prolific car manufacturer plan to hit 25 per cent online sales by 2025 as well as secure 80 per cent of European sales through its new direct sales model by 2025.
“We want to have more proximity to the customer and therefore have better control over pricing,” Mercedes chief financial officer Harald Wilhelm recently said.
“That’s why we are moving from the current dealer role.”
Weststar Associates Limited dealers in Nigeria who may be among those that may be affected by this new policy of Mercedes Benz include Skymit, Sunny Motors, Barbedos Cars, Mercedes Benz Centre and Tetralog.
However, when an official of Weststar Associates Limited was contacted by Transport Day, he promised to get back with an official position of the company concerning the matter, but Transport Day was yet to get the feedback as at the time of filling this report.
Mercedes-Benz currently has approximately 6,500 Mercedes and Smart sales and service outlets worldwide, and roughly 1,000 dealerships in Germany.
According to Bettina Fetzer, Vice president of communications and marketing, cuts to its global dealership will take place by 2025 while cuts in the German market will take place by 2028.
Founded in 2007, Weststar Associates Limited came into being after the official exit of Mercedes Benz representative office in Nigeria, following the disinvestment of the German company from Anambra Motor Manufacturing Company (ANAMMCO), Enugu.
Source: Transport Day
Latest seven-seater Range Rover SV unveiled for Nigerian market
Coscharis Motors has rolled out the all-new Range Rover SV, a seven-seater, for the Nigerian market.
The unveiling of the luxury sport utility vehicle, courtesy of Coscharis Motors, was done at the company’s office at Awoyaya, Lekki-Epe Expressway, Lagos.
General Manager, Marketing/Corporate Communications, Coscharis Group, Abiona Babarinde, said the Range Rover SV is one of the most desirable models ever created by Land Rover.
The vehicle is said to have a distinctive design detail resulting in a form that speaks to modernity and the pinnacle of progressive luxury.
Giving specific special features of the new Range Rover, Marketing Manager, Jaguar Land Rover, Cletus Aregbesola, says the vehicle is well defined by aesthetic grace, sophistication and refinement.
According to him, Range Rover would not have anticipated designing a Range Rover with seven seats four years ago but that milestone has been successfully achieved with the new Range Rover.
Having seven seats, the marketing manager said, had not affected both the driver’s legroom and rear legroom.
He said, “It has a choice of Standard or Long Wheelbase body designs provides elevated luxury for five or seven adults, all delivered while retaining the unmistakeable Range Rover profile and Command Driving position.
“Range Rover’s imposing face communicates a character of unparalleled. And, for the first time on Range Rover, 23” wheels enhance the vehicle’s presence and supreme stature, contrasted by its reductive, modern detail”, he added.
Jaguar Land Rover Service Manager, Masimba Joseph Gwetsuro, speaks on the driving dynamics, saying the vehicle is provided with new 530PS (390kW) 4.4-litre V8 that produces maximum torque of 750Nm.
Gwetsuro says that it takes the Range Rover from 0-100km/h (0-60mph) in 4,6 (4,4) seconds.
The new 530PS (390kW) 4.4-litre V8 produces maximum torque of 750Nm.
He says, “With Dynamic Launch engaged, he declared that the vehicle has cleaner, more efficient mild hybrid technology available with a range of diesel and petrol engines.
“Range Rover features a modern and sophisticated interior, underpinned by its impeccable reductive nature, tactile materials and an intuitive approach to relevant technology. No detail has been overlooked. Nothing is for show.”
He says the new Range Rover is now available in all Coscharis showrooms across the country with prices ranging between N70 million and N200 million.
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