Business
Fuel scarcity: NNPC blames thunderstorm, logistics, marketers disagree
Fuel scarcity: NNPC blames thunderstorm, logistics, marketers disagree
The Nigerian National Petroleum Company Limited (NNPCL) has attributed the current fuel supply shortage to logistics issue and flooding in the coastal part of the country.
But marketers suspect the short supply was due to suspended importation of fuel in anticipation of supply coming this month from Dangote refinery.
The scarcity of Premium Motor Spirit (PMS), commonly known as petrol, has intensified in Abuja, Lagos, and other states, with many filling stations closed and few dispensing having long queues
Many motorists have resorted to buying from the black marketers selling the product in gallons at exhorbitant rate. A 10-litre of petrol was sold between N10,000 and N13,000, about 100 per cent increase.
Giving reasons for the latest shortage, the NNPC Limited in a statement by the Chief Corporate Communications Officer, Mr. Olufemi Soneye, said adverse weather also affected ship-to-ship transfers of the product to the ports.
He said, “The NNPC Ltd wishes to state that the fuel queues seen in the FCT and some parts of the country were as a result of disruption of ship-to-ship (STS) transfer of Premium Motor Spirit (PMS), also known as petrol, between Mother Vessels and Daughter Vessels resulting from recent thunderstorm.
“The adverse weather condition has also affected berthing at jetties, truck load-outs and transportation of products to filling stations, causing a disruption in station supply logistics.
“The NNPC Ltd also states that due to flammability of petroleum products and in compliance with the Nigerian Meteorological Agency (NiMet) regulations, it was impossible to load petrol during rainstorms and lightning.”
Soneye also said, “Adherence to these regulations is mandatory as any deviation could pose severe danger to the trucks, filling stations and human lives.
“Similarly, the development was compounded by consequential flooding of truck routes which has constrained movement of PMS from the coastal corridors to the Federal Capital, Abuja.”
He however stated that the NNPC Ltd was already working with relevant stakeholders to resolve the logistics challenges and restore supply.
“Already, loading has commenced in areas where these challenges have subsided, and we are hoping the situation will continue to improve in the coming days and full normalcy will be restored”, he assured motorists.
He urged them to “avoid panic buying and hoarding of petroleum products”.
But the Public Relations Officer, Independent Petroleum Marketers Association of Nigeria (IPMAN), Chief Chinedu Ukadike, said marketers had not received the product for some time.
He said it was possibly due to the expected delivery of petrol from the Dangote refinery.
He said marketers were threading cautiously in order not to incur losses should the petrol price crash as a result of supply from the refinery.
He said, “Supply has become epileptic again and we have not received adequate supply in recent times, remember we still depend on the importation of products.
“Once there is any shortage in supply or logistic problem or procrastination, then the impact is almost immediate.
“I also believe that since Dangote announced its petrol supply intention, those supplying NNPC are sceptical of bringing in products because they don’t want to incur the losses which they suffered when Dangote entered the market and slashed the price of AGO (Automated Gas Oil popularly known as diesel).”
Business
PH refinery: 200 trucks will load petroleum products daily, says Presidency
PH refinery: 200 trucks will load petroleum products daily, says Presidency
No fewer than 200 trucks are set to load petroleum products at the government-owned Port Harcourt Refinery, the presidency has said.
A presidential spokesperson, Sunday Dare, made this known in a statement through his official X handle on Tuesday.
Newstrends had reported that the Nigerian National Petroleum Company on Tuesday announced that Port Harcourt Refinery has resumed operations and crude oil processing after years of inactivity.
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Reacting, Dare said, “200 trucks are expected to load products daily from the refinery, Renewing the Hopes of Nigeria.”
He added that “the Port Harcourt refinery has two wings.
“The Old Refinery comes on stream today with an installed production capacity of 60, 000 barrels per day of crude oil.”
PH refinery: 200 trucks will load petroleum products daily, says Presidency
Business
Breaking: CBN increases interest rate to 27.50%
Breaking: CBN increases interest rate to 27.50%
The Central Bank of Nigeria (CBN) has raised the lending interest to 27.50 per cent from 27.25 per cent.
This latest increase in the Monetary Policy Rate came after a meeting of the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) on Monday and concluded Tuesday.
The Monetary Policy Rate measures the benchmark interest rate.
The CBN Governor, Yemi Cardoso, announced this in Abuja on Tuesday after the MPC meeting, last for the year, held at the apex bank’s headquarters.
He said the MPC voted unanimously to raise the MPR by 25 basis points from 27.25% to 27.50%; and retain the Cash Reserve Ratio (CRR) at 50% for Deposit Money Banks and 16% for Merchant Banks.
The CBN governor also said the MPC retained the Liquidity Ratio (LR) at 30% and Asymmetric Corridor at +500/-100 basis points around the MPR.
Business
Nigeria’s unemployment rate dropped to 4.3% in Q2 – NBS
Nigeria’s unemployment rate dropped to 4.3% in Q2 – NBS
Nigeria’s unemployment rate stood at 4.3 per cent in the second quarter of 2024, the National Bureau of Statistics (NBS) has said in its latest report.
The report released on Monday said the unemployment rate decreased compared to the 5.3 per cent recorded in the Q1 of 2024.
The NBS defined the unemployment rate as the share of the labour force (the combination of unemployed and employed people) who are not employed but actively searching and are available for work.
“The unemployment rate for Q2 2024 was 4.3%, showing an increase of 0.1 percentage point compared to the same period last year,” the report stated.
“The unemployment rate among males was 3.4% and 5.1% among females.
“By place of residence, the unemployment rate was 5.2% in urban areas and 2.8% in rural areas. Youth unemployment rate was 6.5% in Q2 2024, showing a decrease from 8.4% in Q1 2024.”
Report also said the unemployment rate among persons with post-secondary education was 4.8 per cent; 8.5 per cent among those with upper secondary education, 5.8 per cent for those with lower secondary education, and 2.8 per cent among those with primary education in Q2 2024.
Employment rate – 76%
The report showed that the employment-to-population ratio, which measures the number of employed workers against the total working-age population, increased to 76.1 per cent in Q2 2024.
“In Q2 2024, 76.1% of Nigeria’s working-age population was employed, up from 73.1% in Q1 2024,” the report stated.
Self-employment – 85.6%
The report further showed that Nigeria’s labour market saw a notable shift as the proportion of self-employed individuals increased in Q2 2024.
It stated, “The proportion of persons in self-employment in Q2 2024 was 85.6%.”
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