Business

NNPC, major marketers deny increase in fuel price

Published

4 years ago

February 17, 2021

Trends Admin

Independent marketers justify pump price hike

The Nigerian National Petroleum Corporation has dismissed reports of an upward review in ex-depot prices of petrol.

Major Oil Marketers of Nigeria (MOMAN) also said its members had not increased the pump price of petrol.

But the independent marketers said they could only get the product between N160 and N162 per litre at the depot instead of N148 per litre.

Group General Manager, Group Public Affairs Division of the NNPC, Dr Kennie Obateru, said there was no immediate plan to increase the pump price of fuel.

But some marketers in Lagos and Ogun states are said to have adjusted their pump price of petrol from N162 to N170 per litre as shortage of the product is being experienced by private depots in Apapa, Lagos.

Obateru, in an interview, said, “The NNPC has not increased its ex-depot price. I am certain that the NNPC is not likely to increase its ex-depot price in February.”

According to him, NNPC has a stock of petrol that can last for over 40 days. He allayed fears about scarcity of the product.

Obateru urged the Department of Petroleum Resources (DPR) to clamp down on the marketers hoarding petrol.

“We have sufficiency for almost 40 days. If people are hoarding or increasing their prices, it is for the DPR to look into it,” he said.

The Independent Petroleum Marketers Association of Nigeria (IPMAN) urged the Federal Government to return subsidy to petrol as landing cost soared to N180 per litre.

IPMAN’s National Vice President, Alhaji Abubakar Maiganidi, told The Nation the government should either deregulate the product fully or subsidise it.

Maigandi was reacting to the latest fuel scarcity in Lagos.

Asked whether there was an upward review of the pump price, he said, “Most of the private depots are selling petrol for between N160 and N164 per litre instead of N148 per litre.”

The Major Oil Marketers of Nigeria (MOMAN) also denied that there was a hike in the pump price of petrol.

It wondered whether any fuel marketer was getting supply from any source other than the NNPC

MOMAN Chairman, Tunji Oyebanji, said none of his members had hiked fuel price, adding that all marketers currently source products from the NNPC.

He said since the Federal Government claimed it had deregulated the downstream oil sector, marketers were at liberty to sell at any price reflecting their operational cost.

He said if the unilateral fuel price hike had come from some of his members, the government would have wielded the big stick.

Oyebanji said the Federal Government desired to deregulate the downstream oil sector, adding that if that had taken place, the price would have gone up astronomically.

He said the government was in consultation with labour to avoid a sharp rise in petroleum products prices.

Consumers resorted to panic buying of petrol products across some states, resulting in fuel queues along some routes in the Lagos metropolis.

Some filling stations have shut their outlets altogether.

In Ado Ekiti, the Ekiti State capital, the queues that returned to petrol stations at the weekend subsided on Tuesday.

At the First Blessing filling station along Satellite Campus Road, Federal Polytechnic, Ado Ekiti, petrol was sold at N175 per litre, while at NNPC retail outlet along the popular Bank Road in the city, it was sold at N65 per litre.

In the Federal Capital Territory (FCT), the product was still being sold at between N162 to N162.50 per litre, which is still within the N160 and N165 band set by the government when crude traded just above $43 per barrel four months ago.

West Texas Intermediate (WTI) for March traded above $60 yesterday, while the Brent April contract on the Intercontinental Exchange settled at $63. Both crude benchmarks added over 12 per cent in value since the beginning of February.

Maigandi said the existence of different prices was an indication of a shortfall, which the marketers are asking the government to subsidise.

Asked why the marketers are not patronising the NNPC depots where the price is still official, he said, “You cannot get the product from NNPC depots. NNPC depots will ask you to queue up at the depot.”

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.”