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Fuel shortage persists despite DSS threat, transport fares rise

Published

2 years ago

December 13, 2022

Despite the 48-hour deadline and threat by the Department of Security Services to clamp down on those behind the latest fuel crisis, the situation has not really abated.

Fuel shortage has persisted in many states including Lagos and Abuja. Transport fares in Lagos and environs, on Monday went up by more than 100 per cent, as the Nigerian National Petroleum Company Limited, NNPCL, and oil marketers battle to find a lasting solution to the crisis.

Petroleum Products Retail Outlets Owners Association of Nigeria has faulted the 48-hour ultimatum by the DSS that oil marketers should make petrol available for Nigerians.

Vanguard in a new report says that some of the areas visited confirmed the hike in transport fares.

For instance, from Badagry to Mile 2, which cost N400 or N500 before, now costs N1000. Agbara (Ogun State) to Mile 2, which used to be between N300 and N400, now costs N700.

From First Gate, popularly called Igboelerin Junction, on the LASU-Igando road, to Iyana Ipaja, which used to be N300 before, now costs N500, whereas Igando to Iyana Ipaja, which used to be N200, now costs N500. Igando to Egbeda, which was N150, now costs between N300 and N400.

From Igando to First Gate, which was N100 before the hike, is now between N200 and N300. Igando to Iyana Oba that was between N100 and N150, is now between N300 and N500 depending on the situation on the road.

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Findings from other routes in the metropolis showed that from Egbeda to Oshodi, which cost between N200 and N300 now goes for between N500 and N600 and during peak periods, it goes to N700, just as Egbeda to Ikeja, which used to be between N200 and N300 is now N500.

From Cele Along to Ikotun, which used to cost N150 is now between N500 and N600 subject to the number of crowd waiting for bus at the bus stop.

From Cele to Gate, which cost between N100 and N150 now goes for between N200 and N300.
Commercial drivers in Lagos State have completely phased out N50 and N100 fares, as no distance no matter how short is less than N200.

Findings in Ajah area of the state showed that from Ajah to CMS, which used to be N400 or even N300 sometimes, is now N1000 flat.

From CMS to Mile 2, which used to be between N200 and N400 now goes for between N700 and N100, while between Mile 2 and Vangaurd Media Ltd, which used to be N100 is now N200.

PETROAN Chairman, System 2E, Eastern Zone, Sunny Nkpe, made this known on Channels Television’s Sunrise Daily programme.
He said until the secret police go after the cartel operating among private depot owners hoarding the essential commodity, fuel scarcity and long queues will persist.

“Let me make it categorically clear here, there is no amount of threat by DSS that is going to change anything. If it must change, they must start from the source, they should go to the private depot operators to find out where for now we are getting products from.
“Until the cartel or cabal in that area is handled or taken care of, we can never get any reduction or fairness in the distribution of the product,” Nkpe added.

He said there has not been a drop of petrol allocation to the Port Harcourt depot in the last six months.

A former President of the Trade Union Congress, TUC, Peter Esele, who was also a guest on the programme alongside Nkpe, said the DSS must have been privy to a vital piece of information within the supply value chain to have issued the ultimatum.

“For DSS to come out and issue an ultimatum, the DSS must be privy to some information. Everyone must focus on the DSS to come out with its results within 48 hours or else, DSS may also be a player in the game.

“DSS must tell Nigerians its findings within 48 hours and whoever is behind this should be prosecuted because there are enough products in this country for everybody to get petrol,” he said.

The DSS had on Thursday directed oil marketers and NNPC Limited to resolve the fuel crisis biting Nigerians, saying failure to comply would make the agency activate its operations across the country.

Meanwhile, the Major Oil Marketers Association of Nigeria, MOMAN, has implored the Federal Government to consider a full deregulation of the petroleum downstream sector in phases.

Its Chairman, Mr Oluwole Adeosun, made the call at a web training for energy journalists, yesterday, in Lagos.

Adeosun said: “We envisage a rise in demand during the yuletide season and we are prepared to work round the clock to keep our stations running.

“If the country wishes to implement a subsidy, it must be in areas targeted to help those it should help. Such areas are agriculture and transportation, to reduce food price, and inflation and generate more jobs for Nigerians.

“In tandem, we must find a way to liberalise supply. We must bring transparency and competition into supply to ensure steady and more efficient supply at optimum prices.

“Imported products must compete with locally refined products to find a meeting point between the need for local refining and competitively low but cost recovered prices for Nigerians for sustainability.

“The dialogue with the Nigerian people needs to begin to identify, negotiate and agree on these areas and begin implementation to save the downstream industry.

“The industry has been in degradation free fall due to a lack of investment to maintain, renew and grow assets and facilities such as refineries, pipelines, depots, trucks and modern filling stations,” he said.

“Neither the new refineries nor the refurbished refineries will survive with the refining margins at current pump prices.”

Related Topics:Featured Lagos Transport fares

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CBN fines bank found hoarding cash N150m

Published

2 hours ago

December 22, 2024

Trends Admin

CBN fines bank found hoarding cash N150m

The Central Bank of Nigeria (CBN) has imposed a N150 million fine on a commercial bank for failing to dispense cash through its Automated Teller Machines (ATMs).

This action follows an unannounced inspection by the apex bank, which uncovered deliberate cash hoarding and ATM manipulation by the erring bank.

Sources within the CBN revealed that the sanctioned bank was caught disabling its ATMs, thereby denying customers access to their funds while prioritizing cash disbursements to select VIP clients.

A staff member of the CBN stressed that the apex bank would not tolerate such practices.

“The Bank will not spare any Deposit Money Bank (DMB) caught in the act of hoarding cash or found favoring VIP customers over other customers,” the official stated.

To this end, the CBN has intensified spot checks on banks nationwide, exposing various illicit cash-handling practices by some unscrupulous financial institutions.

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For now, the CBN is imposing financial penalties on defaulting banks. However, according to the official, the next phase of enforcement will include publicly naming and shaming offending banks and prosecuting implicated bank officials.

“This fine is just the beginning. The CBN is determined to hold banks accountable for any actions that undermine public trust and the integrity of the banking system,” the official added.

Despite the ongoing challenges, the CBN has reiterated its commitment to promoting cashless banking in the country.

Another senior official disclosed that the apex bank’s management is intensifying efforts to encourage the use of electronic channels for transactions.

“The frustration faced by account holders is undermining our push for a cashless economy. We are doubling down on initiatives to restore public confidence in electronic banking solutions,” the official said.

CBN fines bank found hoarding cash N150m

metro

Three days to Christmas, food prices, transport fares hit the roof

Published

2 hours ago

December 22, 2024

Trends Admin

Three days to Christmas, food prices, transport fares hit the roof

According to the Universal Declaration of Human Rights ,UDHR, Article 25(1), everyone has the right to standard of living adequate for their health and well-being, which includes access to food, clothing, and housing.

Similarly, the International Covenant on Economic, Social and Cultural Rights ,ICESCR, Article 11 emphasizes the right to an adequate standard of living, including sufficient food.

Furthermore, the Covenant recognizes the fundamental right to be free from hunger and advocates for measures both individual and international to eliminate hunger.

It is widely acknowledged that inadequate food availability can lead to health issues, as food is as essential to health as air is to breathing.

The situation is exacerbated by the rising costs of healthcare, which are increasingly out of reach for many due to ongoing inflation.

Difficult situations

In Nigeria, harsh economic conditions are forcing households into difficult situations, with many going to bed hungry due to skyrocketing food prices. With Christmas just three days away, our correspondents visited local food markets in Lagos and Abuja to see how citizens are coping with the rising cost of goods and services.

In the locations, buyers and sellers expressed their frustrations over the increasing prices of food items.

At Agric Market in Ikorodu, Mummy Somto, lamented that she had never witnessed such high prices in her lifetime.

She noted that a chicken that cost N15,000 last year now sells for N35,000, with only older layers available for N15,000.

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“What will that do for my family? We have never seen it like this in Nigeria. I hope this hope is the hope,” she said.

At Mile 12 International Market, trucks filled with perishable goods such as tomatoes, peppers, onions, cucumbers, potatoes, carrots, cabbages, and other vegetables were lined up for unloading while eager buyers waited nearby.

When asked about the high prices despite the abundance of food, truck owner Alhaji Shehu, explained that the situation arose from expenses related to diesel, farm security, police and military checkpoints before reaching Lagos.

He mentioned spending between N500,000 and N800,000 per truck, which inevitably raises prices.
“This is our business, and we are not pleased with the high costs either. If I sell my goods, I still need to buy what I don’t sell. It’s suffocating us. I also commend the buyers,” Shehu added.

Bags of rice

Mrs. Bukky Osagie, a rice vendor at Mike 12, shared her concerns about escalating prices: “Last December, a bag of rice was between N65,000 and N70,000. Today, it’s from N95,000 depending on the brand. Traders are exhausted. People are buying half bags because they can’t afford full ones. They also need to buy additional items. How do people survive this trend? This has to stop if the government truly cares for its citizens.”

At Daleko Market, Mrs. Hannah, was seen pricing vegetable oil when she declared, “Whether the devil likes it or not, we will celebrate with our families and share love during this season. We will just have to adjust our spending according to our means.”

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As of the time of filing this report, a 25-liter container of vegetable oil was selling for between N86,000 and N95,000 depending on the brand.

Garri was priced at N56,000, while Ijebu Gaari was N58,000.

A carton of satchel tomatoes ranged from N8,800 to N9,200 while a pack of spaghetti cost N23,000.
70 grams of noodles were priced between N9,800 and N10,500. A roll of curry or thyme sold for N550 each, while small bulbs of onion reached as high as N200, making them almost unaffordable for many.

Christmas cheer

In Abuja, soaring food prices and steep transportation costs are casting a shadow over Christmas celebrations for many families.

The cost of essential holiday items, such as poultry, has surged, with chickens priced between ¦ 15,000 and ¦ 25,000, and turkeys reaching up to ¦ 130,000 in some markets.

Sunday Vanguard learned that rising feed prices, transportation costs, and supply chain disruptions are driving these increases.

Additionally, a 50-kg bag of rice now costs between ¦ 94,000 and ¦ 125,000, a significant leap from previous months.

Transportation fares have also skyrocketed, with transport fare from Abuja to major cities such as Lagos, Port Harcourt, and Enugu increasing from 15 percent to 35 percent in the past month.

For instance, a trip from Abuja to Lagos by road, which previously cost ¦ 28,000–¦ 35,000, now ranges between ¦ 46,500 and ¦ 60,000.

Three days to Christmas, food prices, transport fares hit the roof

VANGUARD

metro

Three Ogun varsity students die in auto crash

Published

2 hours ago

December 22, 2024

Trends Admin

Ogun State Command Police Public Relations Officer, SP Omolola Odutola

Three Ogun varsity students die in auto crash

The Police Command in Ogun State has confirmed the death of three university students in a single-vehicle accident on the Ilisan-Ago-Iwoye Road.

In a statement issued on Saturday, the command’s spokesperson, SP Omolola Odutola, revealed that the victims were suspected to be students of Olabisi Onabanjo University (OOU), Ago-Iwoye.

The incident, which occurred around 3:30 p.m. on Friday, involved an Opel car with registration number AAA-126 HE. The vehicle was reportedly driven by Adekunle Adebiyi, a resident of 5 Sunmibare Street, Awa Ijebu.

“The accident was caused by overspeeding, leading to the driver losing control and the vehicle flipping into the bush,” Odutola explained.

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She further disclosed that one male passenger, whose identity is yet to be confirmed but is believed to be an OOU student, died on the spot. His body was taken to the mortuary at General Hospital, Ijebu Ode.

“Two female students from Olabisi Onabanjo University — Dada Oluwanifesimi, 18, and Miracle Daniel, 19 — were rushed to Love and Care Hospital but sadly passed away while receiving treatment,” she added.

The vehicle involved in the crash has been recovered and is now in police custody.

Odutola assured the public that further updates on the tragic incident would be provided and advised motorists to adhere to traffic regulations, particularly during the festive season.