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Tag: Fuel Scarcity

  • Unrest in Abeokuta as Angry Youths Protest Naira, Fuel Scarcity

    Unrest in Abeokuta as Angry Youths Protest Naira, Fuel Scarcity

    Residents, particularly the youths of Abeokuta metropolis, the capital city of Ogun State, on Tuesday, took to the streets in protest over non-availability of the newly redesigned Naira notes as well as petrol, which has paralysed every aspect of life across the State.

    The protesters, who lamented the pains and agonies they were passing through, vandalised the Sapon Branch of the First Bank Plc in Abeokuta to vent their anger.

    The protesters also made bonfires with disused tyres on major streets of the State capital, particularly in Aladesanmi, Fajol and Somorin in Obantoko area of Abeokuta, where they were also chanting anti-government songs.

    The protesters, however, did not touch any passer-by or motorists, whom they described as part of the suffering members of the public.

    When contacted, the Ogun Police Public Relations Officer (PPRO), Abimbola Oyeyemi, confirmed the protest, but added that the situation was under control.

    Oyeyemi, who maintained that the State Police Command was still studying the situation, further disclosed that the protest was a simultaneous one across the State and that it would be too hasty to comment on the situation.

    The PPRO also denied that Police bullet killed any of the protesters anywhere in the State.

    However, a viral video shows a resident in pains after being shot on the hand and was being attended to by good samaritans in the ensuing pandemonium.

  • Atiku Symphatizes With Nigerians Over Naira, Fuel Scarcity

    Atiku Symphatizes With Nigerians Over Naira, Fuel Scarcity

    Presidential flagbearer of the Peoples’ Democratic Party, (PDP), Atiku Abubakar, is deeply pained by the double-barrelled fuel and currency crunch, being experienced by the generality of Nigerians. The twin-scourge which has affected every department of our national life, has consigned our people to keep vigil at fuel stations and automated teller machines, (ATMS), for days and nights on end, at great risk to their health and safety. Atiku is sincerely distraught at the subsisting development at this stage of our national evolution.

    For Atiku, the seemingly intractable petroleum products crisis is inconsistent with Nigeria’s profile as one of Africa’s largest crude oil producers. Nigeria has potential to build sustainable product availability, he says, even as he prays for speedy resolution of the crisis. He vowed to tackle headlong the monster of petroleum crisis, if elected president.

    Implausible allusions have indeed been made about imaginary partnerships or liaisons between Atiku and key officials and friends of the incumbent administration, to aggravate the pains of Nigerians. Media spins have been woven around Atiku concerning complicity in the subsisting fuel crisis and the ongoing currency change, both of which have impacted and exacerbated avoidable hardships on innocent Nigerians.

    Atiku and the PDP have been laughably accused of instigating the fuel crisis, and of collusion with the leadership of the Central Bank of Nigeria, (CBN), to inflict pain and hardship on our people. Nothing can be farther from the truth than these whimsical conjectures which are trademarks of the propagandist tactics of the All Progressives Congress, (APC).

    As with every regular Nigerian, Atiku Abubakar himself has continually endured the pains and discomfort of our people, fully cognisant of the fact that governance can be better run to genuinely serve the interest of the people. Very important segments of his campaigns and electioneering have had to be suspended in solidarity with our people. The conviction that Nigerians deserve better value from governance, is what drives his quest for popular support to be in a position to offer authentic human-faced, people-oriented leadership and service to our compatriots.

    For the avoidance of doubt, Atiku is not in any form of romance or alliance with the CBN governor, Godwin Emefiele, who he barely knows. Atiku occupies no pedestal in governmental hierarchies today, which makes his alleged influences and control over the CBN governor more amusing. Emefiele is an appointee of President Muhammadu Buhari and owes direct allegiance to him.

    Insinuations that Atiku is in bed with influential “backstage” figures around the president who are working for his electoral success come Saturday February 25, 2023, are as funny. The truth of the matter is that Atiku has pursued a holistically issue-based campaign, devoid of insults and name-calling. The PDP presidential candidate is too suave and debonair to deride and impugn on the character and personality of others, which have become the trademark of the APC and its flagbearer.

    Today, Bola Tinubu, flagbearer of the All Progressives Congress, (APC), wishes that Lasun Yusuf former Deputy Speaker of the House of Representatives “labours to death” for decamping from the APC to the Labour Party, (LP). Next day, he is labelling Udom Emmanuel, governor of Akwa Ibom State, as “that boy who lives in my boy’s quarters in Lagos.” At some other occasion, he calls his opponents yeye people. Atiku is far too cosmopolitan to be so uncouth and so pedestrian.

    Nearly 16 years after he left office, as the first Vice President of the Fourth Republic, Atiku has continued to develop himself and to empower others with intellectual and material capital. He returned to school after the 2019 presidential elections, studied for and deservedly earned a masters’ degree in public administration, from the UK-based Anglia Ruskin University. He has been around the world, helping to deepen democracy and good governance, even from his capacity as a private citizen.

    Ever focused, his eyes on the ball, it is not in his place to court opportunistic liaisons for self-gratification. It is further bewildering to imagine that he is sustaining any form of rapprochement with any individual or group, close to the heart of the incumbent administration, many of whom he has never met.

    The APC and its presidential candidate will do well to concentrate on its campaign and market themselves to Nigerians. The goodwill which welcomed the APC in 2015, has long been dissipated by the underwhelming eight year regime of the party. Nigerians see PDP as the new light and illumination and have vowed never to return to the biblical “Land of Egypt,” the APC.

  • Matters Arising: Interest Rate, New Naira Note and Fuel Scarcity

    Matters Arising: Interest Rate, New Naira Note and Fuel Scarcity

    By Adefolarin A. Olamilekan

    Given the social, political and economic uncertainty that is projected by leading international bodies,from World Bank Group (W BG), International Monetary Funds (IMF) and World Economic Forum( WEF). For instance that of WEF was much more scary as it pin pointed a global risks that is eminent. WEF used data from the Global Risks Perception Survey 2022-2023 to highlight the risks the world was likely to face. This includes High cost of energy, food crises, debt burdens, and natural disaster.
    For instance WEF identified the cost-of-living crisis as the most severe threat facing developed and developing countries like Nigeria.

    This is quite revealing and interesting, although the whole nation attention is dearly on the forthcoming general election that is less than 25 days from today. However, the ranging issues that burdens many Nigerians is the economy stay,and WEF identified risks alongside controversial government policies compounding the situation.
    One of such is the recently increased interest rate from 16.5 to 17.5%, based on the voting pattern of the CBN Monetary Policy Committee (MPC) members. According to CBN there is need to consolidate on the gains of the previous rate as against fighting inflation.While the NBS figure showed a slight drop from 21.47%. to 21.34%.
    Based on this development the apex bank consider aggressive rate is better than a moderate rate.
    Notwithstanding, a lot of analyst are off the opinion, this move by CBN is not effective in fighting inflation. Chiefly from an hindsight that we can’t fight inflation by jerking rate consecutively, the fifth this time around (13; 14; 15.16.5 and 17.5) Moreso as high rate on it own comes with it debilitating implication on businesses, investment and savings. Not to talk of it multiple negative impact on production, employment and price stability.

    On the other hand, the deadline for old Naira notes is just 4 days from today. That is come Tuesday 31st January 2023 anybody failed to comply will loss there money. Regrettably, a lots of criticism greeted the naira policy from inception. Talk more of scarcity of the redesigned naira denomination of N200,N500 and N1000.
    Meanwhile, there is apprehension wheither CBN would extend the date. Especially, as panic is setting in and the hardline position of the apex bank. Is completely against all entreaty of the National Assembly. And the Speaker Femi Gbajabiamila and his colleagues are threatening arrest warrant on the CBN governor.
    And yet still the CBN said the new notes are much more available in the Deposit Money Bank (DMBs).
    For the apex bank the issues about scarcity is the creation of the DMBs. So who are we to believe and hold accountable for the dilemma.

    Consequently as Nigerians continue to battle with the controversial monetary policies. The old long monster called fuel scarcity top the hardship motorist, commuters, businesses and household struggled with.This is one perianal national problem for an oil producing country that continues import refined PMS. As that not enough the president seeing the fuel scarcity as national embarrassment recently put together a 14 man panel.
    To be chaired by the president, with members that includes both minister of petroleum resources, finance, NNPC,NDPRM CBN governor,DG DSS and others.
    One can only wish them good luck if the term of reference of the committee mandate. Will not be sabotage,just the APC presidential candidate claimed, that fuel scarcity is hand work of sabotaging element in the country.

    What is then to done. First, we must acknowledge this are self inflicted crises upon ourselves. A nation with abundance in human and natural resources but deficit in leadership that failed in economic governance and others.
    Secondly, monetary policy must be meaningful to our What those high Economy.In this wise the latest rate at 17.5% must be aggressive enough to reduce or eliminate inflations pressure in our economy.
    Thirdly, the introduction of redesigned naira notes must not hard more suffering to Nigerians, if need be to avoid negative economic.In other words if shifting the deadline on old Naira notes will do that, CBN have to act fast.
    Lastly, the president chairing a 14 man panel is cheering.But it must avoid cosmetics approach in tackling the fuel scarcity. If need be for sanction and heavy fine on sabotages in the distribution and logistics channel. The panel must be firm to act.

    For us what at all the foregoing illustrate and reinforce is the centrality and indispensable need to have a visionary and bold leadership in charge of our economic governance.

  • 2023: Fuel Scarcity, Naira Redesign Ploy to Sabotage My Victory — Tinubu

    2023: Fuel Scarcity, Naira Redesign Ploy to Sabotage My Victory — Tinubu

    The presidential candidate of the All Progressives Congress (APC), Bola Ahmed Tinubu, on Wednesday, alleged that the current fuel scarcity and naira redesign were parts of the plan by some powers-that-be to sabotage the 2023 general election.

    Tinubu spoke during the APC presidential campaign at the MKO Abiola International Stadium, Kuto, Abeokuta.

    Tinubu declared that the fuel crisis and the scarcity of the newly redesigned Naira notes were artificially created to discourage Nigerians from voting for the APC.

    The APC presidential candidate called on the people to remain resolute and resist any attempt by anyone to stop the election from holding.

    Tinubu promised that his administration would also introduce a student loan programme that would ensure that no Nigerian student is unable to complete his or her education because of school fees.

    “There will be a student loan, nobody will drop out of university because of school fees, I guarantee you that.

    “Nobody will have to repeat one class for eight years and not graduate.

    “We are too smart, we are brilliant, we are courageous, we will make a four-year course be a four-year course,” he said.

    While saying that the forthcoming general election is a revolution that would reshape the country, he noted that his administration would do all it can to ensure that the price of fuel is bearable for all Nigerians.

    He alleged that the fuel scarcity was artificially created to sabotage his presidential ambition

    He also alleged that there were thick plots against him and clandestine moves to scuttle the 2023 election, stressing that nothing would stop him from emerging victorious on February 25.

    He said: “Even if they said there is no fuel, we will trek to vote. They have a lot of mischiefs, they could say there is no fuel.

    “They have been scheming to create a fuel crisis, but forget about it. Relax, I, Asiwaju have told you that the issue of fuel supply will be permanently addressed.

    “Whoever wants to eat the honey embedded in a mountain won’t worry about the axe. Is that not so?

    “And if you want to eat palm kernel, you would bring stone and use it to break it, then the kernel will come out.

    “Let them increase the price of fuel, only they know where they have hoarded the fuel.

    “They hoarded money, they hoarded naira; we will go and vote and we will win. Even if they changed the ink on Naira notes, whatever their plans, it will come to naught.

    “We are going to win. Those in the PDP will lose (won ma lule),” he declared.

    He noted that as a homeboy, he had come to Ogun not to put the people to shame, but to win and take over the government.

    “I am a homeboy, I have come here, you will not be put to shame, we will take over the government from them, the traitors who wanted to contest with us, they had no experience”, Tinubu said.

    “This election is a revolution. They are plotting, but they will fail. They said fuel price will increase and reach N200 per litre. Go and relax.

  • Fuel scarcity: FG Constitutes 14-man Panel

    Fuel scarcity: FG Constitutes 14-man Panel

    The Federal Government is meeting with operators in the midstream and downstream oil sector as part of measures towards developing strategic stock for Premium Motor Spirit, popularly called petrol, in key locations across the country.

    It said the national strategic stocks would help in addressing the recurring fuel scarcity in Nigeria, as it also announced the constitution of a 14-man committee to find a lasting solution to the disruptions in the supply and distribution of petroleum products.

    On the strategic stock, the Executive Director, Distribution Systems, Storage and Retailing Infrastructure, Nigerian Midstream and Downstream Petroleum Regulatory Authority, Ogbugo Ukoha, disclosed this in Abuja on Tuesday at the ongoing stakeholders’ consultation forum on midstream and downstream petroleum regulations.

    Speaking on the sidelines of the event, he explained that the NMDPRA and stakeholders were going through the eight draft regulations, which were the third batch, put together by the authority, adding that the National Strategic Stock Regulations was one of them.

    He said, “Section 181 of the PIA (Petroleum Industry Act) compels us to develop strategic stock. On the supply issues that we usually have, recall that a few weeks ago, there was flooding in Lokoja and Bayelsa, and supplies were impacted negatively.

    “We should have strategic stock across the country. And there are storage everywhere, even though pipelines need to be revamped. So this strategic stock regulations addresses that need, and it is a priority.”

    Ukoha added, “It takes three to four days for trucks from the coastal areas to get here (Abuja), and if something happens on the road, then you will see how it will impact on the supplies in the Federal Capital Territory.

    “On Friday, we had to go to Niger State, where three trucks fell across the Bida-Lapai and Agae road. We were there to make sure that those trucks were cleared. But with the strategic stock, most of that will be addressed.

    “If you have that kind of issue, you’ll just recall some volumes from the nearest storage. So these are very important draft regulations that the authority is putting forward.”

    The NMDPRA official explained that the midstream and downstream arms of the sector were very strategic positions in the industry, and the regulations being put out by the authority were critical.

    “If you look at this third batch of draft regulations we are considering, there are eight of them and almost all of them speak to a particular aspect in the value chain,” he stated.

    He continued, “There is a draft regulation on gas flare. You know that with the flares, it is not just to reduce or eliminate environmental hazards, but also to optimise them into power and also the revenues that are there.

    “There is also, and within this eight, the draft regulation that will address penalties and enforcements. You can see how the situation is currently, that the authority, in the last few weeks, has sealed seven depots for over-pricing.

    “So it is important that operators are mindful of consequences, and these regulations will give us further bite to enable us to enforce the rules we make in the industry.”

    On what could be delaying the draft regulations from becoming laws, considering their importance to the oil sector, Ukoha explained that they must follow laid down processes.

    He said, “There are processes. First of all, one of these processes is defined by the authority. The PIA is clear, we draft, we propose to the public and put it out for 21 days to get feedback from the public.

    “When we get that feedback, then we invite them, like we have done today, listen to them and then go back to redraft the regulations to reflect the credible feedback. We then start the final engagement with the Federal Ministry of Justice to gazette the regulations.”

    Meanwhile, Ukoha warned that the authority would suspend the licences of depot owners who persistently flout the government’s order on PMS pricing.

    14-man Committee

    The Federal Ministry of Petroleum Resources stated that President Muhammadu Buhari had approved the constitution of a 14-man Steering Committee on Petroleum Products Supply and Distribution Management, which he would personally chair.

    The ministry said the move was to find lasting solution to the disruptions in the supply and distribution of petroleum products across the country.

    It said the committee had the Minister of State for Petroleum Resource, Chief Timipre Sylva, as Alternate Chairman, as the team would ensure transparent and efficient supply and distribution of petroleum products.

    “Other terms of reference are to ensure national strategic stock management, visibility on the NNPC Limited refineries rehabilitation programme and ensure end-to-end tracking of petroleum products, especial PMS, to ascertain daily national consumption and eliminate smuggling,” the FMPR stated in a statement.

    To ensure sanity in the supply and distribution across the value chain, Sylva directed the NMDPRA to ensure strict compliance with the government approved ex-depot and retail prices for PMS.

    The ministry stated that other members of the committee include the Minister of Finance; Permanent Secretary, Ministry of Petroleum Resources; National Economic Adviser to the President; and Director-General, Department of State Services.

    Others include the Comptroller-General, Nigerian Customs Service; Chairman, Economic and Financial Crimes Commission; and Commandant-General, Nigerian Security and Civil Defence Corps.

    The Chief Executive, NMDPRA; Governor, Central Bank of Nigeria; Group Chief Executive Officer, NNPC Limited; Special Advisor (Special Duties) to the HMSPR; were also listed as members of the committee, while the Technical Advisor (Midstream) to the HMSPR would serve as secretary.

  • A’Ibom: Low traffic as commuters groan over skyrocketing fuel price

    A’Ibom: Low traffic as commuters groan over skyrocketing fuel price

    By Odo Ogenyi, Uyo

    Vehicular traffic are at their lowest in Uyo and other major towns in Akwa Ibom following a sudden and continuous increase in the price of fuel in the last two weeks.

    Petrol, the major fuel for most private and commercial vehicles in the area was dispensed at N165 per litre at the beginning of last month but has gone beyond N350 in the few stations that dispense the product as at the time of this report.

    This has resulted in fewer vehicles on the roads as few private vehicle owners and commercial vehicle operators could now afford the product.

    Some passengers have resorted to trecking while many have reduced the frequency of their journeys because of the corresponding high cost of transportation in the state now.

    Many indigenes of the state who returned home for the Christmas celebrations are now stranded as transportation cost for Uyo to Lagos by commercial bus have reached an all time high of N30,000, up from less than N15,000 at the beginning of last month.

    The state government had said it procured about 1.5m litres of fuel by special arrangement to be dispensed by independent marketers but this has not brought the deaired relief as the marketers have continued to operate without any control or supervision.

    Residents have expressed reservations and disgust over a directive by the chairman of the State Task Force on Petroleum Monitoring, Mr Victor Etefia asking them to report stations dispensing at more than N300 per litre, arguing that such directive was illegal as the FG is yet to announce an increase in the price of the product.

    A commercial bus driver who identified himself as Ubong Eddie expressed anger over what he described as a subtle introduction of a new price regime of N300 per litre by marketers in the state and wondered why regulatory agencies have done nothing to bring the marketers to order.

    “The chairman of the task force is a fuel dealer and you don’t expect him to be on the side of commuters. Okay, since they started selling at N300 and now  N350 per litre have you seen a filling station that have been punished?

    “Things are just going out of control and the government agencies that are supposed to monitor the activities of these independent marketers seem helpless. Have you not seen that there are few vehicles on the road. 

    “The private ones are very few and we the commercial vehicle drivers are finding it difficult to cope with the current price because the passengers are not finding it funny when we tell them the price for the journeys they want to.make. It is really a difficult situation.” Eddie explained.

    There have been no explanation from relevant authorities as to the sudden price hike even as the product is sold for less than N250 in neighbouring Cross River and Rivers states despite Akwa Ibom currently accounting for about 40% of crude oil production in Nigeria.

    The state has no Fuel Depot or refinery while marketers source for their products from the depots in Calabar and Port Harcourt.

  • DSS Gives NNPC, Oil Marketers 48 Hours To Fix Fuel Scarcity

    DSS Gives NNPC, Oil Marketers 48 Hours To Fix Fuel Scarcity

    The Department of State Services (DSS) Thursday issued a 48-hour ultimatum to the Nigerian National Petroleum Corporation Limited (NNPCL), Independent Petroleum Marketers Association of Nigeria (IPMAN) and other stakeholders in the oil sector to resolve the ongoing fuel crisis within 48 hours.

    Hinting at economic sabotage, it threatened to go after those impeding the supply of the petroleum petroleum products if fuel queues persisted at the petrol stations across the country after the ultimatum. It said the decision followed assurances by NNPCL of sufficiency of the products.

    Spokesman of the agency, Dr Peter Afunanya, spoke at a briefing in Abuja after the Director-General of DSS, Yusuf Bichi, met with the stakeholders in the oil industry.

    The meeting was a attended by officials of NNPCL, IPMAN, NUPENG, NARTO MOMAN, DEPMAN among others.

    Details later…

  • Fuel Scarcity: NSCDC Warns Against Diverting, Hoarding Petrol

    Fuel Scarcity: NSCDC Warns Against Diverting, Hoarding Petrol

    The Nigeria Security and Civil Defense Corps, NSCDC, has warned against diversion and hoarding of petroleum products.

    Jigawa NSCDC state commandant, CC. Musa A Malla, issued the warning on Tuesday at the decoration of 66 newly promoted officers held at the command’s headquarters in Dutse.

    He said the state command is making efforts to check the diversion and hoarding of premium motor spirit, PMS, across the state and the country at large.

    “Our men are all over and are putting eyes on the activities of filling stations to end lingering fuel scarcity in the state,” he said.

    Malla said the command will not fold its hands and allow marketers and filling stations to causing unnecessary hardship on citizens.

    He however urged those promoted to the new rank to take it as another challenge to increase their productivity.

    “To whom much is given much is also expected, you need to work harder to reciprocate the gesture” CC malla said.

  • Fuel Scarcity Hits Kano As Marketers Closes Filling Stations

    Fuel Scarcity Hits Kano As Marketers Closes Filling Stations

    By Jabiru Hassan, Kano.

    Long vehicular queues returns to Kano filling stations as some of the serving stations were seen closed by our correspondent this morning(Thursday) at both metropolitan and at the rural areas.

    Motorists and other vehicle owners were also seen struggling to get fuel which indicated that there is a scarcity of the products across the state which needs urgent intervention from the federal and state governments.

    Some of the drivers found at the long queue at various filling stations disclosed that in most of the filling stations, there is fuel underneath but due to their bad intentions, they closed the filling stations to create panic in the transport sector which is not fair.

    Auwalu Adamu, a commercial bus driver said that ” it is important for the Kano state government to constitute a high powered committee to checkmate all these issues and punish all those found hoarding fuel underneath their filling stations due to get huge amount of money”. He concluded.

    Some of the filling stations managers that had a chats with Daybreak News  on the condition of anonymity, stressed that they are only acting based on the instructions of the petrol stations owners and it is true that there is adequate fuel underneath  most of the filling stations based on the directives of their masters.

  • Fuel Scarcity Looms in S’east as IPMAN Threatens to Withdraw Services 

    Fuel Scarcity Looms in S’east as IPMAN Threatens to Withdraw Services 

    Fuel scarcity may be looming in the South-eastern part of the country as the Independent Petroleum Marketers Association of Nigeria (IPMAN) has threatened to withdraw its services from the region if the harassment and intimidation of its members by security agencies continue without check.

    The association, in a statement on Friday by its Zonal Chairman, Prince Bobby Eberechi Dick, alleged that some people he described as miscreants and not members even without having filling stations are in the habit of securing the services of security agencies to harass and intimate its members.

    The statement read: “The Independent Petroleum Marketers Association of Nigerian (IPMAN) Eastern Zone wishes to draw the attention of the federal government to the incessant harassment and intimidation of our members by security agencies.

    “Few days ago, some miscreants who are not members of our association, who do not have even one filling station, went and secured the services of the Nigeria Police, the Army, the Nigeria Security and Civil Defence Corps (NSCDC) to block the gate of private depots where we load petroleum products in Rivers State, saying every IPMAN member must pay a levy of fifteen thousand naira (N15,000) before our members can load.

    “Also on the claim by one of them, Mr Aliche Oti, that petroleum tanker drivers are holding IPMAN levy, to put the record straight petroleum tanker drivers don’t collect IPMAN levy, IPMAN staff are deployed in all the depots to do their legitimate work. It is the IPMAN that buys product and hire the services of tanker drivers.

    “When the report got to the zonal executive council of eastern zone, investigation was carried out to know where they are deriving their powers from and on what basis, we found out it was an act of intimidation to force our members to do the wishes of their pay masters.

    “IPMAN has legitimate constituted authority headed by our National President, Alhaji Ahmed Dhebo.

    “Based on this act of harassment and intimidation, we have withdrawn our services from all the private depots in Rivers State. We are calling on the federal government especially our dogged Governor of Rivers State, Chief Nyesom Wike, to intervene.

    “We know the governor cannot allow anyone to disrupt the good business environment he has created in Rivers State. This will cause a serious scarcity in Rivers State and neighbouring states.

    “If this harassment, intimidation and blockage of the depots where we are doing our legitimate business by these hoodlums and hired security agent is not addressed, we will have no other choice than to shut down all stations within the eastern zone.

    “We are law abiding citizens, we are being guided by the constitution of IPMAN and constitution of the Federal Republic of Nigeria. With IPMAN, the distribution of petroleum products within the zone is assured.”