The Nation Newspaper

Tag: fuel

  • Analysts: Govt needs N575b to subsidise fuel yearly

    The Federal government will require N575 billion yearly for fuel subsidy if imported petrol is N134.65 per litre, investment analysts have said.

    The analysts with FBN Capital, an investment and research firm said with the Petroleum Products Pricing Regulatory Agency (PPPRA) statistics pegging the cost of imported petrol at N134.65/ litre, including distributors’ margins, the government would require that amount for subsidy.

    In a report released on Monday, the Head, Equities Market, Olubunmi Asaolu, said the inherent subsidy of N47.65/ litre would, on the basis of industry estimates of daily petrol consumption, amount to N575 billion a year.

    It acknowledged that in the past few weeks, there has been a slowdown in economic activity because of fuel scarcity engendered by rift between the government and marketers over unpaid subsidy claims.

    “The marketers are said to have stopped importing refined products. They are pressing for payments due to concerns that the incoming administration will subject subsidy claims to greater scrutiny, and may remove the remaining subsidies altogether. Government indebtedness to petroleum marketers is estimated at N200 billion ($1 billion),” Asaolu said.

    Continuing, it reiterated that earlier in the year, spot prices for UK Brent/Bonny Light crude were below $50/barrel, prompting the  government to cut the retail price for premium motor spirit (PMS) to N87/ litre.

    Asaolu said in the 2014 budget, N971 billion was provided for fuel subsidy, adding in 2015, it is N143 billion (N100 billion for petrol and N43 billion for kerosene).

    This latter yearly allocation was always too low, given the backlog of unpaid claims. It may well also prove too low in view of the recovery in the crude price. This budget assumes an average of $53/ barrel.

    “There are credit implications of the face-off. The downstream oil and gas industry accounts for an upper-teens percentage of banks’ total lending on average. Historically, it has accounted for a relatively high proportion of non-performing loans. Banks are unwilling to fund oil imports due to the heightened risk,” Asaolu said.

    He explained that the Central Bank of Nigeria’s (CBN’s) External Sector Development Report for the fourth quarter of last year shows that oil imports accounted for 30 per cent of visible trade (or $2.7 billion) in its analysis of foreign exchange utilisation in that quarter.

    “The new administration will also have a decision to take over the Nigeria National Petroleum Corporation (NNPC’s) four refineries: the status quo (unlikely), sale or liquidation. On the subsidies, our hope is that it will opt for deregulation and so attract new greenfield projects for the refining of petroleum products,” he added.

     

  • Capital Oil releases 13m litres of fuel

    Capital Oil releases 13m litres of fuel

    Capital Oil and Gas Limited yesterday began loading of over 13 million litres of petrol from its depot in Apapa to various states to cushion the effect of the lingering scarcity.

    Managing Director/CEO Patrick Ifeanyi Ubah told reporters yesterday in Lagos that over 20,000 trucks have been penciled down for loading this week to boost economic activities.

    He said the company’s facility has the capacity to load over 13 million litres approximately 400 trucks, of fuel per day. “It is our belief that this development will enable our citizens to return to normal family and work life. We call on other petroleum marketers to follow suit and save our nation from this impending economic and social crisis,” he said.

    Ubah said: “On Saturday 16th May 2015, we received an SMS ordering the suspension of loading activities in all depots from Monday 18th May 2015. We later realised that this directive was as a result of unpaid funds owed to transporters by oil marketers who in turn are owed by the Federal Government. This development has resulted in immense hardship to our fellow country men and women. We believe that a better solution can be pursued towards solving this problem in a way that does not adversely affect our dear citizens.

    “We are constrained at this point and have decided that two wrongs cannot make a right. We will not be part of this sabotage against our fatherland. Therefore from this minute, we shall take the risk of opening our facilities and commence swift loading and distribution of products nationwide.”

  • Fuel crisis deepens as NUPENG, PENGASSAN strike continues

    Fuel crisis deepens as NUPENG, PENGASSAN strike continues

    The crisis in the oil sector seems to be deepening as workers of the Nigeria Petroleum Development Company (NPDC), under the aegis of the Petroleum and National Gas Senior Staff Association of Nigeria, PENGASSAN, and the National Union of Petroleum and Natural Gas Workers, NUPENG, early this week, shut down their operations.

    The unions directed NPDC employees, a subsidiary of the Nigerian National Petroleum Corporation (NNPC) to shutdown indefinitely their locations and all oil production facilities nationwide in a bid to force the Minister of Petroleum Resources, Mrs. Diezani Alison-Madueke and the Federal Government to reverse the transfer of operatorship of OMLs 42, 40 and 30.

    The assets were previously operated by Shell.

    The unions are aggrieved that the sale of the assets did not follow due process and would affect the fortunes of the NPDC and its workers.

    Mr. Emeka Offor’s Elcrest Exploration and Production Nigeria Limited, a joint venture company of Eland Oil & Gas Plc, was awarded the operatorship of OML 40, while Mr. Ernest Ezedialu Obiejesi’s NECONDE is the operator of OML 42.

    A source from the union, who pleaded anonymity, said the strike is not national, adding that it is only an arm of the NNPC in Benin.

    He said the workers are agitated   that they were kept in the dark by the management in the entire process, and are of the opinion that management’s decision would not only threaten their jobs, but will jeopardise the future of the industry.

    He said the strike had resulted from a breakdown in communication between the management of the company and the unions.

    Speaking on the development, the President, Trade Union Congress, TUC, Comrade Bobboi Kaigama, calls on  the Federal Government to immediately halt and reverse the last minutes transfers of the operatorship of OML 42, OML 40 and OML 30,  which are being arbitrarily handed over to Neconde Energy Limited, Eland/Elcrest and Shore Line respectively.

    ”We demand immediate reinstatement of the operatorship rights of the Nigeria Petroleum Development Company (NPDC), the NNPC subsidiary that has been successfully operating the assets to avert the brewing industrial crisis in NNPC in view of the impact it will have on the ongoing transition process,” Kaigama said.

  • Don’t store fuel, fire chief

    Don’t store fuel, fire chief

    The Director of Lagos State Fire Service, Mr Rasaq Fadipe, yesterday warned against storing petroleum products at home to prevent fire.

    He gave the advice in an interview with the News Agency of Nigeria (NAN) in Lagos.

    According to him, the fire service has observed that the scarcity of fuel has led to panic buying and storage of products at home.

    He said: “This has led to fire outbreaks across the state. In the first 14 days, the fire service received 71 emergency calls which is regarded as outrageous.

    “Fuel scarcity should not be a yardstick for illegitimate and inappropriate storage of fuel to the detriment of lives and properties. Landlords and tenants should be observant and desist from storing fuel at homes and commercial areas.”

    He said out of the 71 emergency calls, 64 were fire calls, five rescue calls and two turned out to be false calls.

    The director said the public’s nonchalant attitude to safety of lives and properties were of concern to the service.

    Fadipe advised residents to avoid using jerry cans to store petrol, kerosene and other flammable substances.

    He also urged motorists, especially commercial drivers, not to store fuel in their vehicles’ trunks.

    Fadipe appealed to petrol stations to desist from selling petrol in jerry-cans and disallow customers from clustering around dispensing pumps to avoid scuffle that could spark fire.

    Filling stations, he said, should also avoid selling petrol in polythene bags as well as selling fuel in the night to prevent fire.

     

  • Residents scoop fuel as tanker falls in Ibadan

    Residents scoop fuel as tanker falls in Ibadan

    Residents of Olodo community in Ibadan yesterday trooped out in their hundreds to scoop fuel at an accident scene.

    The driver of a fully loaded petrol tanker lost control of the vehicle near the Olodo garage.

    An eyewitness said the petrol tanker with registration number LAGOS AGL 479XP was coming from Lagos.

    Adisa Babatunde said the accident occurred as the tanker skidded off the road.

    “The driver lost control of the vehicle and could not stop it. It was difficult for him to manoeuvre as the trailer was heavy.

    “We thank God that he was able to divert the tanker without injuring anybody.”

    Another eyewitness, Kehinde Kazeem, said: “The tanker lost control as it was ascending the steep.

    “The driver did all he could to make sure no one got hurt. No life was lost.”

    Immediately the accident occurred, some residents brought out jerry cans to scoop  petrol.

    At the scene, some security agents controlled human and vehicular movement.

    Men of the Nigeria Security and Civil Defence Corps, fire fighters and the police were battling to drive the fuel scoopers away.

    An NSCDC official, Adedapo George, said: “I have not seen the driver since we got here. Thankfully, there was no casualty.

    “We were able to curb the situation because we came in on time.That was around 9am. We can’t confirm to you if they had been scooping the petrol before our arrival.

    “We managed to stop them from going near the truck and made sure they stayed away.”

    The driver’s mate, Raimi Adegboye, said: “The driver has gone to the hospital, maybe, because of the shock he suffered.

    “We were driving from Lagos and were close to our destination when it happened.”

  • Fuel scarcity frustrates shoppers

    Fuel scarcity frustrates shoppers

    Operators in the retail shopping industry lament that fuel scarcity is affecting their businesses as sales and traffic to these places have been low, report TONIA ‘DIYAN, OCHU OHUNENE LATIFAH and EKEOWA PATIENCE.

    This last week has seen shopping activities almost paralysed at shopping places within the Lagos metropolis. No thanks to the present scarcity of the petroleum product which has been out of stock since last week. Operators of shopping places say they have been witnessing low sales because of  the frustrating situation and customers do not patronise them like before.

    Managements of malls visited have shown dissatisfaction with the present fuel situation , describing the situation as highly unacceptable and very disappointing. They said it is a major setback to economic activities in the country and have advised the government to do everything necessary  to see that the situation is normalised as soon as possible.

    The Nation Shopping visited some shopping places to observe how the present fuel scarcity is affecting sales.  At Ikeja City Mall in Alausa, Ikeja, Manager of Poise store, Mrs Temitope Olaopa, said the present fuel situation has affected sales for her and her colleagues negatively. “With the present  scarcity of fuel which has been ongoing since last week, we are recording very low sales. The situation is worse than the election period when we had to work half day. This time around, our customers are not showing up the whole day” she said

    Like Olaopa, Julie Akum, another store owner at the Ikeja mall laments last weekend and Workers Day also were bad days for them because of the fuel scarcity situation. “We had thought sales would pick at the weekend and on May Day, but nothing changed. We hardly made sales. Car owners preferred to reserve the fuel in their cars to go to their work places during the week rather than visit the mall, they argue that they might not find fuel to buy”

    The story is not different with Ms Ayodele Abimbola, a sales representative at Party Perfect, a store that sells party items and gifts. “With the increase in the price of the little fuel in circulation and also the increase in the price of transportation, it has really made it difficult for people to make it to the Mall to shop. Like me, the price of transportation from my home to the shop has been doubled .I used to pay N70 per trip, now it is N150.”

    At the Apapa mall in Park Lane, Apapa, Lagos, the scarcity has forced store owners to cut down prices of items at least by 10 percent, they say they have realised that foot traffic to the mall has dropped drastically, and they appeal to the government to address the problem as soon as possible so that they will be left with the bad road and traffic jam they have been battling for long.  According to them, they have lost enough customers already; and plead that the government doesn’t inflict more pains on them.

    A store representative with PEP store, Cassandra Okafor said, the fuel scarcity situation has become  a bone in the neck and it  is affecting everybody in the country not only those at the mall “ One thing we have done since the fuel scarcity began is to count our losses. When our customers are unable to come in to shop, we stand the risk of losing and not being able to pay our workers. We are hoping that the situation will be normalised before the end of this week.”

    The owner of Essenza, a perfume store, Malarki Adoga, said the scarcity of fuel has affected his business badly “I find it is very difficult to come to my shop on a daily basis since the fuel scarcity began. I am displeased with the present situation in the country. So far, we have lost many customers, those we call on phone will complain that they are tired having spent the whole day at the filling station queuing to buy fuel”

    A sales representative at Accessories 2 die 4, a store which stocks all kinds of ladies accessories, said she didn’t  know if the fuel scarcity affected sales at her shop “ I don’t know if the present fuel situation has affected business here, since we do not use petrol for anything in the shop but one thing for sure is that, fuel scarcity comes with scarcity of transportation and if there is no means of transportation, how will our customers make it to the Mall.”

    Few shoppers seen at Adeniran Ogunsanya and leisure mall said they live around the mall and could afford to take a walk to the mall for their shopping.  Miss Ifunaya Clement said she was at the mall because she lives few streets away from both malls who are neighbours. “Ordinarily, I will take a bus or tricycle to the mall, but I decided to ignore the high fare these days and take a walk. It is a stone throw”.

    Another shopper, Mr Samuel Ibikunle said “I have been finding it difficult to get fuel for my car because filling stations don’t have and those that have are usually crowded. The only alternative for me is the black market and it is very expensive that is why I cannot waste my fuel to the mall, except it is very necessary like it is now that I am at this mall for official purpose, I am here to attend a meeting  with my boss” he said.

    • Inside view of a scanty mall
    • Inside view of a scanty mall

    Mrs Abigel Kehinde also a shopper, think people will be affected especially, those with their private cars and the motorists.  She said: “if these people are affected, the Mall and other shopping places will also be affected because when there is no transport then people won’t be able to come to the Mall.”

    Some shoppers who were at Apapa mall said they stay close to the mall and can afford to stroll down, that is why they can still be found in the mall.  Andrew Omoh said he didn’t come from a far place, “I live nearby, and the only people I think it will affect more are those coming from a distance and those with private cars who won’t be able to get fuel for their vehicles. But for few shoppers who came from a distance, the fuel scarcity has done them more harm than good.

    Tayo Oshoba visited the mall from Oshodi, he lamented on how difficult it is to get to the mall, “Ordinarily, getting to Apapa mall is hell because of the bad road.  Now the burden  has increased.  Before now I spent about N300 from my house. Today, I have spent N600 after waiting at the bus stop for a longer period

    For Thomas Omokaro, “I have packed my car because i can’t surfer to buy fuel at a high price and end up wasting it in traffic. For now, I am thinking of holding on on my shopping here for the main time, I will rather go to a nearby open market to get the things I need until  this frustrating scenario is over’’.

  • Our Girls; Fuel: Govt. Inaction; Fulani Herdsmen/Farmers War kills soldiers, civilians; 1460days for dev –run!  

    Our Girls; Fuel: Govt. Inaction; Fulani Herdsmen/Farmers War kills soldiers, civilians; 1460days for dev –run!  

    Our Girls are still missing since April 15, 2014 with 300+ others freed by the military. Six soldiers and then 20-?200+ Plateau civilians murdered in retaliation in the ‘Other War’-the Fulani herdsmen/Farmers War. Will President Buhari end this justly?

    Nigeria was paralysed by an avoidable traumatic fuel scarcity- Irresponsible parting ‘Government Inaction’ gift, as billions go on 2015 politicians severance pay-a politicians’ ‘dividend of democracy’. If only government had competence to pay two weeks ago!

    Four years is a very short time, 1460 days. Government must fast-track recovery and distinguish the citizens’ ‘right to decent life’ from non-existent citizens’ ‘dividends of democracy’. If Buhari wants to build 100 bridges nationwide he must start now. In addition:

    Use ‘Mr President’, ‘Senator’, ‘Representative’  and  ‘Assembly Member’ .

    READ THE NEWSPAPERS. Press Aides can file: Good, Bad, Ugly Press. In politics Euphoria becomes Paranoia. Comments become Criticism within three months.

    Use the Presidential Address to recruit Nigerians – Day 1 or Day Zero of the ‘No Corruption  Campaign’ .

    ‘Wife of the President’ is Grand Patroness/fundraiser for volunteer female causes nationwide. She must be exemplary. The Boko Haram Internally Displaced Persons, Victims of the Fulani Herdsmen/Farmers War, the female victims of oil spills and erosion need her presence, prayers and OUR donations made ‘on behalf of Nigerians’ and not herself.  We pray for ‘50% Women In Politics And Board Rooms’.

    Ministerial & Agency List: Buhari must trawl the NIGERIAN DIASPORA for YOUNG DYNAMIC WOMEN and MEN. States lists must contain 50% women.

    In the Civil Service: International MEASURABLE standards, Goals, Targets, efficiency, competence, Monitoring & Evaluation,  CLOSE SUPERVISION, ‘Monthly Progress Reporting On All File Movements’- MPR – AF, Verdicts and Consequences for failure.

    Action on the Constitutional Review Report

    The Nigerian Diaspora: Ideas, exchanges, homecoming and rewards for remitting foreign exchange. Initiate NIGERIAN DIASPORA ELECTRONIC VOTING by 2019.  Let the BUHARI GRILLING INTERVIEW be a hallmark AND A REPEAT INTERVIEW 6 MONTHLY. No rubber stamp appointments.

    No Second Term For Ministries Agencies And Departments: There are many wonderful Nigerians. Use them.

    Corruption Prevention Systems introduced FROM TOP DOWN to get ‘FOUR YEARS OF MODEST HONESTY’.   EFCC, ICPC MUST PREMPT in every Ministry and Department with SUPERVISION. Forensic audit of Police, CID, EFCC and ICPC. THE UNIFORM IN NIGERIA is a weapon of corruption.

    Curbing Waste: STOP inflated contracts.

    Recouping The Cost Of The 2015 Campaign: Tell Nigeria how it will recoup election expenses.

    SPREAD THE ‘IDEAS ARE GOOD’ NET WORLDWIDE: Dawn is the time of good ideas using the internet to detect TED, New MIT, UN, WHO, FAO, Energy and other technologies. A BRAINIAC ROOM with 100 high tech people should explore the internet. Nigerians with ideas must tell government. Projects need starting early. The Second Niger Bridge should include a Third Niger Bridge Plan. Europeans are executing a SAHARA SOLAR FARM REVOLUTION. SOLARISE NIGERIA with a CBN single digit $2-5billion Solar Loan Scheme to capture the sun.

    EMERGENCY POWER’ : When the Fujiyama Nuclear Reactor in Japan was destroyed the Government in three months delivered replacement ‘EMERGENCY POWER’. Nigeria’s Government can introduce an ‘EMERGENCY COMPONENT’ to supply 20-40,000MW in three months. The internet has 25 Emergency Power companies.

    Stop the ANIMOSITY BETWEEN STATES AND FEDERAL.  WORK TOGETHER, GROW TOGETHER.

    TRUE FEDERLISM is a long overdue dream. Federal needs to shrink so states can grow.

    Education: The 20% public school pass can be tripled by coaching current SS2 students in July to Sept and December 2015 holiday coaching with Extra Classes. Come September, give 15 TEXT BOOKS/STUDENT. School Posters are as good for students as political posters were for politicians who printed 50-100m. 10 POSTERS PER CLASS x 1.5million classrooms needed. A BOX LIBRARY of 100-200 books/school.  The Education Funds must buy Books. ’BOOKS BUILD BRAINS ’.    Medicine: Use the media for a Massive Health Education plan. Put cancer therapy in every state capital.         

    SECURITY MUST BE PROVIDED FOR ALL: Redeploy police around politicians to community security.

    NASS RETURNEES: New NASS must be wary of Old NASS ‘returnees’ used to ‘NASTY NASS’ envelopes to facilitate oversight approvals.

    NASS Changes: Nigeria expects cuts in Salaries And Perks, SAPing Nigeria dry, remove Constitutional Projects, move towards a ‘SITTING ALLOWANCE’ NASS and a ‘PART TIME’ NASS AND STATE ASSEMBLY.

    Fulani Herdmen -Farmers war: Lasting solution before the citizens boycott meat in a ‘Blood Meat Boycott’

    Economics: Nigeria expects an appreciation of the naira at maybe N1/month.

    FINANCIAL STIMULUS: Recognise citizen’s entrepreneurship and work with CBN/ private sector to cancel the MPR of 13% and get single digit interest rate for all.

    Sports-MASSIVE MULTISPORTS DEVELOPMENT: Football-just one of 100 neglected sports. Budgetary line items for each sport. Reintroduce ‘PE’ PHYSICAL EXERCISE.

    YOUTH DEVELOPMENT: THE WARD IS THE SMALLEST POLITICAL UNIT. Each of the 16,400 wards needs a YOUTH INSPIRATION CENTRE.

    BUDGETARY COMPARISONS: Compare Budget Line Items with UK, USA, SA to expand job, opportunity and accountability.

    The Housing Deficit of 14-17million AFFORDABLE Housing is a growth opportunity. This is 14 million/48 months or 290,000 homes nationwide/month or 8,000 homes/state/month or 96,000/year/state.

    Politicians vs Professionals:   Many political programmes are gimmicks where professionals are ‘Yes Sir’ people. This must stop.

    The new government must Run, Run, Run or Nigeria will become one huge third-world refugee camp heading abroad!

     

  • IPMAN pledges regular supply of fuel in Ondo

    The newly elected Chairman of Independent Petroleum Marketers Association of Nigeria (IPMAN) Ore depot chapter, Mr. Bayo Olowokere, has said he would do everything possible to normalise fuel price in Ondo State as soon as possible.

    Olowokere made the pledge during the inauguration of the new executives of the association held at the IPMAN building at Odigbo, Headquarters of the Odigbo Local Government.

    His words: “We have a lot of things we are lacking. We have problem of none availability of fuel at the depot, the marketers are not well coordinated, fuel scarcity is one of the important issues that I need to address as fast as possible. Since I assumed office, I have made every means possible to address this by meeting the Chief of Staff (CoS) to the President but a new administration is in the offing with the emergence of General Muhammudu Buhari.

    However, I’m going to wax stronger and make sure that Ore depot receives fuel so that this issue of fuel scarcity can be put to an end.

    “My advice to my members is to cooperate with us. I also use this opportunity to tell the public that the fuel being sold by marketers above the approved price was not their making. We are making arrangement towards solving this problem so that as soon as possible the price will go back to N87 per litre as approved by the government. They should just bear with us, as soon as possible, I will try my possible best to bring the price back to N87”

    The other officers of the association include Oluayo Oguntuase, Vice Chairman;Kunle Adedokun, Secretary; Bayo Awodunni, Treasurer; Toyin Fasakin and Assistant General Secretary; Zubair Jimoh.

  • Reduction of fuel import

    Reduction of fuel import

    •This may be the beginning of what to expect after the elections

    With the report that the Petroleum Products Pricing Regulatory Agency (PPPRA) has reduced fuel import by about 50 percent, Nigerians who have been wondering what could have caused the recent fuel scarcity in the country now have a clue. This is even as the Federal Government has offered no explanation for that policy decision. The Peoples Democratic Party (PDP) had claimed the scarcity was the handiwork of the opposition All Progressives Congress (APC) that has prevailed on the marketers to stop selling fuel to the public. It is disgusting that the PDP is politicising such an issue that has caused untold hardship to millions of Nigerians.

    According to reports, the PPPRA has cut import allocation permits to 1.5 million metric tonnes, in the second quarter, from the previous three million metric tonnes for the first quarter. One of the reasons for the drastic reduction of import quotas is because marketers are demanding that the Federal Government should pay their outstanding subsidy claims. The disagreement arising from the outstanding claims was also responsible for the last round of fuel scarcity in the country, a few weeks back. Then, the Minister of Finance, Dr. Ngozi Okonjo-Iweala, claimed to have solved the problem with the issuance of N100 billion sovereign debt note, out of the N185 billion owed the petroleum marketers.

    The current scarcity traced to the same issue of outstanding debt, confirms that the minister has not solved the problem. As the report indicated, many of the marketers are worried that they may not get their money after the elections, and their fears may be well founded. After all, Nigerians are aware that the subsidy regime is steeped in massive corruption, and any sincere audit of the process will reveal the gregarious corruption going on in the name of fuel subsidy. So, the importers should be afraid, considering the underhand deals pervading that sector.

    As we have severally canvassed on the subsidy scam, corruption in the petroleum products marketing sector is one of the major legacies of President Goodluck Jonathan. It is also a great pity that most of the promises of the government on resolving petroleum products crises in the country have not been addressed. The Federal Government had promised three  ‘greenfield refineries’ to replace the aging ones in the country. That promise remains a mirage. Also, the promise to rein in the fraud in the industry has been more of talk, and less action.

    For us, it is a national tragedy that our country is a major importer of finished petroleum products, despite being a top producer of crude oil. The shame of running down our refineries is another major legacy of the PDP. Yet, every year the party has in the past 16 years engaged in one dubious Turn Around Maintenance after another, at humongous costs to the tax payers. Unfortunately, instead of the refineries getting better, their production capacity has continued to plummet, and today our country imports nearly all her finished petroleum products.

    It is almost certain that the little concern the government is showing to Nigerians on the fuel supply situation is because we are in election season. Once the polls are over, the government is likely to come up with measures that will make Nigerians pay more for fuel, claiming that there is no money to sustain the subsidy regime.

    This is why we again urge Nigerians to reject this irrespective of whatever excuse the government might want to use to effect the policy. Nigeria should have no business importing fuel; we have said that time and again. Any deregulation policy which is anchored on fuel importation should not be paid for by Nigerians. Reduction of fuel import by PPPRA is only the beginning of the bitter pills that Nigerians may soon have to swallow.

  • Shun panic fuel buying, hoarding, NNPC urges

    Shun panic fuel buying, hoarding, NNPC urges

    The Nigerian National Petroleum Corporation (NNPC) yesterday urged  members of the public to shun panic buying and stock-piling of petrol as there is enough stock of the product to keep the country wet for two months.

    In a statement endorsed by its Group General Manager, Group Public Affairs Division, Mr. Ohi Alegbe, the Corporation put the current stock of premium motor spirit (petrol) in its depots across the country at 1.9 billion litres.

    It also appealed to tanker drivers who had stopped hauling fuel from depots in the coastal states to the Northern part of the country for fear of being caught in unfounded fears of post-election violence, to return to work as the Corporation is working closely with security agencies to provide maximum security for them.