Energy

Disregard alarm about increase in pump price of petrol – IPMAN

By Web News 362

By Uche Ndeke

The Independent Petroleum Marketers Association of Nigeria, IPMAN, has advised members of the public to disregard the alarm and speculations about an increase in the pump price of Premium Motor Spirit otherwise known as fuel.

Chairman of IPMAN, Enugu Depot, Mr Chinedu Anyaso made the call in an interview with Radio Nigeria Correspondent Uche Ndeke.

He said the Nigeria National Petroleum Company Limited, NNPCL, being the sole importer of the product has not in any way informed marketers of price increase.

Mr Anyaso called on Nigerians to disregard the speculations in social media.

The IPMAN, Enugu Depot Chairman said contrary to media reports, the Port Harcourt refinery is yet to come on stream.

” There is no need for panic buying as there is enough product being made available to marketers at different depots by the NNPCL.

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Energy

Stop panic buying, root cause of queues addressed-  NNPC

By Web News 385

The Nigerian National Petroleum Company (NNPC) Limited said it has noted the appearance of fuel queues in some parts of Lagos and a few other locations around the country.

The retail management of the NNPC in a statement on Thursday, said the queues are due to reduced Depot loadout in Apapa, Lagos over a few days.

It added that the root cause of the queues has since been addressed.

“We assure all Nigerians that there is ample supply with sufficiency of at least 30 days,” the statement said.

The NNPC, however, advised motorists to desist from panic buying as distribution will normalise over the next couple of days.

“NNPC Retail Ltd. notes the appearance of fuel queues in some parts of Lagos and a few other locations around the country. This is due to reduced Depot loadout in Apapa, Lagos over a few days, and the root cause has since been addressed.

“We assure all Nigerians that there is ample supply with sufficiency of at least 30 days. Motorists are advised to desist from panic buying as distribution will normalise over the next couple of days,” the company said in a statement signed by management.

The last notable queues at petrol stations happened in May after President Bola Tinubu announced an end to fuel subsidy during his inauguration.

Tinubu had said the 2023 budget made no provision for fuel subsidy and more so, subsidy payment is no longer justifiable.

The announcement had led to scarcity of petroleum products, resulting in long queues at petrol stations across the country, with a litre of petrol rising from N184 per litre in Lagos to over N500.

Leadership/Simeon Ugbodovon

Energy

Anxiety as Ex-Depot Price of PMS increases

By Web News 907

There was palpable anxiety among members of the public, following a rise in the ex-depot price of petrol by 4.3% to 490 naira per litre. As a result, some petrol stations have started selling above 500 naira per litre, 12 naira higher than the 488 naira per litre price in the Lagos area and 500 naira in Ibadan.

But findings showed that NNPC Limited still sells the product to major marketers at 446.57 naira per litre.

A visit to private depots in Lagos showed that independent marketers, who lift at N490 per litre ended up selling it at 520 naira per litre at their stations depending on the location in Lagos.

It also indicated that while NNPC Limited continues to sell at 488 naira per litre in Lagos and environs at their retail stations, the major marketers fixed their prices at between 488 naira and 492 naira per litre, depending on location.

This is even as many operators who bought at 490 naira per litre were seen reselling at 515 naira per litre in a thriving black market, a development that has put additional price markups on retail prices.

The checks further showed that many independent marketers closed their gates against motorists and other users of the product while some hawkers were seen retailing petrol at exorbitant prices ranging from N550 to N650 per litre at Maryland, Ikorodu road and other parts of Lagos.

The case is not different in Ibadan as some filling stations owned by the independent marketers have started selling between 515 and 520 naira fixed by the NNPCL while only the marketers are selling at the regulated price of 500 naira

Reports has it that officials of the Nigerian Midstream and Downstream Petroleum Regulatory Authority, NMDPRA, are not present to monitor and enforce sanctions against defaulters at the filling stations, a development that emboldened illegal operators to embark on sharp practices, especially pump manipulation and product diversion as many customers have started complaining on the quality of the products being dispensed to them as well as not getting money worth of the product paid for.

Culled/ Oluwayemisi Owonikoko

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Energy

Osun Govt Condemns Petrol Hoarding

By Web News 429

By Funmi Adekoya

Osun State government has condemned the deliberate action of petroleum marketers in hoarding the premium motor spirit, PMS, causing unnecessary hardship for the people in the State.

The deliberate hoarding of fuel is sequel to the statement from the inaugural Speech of President Bola Ahmed Tinubu on the removal of fuel subsidies.

The government in a statement by the Governor’s Spokesperson, Mallam Olawale Rasheed describes the action as inhumane and unpatriotic and will not be allowed by the government.

The statement indicates that the Special Monitoring Team on fuel scarcity set up by Governor Ademola Adeleke headed by the Chief of Staff, Alhaji Kazeem Akinleye shall begin a special monitoring of all the filling stations across the State in collaboration with law enforcement agencies and other stakeholders.

The statement warns that any fuel station found guilty of hoarding fuel to create artificial scarcity shall be sealed off and operators prosecuted for the crime of economic sabotage.

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Energy

Many Fuel Stations Closed in Ibadan as IPMAN Announces Hike in Pump Price

By Web News 827

Many filling stations in Ibadan were this morning closed as a result of the announcement by the Independent Petroleum Marketers Association of Nigeria, IPMAN, to sell petrol beyond the official pump price of one hundred and forty-three naira

Radio Nigeria correspondent, who monitored the situation within the metropolis, reports that few stations that opened to customers sold the product at one hundred and forty eight naira fifty kobo per litre.

 It was also observed that some major marketers still sold fuel to the public for one hundred and forty three naira, which is the official pump price, though with slight queues.  

Some motorists and commercial drivers, who spoke with radio Nigeria on the new pump price called on Federal Government to intervene in order to relieve the citizens of hardship in this period of covid-19 pandemic

 They explained that the increase in petrol pump price would totally affect the economy and fuel inflation.

However, the Petroleum Products Pricing Regulatory Agency, PPPRA, has not reacted to the unfolding scenario regarding the official price of petrol.
             

Olukemi Akintunde

Economy

New Pump Price: Most Filling Stations in Ibadan Yet to Comply

By Web News 823

Filling stations in Ibadan Metropolis are yet to comply with the federal government’s directive to reduce the pump price of petroleum from 145 to 125 naira.

A team of Radio Nigeria correspondents who monitored the level of compliance in filling stations at Felele, Oke-Ado, Dugbe, and Mokola areas of Ibadan observed that most of the filling stations were still selling at the old price of #145.

An independent marketer claimed that they were still waiting for a directive from the Department of Petroleum Resources, DPR.

Also, at Bovas, a fuel attendant explained that modalities for the reduction in pump price had not been adequately communicated to them.

Meanwhile, some residents of Ibadan have expressed displeasure that despite the directive to take immediate effect, filling stations are yet to comply.

They advised relevant government agencies to ensure enforcement of this directive in filling stations.

Mosope Kehinde