Tuesday, March 17, 2020

Tag "fuel scarcity"

    There will be no fuel scarcity during Christmas, says NNPC

There will be no fuel scarcity during Christmas, says NNPC

The Nigerian National Petroleum Corporation (NNPC) says there will be no fuel scarcity during the Christmas celebrations. Mele Kyari, group managing director (GMD) of the NNPC, said this during a meeting of stakeholders in the oil and gas sector at the presidential villa, Abuja. The meeting, chaired by Abba Kyari, chief of staff to President Muhammadu Buhari, was attended by Babatunde Fashola, [...]

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    Traffic builds up as long queues return to Lagos fuel stations

Traffic builds up as long queues return to Lagos fuel stations

Fuel queues have returned to Lagos as many petrol retail outlets in some parts of the state shutdown their stations, leading to long queues in a few filling stations that opened. This is coming after the Nigerian National Petroleum Corporation (NNPC) urged Nigerians to disregard media report of an impending fuel scarcity due to purported refusal by some oil marketers to [...]

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    ‘We have over 1bn litres of petrol’– NNPC debunks rumour of impending fuel scarcity

‘We have over 1bn litres of petrol’– NNPC debunks rumour of impending fuel scarcity

The Nigerian National Petroleum Corporation (NNPC) has urged Nigerians to disregard rumours of an impending scarcity of petrol in the country.   [...]

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    No plan to increase petrol pump price, says PPPRA

No plan to increase petrol pump price, says PPPRA

The Petroleum Products Pricing Regulatory Agency (PPPRA) says the federal government has no plan to increase the pump price of premium motor spirit (PMS) also known as petrol. Abdulkadir Saidu, executive secretary, PPPRA gave the assurance on Tuesday. Saidu appealed to Nigerians to disregard speculations that there would be an increase from the current price of N145 per litre. He urged marketers to [...]

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    MURIC: Another attempt might be made to cause fuel scarcity

MURIC: Another attempt might be made to cause fuel scarcity

The Muslim Rights Concern (MURIC) has called on the federal government to be on the lookout for “sponsors” of artificial petroleum scarcity towards the end of the year. In a statement by Ishaq Akintola, MURIC director, the group described the scarcity as an “annual phenomenon, asking the government to avoid  a repeat of the situation in 2018. The group blamed the scarcity [...]

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Crippling debts force oil marketers to commence workers’ retrenchment

The non-payment of an outstanding N650 billion debt owed major marketers by the federal government has forced the oil marketers to commence a reduction of their workforce. This huge debt has prevented many marketers from paying staff salaries. Majority of marketers are indebted to banks because of funds they borrowed to pay workers’ salaries. “Retrenchment became necessary as some marketers have already closed [...]

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Fuel scarcity gone for good, NNPC assures

Maikanti Baru, Group Managing Director (GMD), Nigerian National Petroleum Corporation (NNPC), has assured Nigerians that the era of fuel scarcity is gone for good. Receiving the man of the year award from Nigeria newsdirect newspaper, the NNPC boss said  the corporation had learnt a great lesson during the recent fuel scarcity in the country. “We have actualized the lessons learnt, part of [...]

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    Fuel scarcity: The economic and political interests

Fuel scarcity: The economic and political interests

Economics and politics have always been at war - silent, sometimes violent. Like water and fuel, they don’t mix well.‎ In developing countries politics tends to enjoy the upper hand, often rubbishing the best of economic sense. Called impasse, these are impregnable walls to stop the advancement of economic argument or interest. But in the current fuel situation, there seems to [...]

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    Kachikwu to NNPC: Do whatever it takes to end petrol queues in Abuja

Kachikwu to NNPC: Do whatever it takes to end petrol queues in Abuja

Ibe Kachikwu, minister of state for petroleum resources, says the Nigerian National Petroleum Corporation (NNPC) should “do whatever it takes” to end petrol queues in Abuja before Sunday. Speaking at a press conference on Thursday to announce the upcoming Nigeria International Petroleum Summit (NIPS) in Abuja, Kachikwu said it would be “embarrassing” for delegates of the event to witness the long [...]

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    Dogara: Fuel scarcity won’t stop until we’re able to refine crude locally

Dogara: Fuel scarcity won’t stop until we’re able to refine crude locally

Yakubu Dogara, speaker of the house of representatives, says the solution to incessant fuel scarcity in the country is the ability of the country to refine crude locally. He said this on Tuesday when he received executive members of the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) in Abuja. The speaker said until Nigeria is able to refine its [...]

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    A bigger fraud is being perpetrated, says Saraki on fuel subsidy

A bigger fraud is being perpetrated, says Saraki on fuel subsidy

Senate President Bukola Saraki has reacted to an ongoing investigation into “discrepancies” in fuel subsidy, saying its reintroduction is fraudulent. Saraki made this known in a statement on Wednesday. According to him, ongoing debates in the senate were aimed at enforcing reforms in the oil and gas sector, including bringing an end to the lingering fuel scarcity. “Today, the senate debated the interim report [...]

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    Dogara laments: All is not well… Nigeria is now being painted red with blood

Dogara laments: All is not well… Nigeria is now being painted red with blood

Yakubu Dogara, speaker of the house of representatives, has lamented the killings in various parts of the country. In his address to lawmakers when they resumed from recess on Tuesday, Dogara frowned at the violence in Benue, Taraba, Kaduna, Rivers, Zamfara, and Adamawa states. "Indeed at no time in the recent past has the nation’s peace and unity been so vigorously [...]

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    Nigeria is ‘eighth cheapest country to buy petrol’

Nigeria is ‘eighth cheapest country to buy petrol’

Nigeria is the eighth cheapest place in the world to buy petrol according to a report by Bloomberg. The report explained that Nigeria's selling price of N145 (equivalent to $0.40 per litre) and $1.52 per gallon makes it one of the 10 cheapest places in the world to buy gasoline compared to a global average of $1.12 per litre. The report said [...]

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    Pump price of fuel should not go up ‘even by one naira’

Pump price of fuel should not go up ‘even by one naira’

Accountable Leadership for Better Nigeria Initiative (ALBNI), a newly registered civil society group, says any plan to hike the price of petroleum products is “absurd” and should be “quashed”. The group said this in a statement jointly issued by Ogochukwu Paul, its director of media and communication, and signed by Remi Adebayo, president. “Our position on the planned fuel increment by the [...]

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    Fuel scarcity hits harder as government fails again

Fuel scarcity hits harder as government fails again

  BY WILLIAMS EKANEM Again, government of the day in Nigeria has failed to alleviate suffering of Nigerians caused by acute shortage of fuel, notwithstanding the country’s status as the chief oil producing country on the African continent. Year in year out, governments in power have failed woefully to stem the reoccurring hard bite of fuel scarcity, especially at festive seasons, with this [...]

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    Recurring fuel scarcity: Is price control the panacea?

Recurring fuel scarcity: Is price control the panacea?

BY ABUBAKAR D SANI Introduction I believe that the recurring incidence of non-availability of petrol at the pumps puts in stark relief the failure of policy options that have so far been deployed to tackle it. It is thus clear that fresh thinking is required. In this regard, I believe that the problem will persist unless any strategy for permanently resolving it [...]

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Exchange Rates

March 25, 2019USDGBPEUR
INTERBANK306397354
LAGOS380478402
KANO375477498
PH380478498
ABUJA375476400
NOTE: The black market rates represent the most prevalent. They could be slightly higher or lower among different sellers.
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