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Tag: depot

  • Just in: Despite massive hunger ravaging Nigerians, Dangote refinery, depot owners increase fuel prices

    Just in: Despite massive hunger ravaging Nigerians, Dangote refinery, depot owners increase fuel prices

    Despite massive hunger in the country, Dangote Refinery and Depot Owners have increased petrol prices amid hardship in Nigeria.

    Fuel stations across Abuja have significantly increased the pump price of Premium Motor Spirit (PMS), following a hike in ex-depot prices by Dangote Refinery and major petroleum depot operators.

    It was noticed on Saturday that Empire Energy and Ranoil stations in Gwarimpa and other areas of the Federal Capital Territory adjusted their pump prices sharply.

    Empire Energy now sells petrol at N935 per litre, up from N905 on Friday night, while Ranoil has raised its price to N970 per litre from N900.

    Chinedu Ukadike, spokesperson for the Independent Petroleum Marketers Association of Nigeria (IPMAN), attributed the price increase to the upward review of ex-depot prices by Dangote Refinery and other major depots.

    “The supplying depots and Dangote Refinery have increased their ex-depot petrol prices,” Ukadike confirmed.

    He noted that as of Friday, Dangote Refinery’s ex-depot price had risen to N858 per litre from N820. Similarly, other depot operators like NIPCO, Aiteo, and Ranoil set their prices at N870, N855, and N855 respectively.

    According to Ukadike, the price adjustments are linked to fluctuations in the exchange rate and the global cost of crude oil.

    Meanwhile, Brent and West Texas Intermediate (WTI) crude prices dipped to $69.67 and $67.33 per barrel respectively, as of Saturday morning, according to data from oilprice.com.

  • Reason for fuel scarcity in Abuja, others – IPMAN

    Reason for fuel scarcity in Abuja, others – IPMAN

    The Independent Petroleum Marketers Association of Nigeria (IPMAN) on Monday blamed the inadequate supply of petrol from the depots in Lagos for the scarcity being experienced in Abuja and other parts of the country.

    IPMAN President, Mr. Chinedu Okoronkwo disclosed this in an interview with NAN in Lagos.

    Okoronkwo spoke against the backdrop of resurfacing of fuel queues in some parts of the country, especially in Abuja.

    He said that the ongoing conflict between Russia and Ukraine had disrupted the smooth distribution of petrol, also known as, Premium Motor Spirit (PMS).

    According to him, marketers and transporters are now finding it difficult to bridge products to other parts of the country from the depots.

    He said: “The huge amount spent in running the diesel trucks to transport fuel is very discouraging because we are running at a loss.

    “The current N165 per litre pump price for PMS cannot fit in into the present realities without the pricing template being reviewed.

    “We appeal to the government to look into the situation by either reviewing the freight rate or providing palliatives to all marketers to restore normalcy to distribution.

    “The palliative can be making diesel accessible for marketers at discounted rates so that we can easily transport products across the country.”

    Okoronkwo commended the government for the bridging claims paid so far to marketers, adding that efforts should be made to clear the outstanding amounts.

  • It‘ll take another two weeks for supply of petrol to normalize- IPMAN warns

    It‘ll take another two weeks for supply of petrol to normalize- IPMAN warns

    The Independent Petroleum Marketers Association of Nigeria (IPMAN) has warned that it would take another two weeks for the supply of Premium Motor Spirit, also known as gasoline or petrol, to normalize.

    Adding: “No inland depot has received clean petrol that would boost supply to filling stations.”

    IPMAN Public Relations Officer, Chief Chinedu Ukadike, on Monday, said the Federal Government was yet to improve supply.

    In his words: “Nothing much has changed in the last few days, the issue is that up till now we have not seen the intervention of the NNPC based on evacuating these products (bad fuel) from some of our stations. Some marketers are trying to see if they can get new products and blend them to see if they can move.

    “Marketers’ capitals have been tied down and the bad product is also occupying their storage tank and that is why you are seeing some skeletal services. Some also have their tanks quarantined, so it is not easy.

    “We have been expecting products in the inland depots like the Port Harcourt Refinery depot but up till now, no product has been received. These things happen. Once there is a break in the supply chain it will take some time to fix.

    “Forget what people are saying it will take one-two to three weeks to fill in the gaps. It is talking about evacuating and replacing, it is not just about the shortage, it is also about evacuating and replacing.”

    According to him, Port Harcourt has not witnessed the acute shortage being experienced in many parts of the country.

    He said most of the marketers who have placed orders have not received supply.

  • N20m fine: DPR to sanction erring depot owners selling above ex-depot price

    The Independent National Electoral Commission (INEC) on Tuesday said that 80 political parties submitted applications for registration ahead of the 2019 elections.

    INEC Chairman, Prof. Mahmood Yakubu, made this known on Tuesday at the Fourth Situation Room Stakeholders Forum on Elections, organised by a coalition of Civil Society Organisations in Abuja.

    There are currently 67 political parties already registered.

    Yakubu, who was represented by Dr AdeKunle Ogunmola, a National Commissioner at INEC, said that the commission was also being asked to register independent candidates for the elections.

    “As it is today, 80 more groups are seeking registration as political parties.

    “We will continue to register them until the time scheduled by the Electoral Act for us to stop.

    “The issue of Independent candidacy is still there too.

    “Right now, we are thinking of how to design our ballot papers to take care of all the registered political parties.

    “So far, the hardest was the Anambra election, where 37 political parties fielded candidates,’’ the chairman said.

    Yakubu said the commission was determined to ensure that the 2019 elections were free, fair and credible.