TheNewsGuru

Tag: Fuel queues

  • Support Dangote Refinery to end fuel queues – Fomer NDIC boss

    Support Dangote Refinery to end fuel queues – Fomer NDIC boss

    Alhaji Umaru Ibrahim, former Managing Director of the Nigeria Deposit Insurance Corporation (NDIC), says supporting the Dangote Refinery is crucial to mitigating the negative consequences of fuel scarcity.

    He expressed this at the 2024 Mid-Year Enterprise Risk Management (ERM) Conference organised by the Association of Enterprise Risk Management Professionals (AERMP) in Lagos.

    The event also featured the induction of new members into the emeritus category and newly qualified fellows and associates.

    Ibrahim, inaugurated at the event as the Global Board Chairman of Emeritus, Risk and Compliance Professionals, will lead other members from the capital and money markets, insurance and financial services sectors.

    Addressing the Dangote Refinery issue, Ibrahim called for collaboration and urged regulators to exercise caution to prevent risks to the public.

    He emphasised the importance of supporting Dangote Refinery to operate optimally, noting that fuel queues had reappeared in Lagos, a development he described as “not a good sign”.

    “I expect the regulator to exercise more caution even if the regulator has all the facts.

    “Regulators should not take actions that could harm or de-market the institutions they regulate,” he said.

    Ibrahim spoke on the themes: “Enterprise Risk Management Framework: Implementation and Global Best Practices in the Capital and Financial Markets”.

    Mr Farouk Ahmed, Chief Executive Officer of the Nigeria Midstream and Downstream Petroleum Regulatory Authority, had earlier stated that locally refined products were of lower quality compared to imported ones.

    In response, federal lawmakers set up a committee to investigate the allegations.

    The former NDIC boss advised regulators to engage in self-regulation to maintain credibility and relevance while adopting measures against risks.

    He called for accountability among regulators and stressed the need for collaboration among the banking and financial services sectors, media, legislature, and professional bodies.

    He added that this would ensure the success of ongoing monetary policy reforms.

    “The days of overbearing bank CEOs and chairmen are over, but we must all work together for financial stability.

    “Regulators must be credible, fair, seek professionalism, and possess robust knowledge.

    “Regulators must be subjected to scrutiny by all concerned parties, including operators, civil society, the National Assembly, and the media,” he said.

    Mr Jamiu Badmus, an engineer and risk expert, highlighted the importance of mindset in achieving excellence across various sectors.

    Badmus identified three key mindsets necessary to overcome challenges: the unbreakable mindset, customer-centric mindset, and collaborative mindset.

    The consultant explained that a collaborative mindset goes beyond teamwork, requiring the integration of great ideas to achieve more.

    He noted that one of the greatest challenges organisations faced was the misalignment between leaders and followers in turning challenges into opportunities.

    “For every risk, if we look very well, there are opportunities,” he noted.

  • NNPC gives update on fresh fuel queues

    NNPC gives update on fresh fuel queues

    The Nigerian National Petroleum Company Limited (NNPC Ltd.) says the tightness in fuel supply and distribution is caused by a hitch in the discharge operations of a couple of vessels.

    Mr Olufemi Soneye, Chief Corporate Communications Officer, NNPC Ltd., made this known on Saturday in a statement while reacting to the current queues and scarcity being witnessed in some parts of Lagos and the FCT.

    The News Agency of Nigeria (NAN) reports that queues started building up at fuel stations in the FCT on Friday, as motorists were seen lining up at various fuel stations, while some have remained shut.

    “The NNPC Ltd. wishes to state that the tightness in fuel supply and distribution witnessed in some parts of Lagos and the FCT is as a result of a hitch in the discharge operations of a couple of vessels,” Soneye said.

    He said the Company was working round the clock with all stakeholders to resolve the situation and restore normalcy in the operations.

  • Fuel queue resurfaces as marketers shut stations over planned protest

    Fuel queue resurfaces as marketers shut stations over planned protest

    Oil marketers in Abuja and neighbouring states of Niger, Nasarawa, and Kogi states has shut down their filling stations on Friday due to fears over the planned nationwide protest.

    TheNewsGuru.com (TNG) learnt that retail outlets such as the Nigerian National Petroleum Company Limited (NNPCL) in Kubwa, Salbas Oil, Eterna, and Gegu Oil, stopped dispensing fuel along the Kubwa-Zuba expressway.

     Oil marketers confirmed that filling stations in Lokoja, the Kogi State capital, were also closed which brought about reappearance of fuel queues at outlets in some parts of Abuja, Niger and Nasarawa states.

    In Lagos, several filling stations were shut down, creating fears of an impending fuel scarcity.

    Some marketers attributed the closures to fuel unavailability, while others blamed the apprehension over the planned protest.

    In Ogun State, the situation reached a crisis point as long queues formed at filling stations. In Magboro and Ibafo areas along the Lagos-Ibadan Expressway, vehicles, including motorcycles, cars, and buses, lined up chaotically for fuel.

    At Quest Filling Station in Magboro, motorists struggled in a queue over a hundred meters long, with only one of three petrol pumps operational.

    Saheed, a commercial bus driver heading to Ibadan, expressed frustration after spending over an hour in line. “I didn’t expect such a long queue,” he lamented. “My passengers are complaining, but there’s nothing I can do.” At NIPCO Filling Station in Magboro, diesel was priced at N1,200 per liter, while petrol cost N675 per liter, with four out of five petrol pumps operational.

  • Fuel queues will be cleared by May 1 – NNPCL

    Fuel queues will be cleared by May 1 – NNPCL

    The Nigerian National Petroleum Company Ltd. has assured Nigerians that the ongoing fuel scarcity and queues will be cleared out Wednesday, May 1.

    Mr Olufemi Soneye, Chief Communications Officer, NNPCL, told the NAN on Tuesday in Lagos.

    According to Soneye, the company currently has an availability of product exceeding 1.5 billion litres, which can last for at least 30 days.

    “Unfortunately, we experienced a three-day disruption in distribution due to logistical issues, which has since been resolved.

    “However, as you know, overcoming such disruptions typically requires double the amount of time to return to normal operations,” he said.

    He said: “Some folks are taking advantage of this situation to maximize profits.

    “Thankfully, product scarcity has been minimal lately, but these folks might be exploiting the situation for unwarranted gain

    “The lines will be cleared out between today and tomorrow,” Soneye assured.

    Similarly, Mr Hammed Fashola, the National Vice President of the Independent Petroleum Marketers Association of Nigeria (lPMAN), expressed hope that the queues in Lagos and Ogun would ease off this week, relying on the words of the NNPCL.

    Fashola, however, stated that the queues in Abuja might tarry a bit due to the distance to Lagos.

    “The information available to us from the NNPCL was that there was a logistics problem, and when that happens, it will disrupt the supply chain.

    “That might be a delay in the movement of ships from the mother vessel to the daughter vessel before it gets to the depot tanks.

    “Before we can correct that, surely it will take some days. I think by Tuesday or Wednesday, there will be more products available for lifti¹ng by marketers.

    “It might take time before it can ease off in Abuja, considering the distance to Lagos and the bad roads; Lagos might be calm this new week,” Fashola assured.

    NAN correspondent who monitored the situation on Monday reports that stranded motorists and commuters have expressed concern over frequent fuel scarcity in Lagos metropolis.

    This has resulted in a few commercial vehicles, which led to a hike in fares.

    The situation within Lagos metropolis showed that only a few filling stations were selling, with long queues in most parts.

    NAN reports that this was also the same situation within Abule -Egba and environs, Abbatoir Road in Agege, Akowonjo Road, Bariga, Fola- Agoro and the popular Lasu-Igando Road.

    The few filling stations that dispensed petrol had long queues of vehicles stretching some meters.

    Across the metropolis on Monday, petrol queues were seen at filling stations like Mobil, NIPCO, TotalEnergies, Forte Oil and ConOil along Ikorodu Road.

    North West at Maryland, Gbagada, NIPCO along Ijede road, Ikorodu, and TotalEnergies at the NNPC bus stop in Ejigbo stretched to about 500 metres from the pumps.

  • NNPC GMD, Kyari speaks on increasing fuel queues in Abuja, others

    NNPC GMD, Kyari speaks on increasing fuel queues in Abuja, others

    Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mele Kyari on Tuesday assured that the long queues experienced at fuel stations in Abuja and other parts of the country would soon disappear.

    Kyari gave the assurance on Tuesday while speaking with State House Correspondents, after a routine briefing with President Muhammadu Buhari at the Aso Rock Presidential Villa, Abuja.

    TheNewsGuru.com, TNG reports that fuel stations all over the Federal Capital Territory (FCT) have started witnessing long queues of motorists struggling to buy the premium motor spirit (PMS), also known as petrol since Saturday.

    The situation worsened on Tuesday.

    However, while fielding questions from State House Correspondents, Kyari, who explained the observed scarcity had been as a result of suspension of operations by tanker drivers, who were protesting some labour issues with their employers, said the worst is over as the strike had been suspended for one week.

    According to him, the tanker drivers, as at Tuesday, had already resumed lifting fuel from depots across the country.

    He added the agreement struck with the aggrieved drivers would enable government to reach a more lasting understanding on the matter.

    “These queues will go away. It’s because there was an industrial action by petroleum tanker drivers against their employers, the National Association of Road Transport Owners around their compensation package and those issues were not resolved up till yesterday, until we intervene to ensure that there’s an amicable settlement between the parties so that they will have peace and then normal loading operations will commence from the depots.

    “As I speak to you at this moment, loading has commenced in all depots in the country, dispatches of trucks are ongoing in all the depots in the country and they have called off the strike for a period of one week to enable us intervene and find a solution. So there’s really nothing fundamental that is happening now,” he assured.

    Asked about government’s plan to end the petrol subsidy regime, the NNPC GMD said government was still in the process of working out the best way out of the current situation, which he assured would be in the best interest of the ordinary citizen.

    “Subsidy is a policy matter, I’m sure you’re aware of this, there are engagements going on within government to get the best framework for having a fully deregulated PMS market.

    ” As this is going on, we are engaging all parties and all stakeholders as government and to make sure that at the end of the day, there’s an exit that is beneficial to the ordinary man.

    “That is why we know we will not be able to complete that in the month of May and and therefore we declared that there will be no increase in fuel price. I have no update in hand now, this is beyond me, but we’re engaging to make sure that we have the right timeline,” he said.

    Asked how recent rising crude oil price at the global market had impacted on the NNPC’s revenue, especially during a season when the country is discussing removal of fuel subsidy, Kyari said: “you know it works both ways. Once prices increase, your revenue also increases.

    “So I don’t have any numbers around it, but I also know that your obligation to price of petroleum increases and your net revenue also increases. There’s a balancing factor, I don’t think there’s anything much to worry about,” he explained.

  • Abuja: Dark days of long fuel queues back as black market thrives

    Abuja: Dark days of long fuel queues back as black market thrives

     

    By Emman Ovuakporie

    The long fuel queues reminiscent of the dark days are back in the Federal Capital Territory, FCT, as black marketers sell a litre of fuel for N300.

    TheNewsGuru.com, (TNG) reports this new development as motorists queue in most filling stations while some stations refused to sell along the Kaduna Zuba expressway on Tuesday.

    Recall that TNG had reported last week that fuel scarcity was imminent as fuel depots refused to load fuel tankers because of the ENDSARS protests that rocked the country last week.

    Along the Kaduna Kubwa express way, TNG observed that the regular filling stations had long queues while black market operators sell a litre of fuel by the sides of the filling stations for N300, N142 higher than the pump price which is N158.