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Tag: PMS

  • How daily petrol consumption dropped by 35% after subsidy removal

    How daily petrol consumption dropped by 35% after subsidy removal

    Daily average consumption of Premium Motor Spirit (PMS), otherwise known as petrol, in Nigeria, has dropped drastically by 35% after President Bola Tinubu removed payments of fuel subsidy.

    TheNewsGuru.com (TNG) reports Nigeria’s daily average petrol consumption figure dropped from 66.6 million litres per day in May to 49. 5 million litres per day in June.

    According to the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), the current daily petrol consumption figure stands at 46.38 million litres as of July.

    Mr Ahmed Farouk, Chief Executive, NMDPRA, confirmed the figures during a stakeholders meeting with oil and gas downstream operators on Monday in Lagos.

    Farouk said the figure represented a 35 per cent reduction when compared with the 65 million litres per day, prior to subsidy removal.

    According to him, an average truck out on a daily basis for petrol consumption, after announcing subsidy removal on May 29, reduced to 46.38 million litres.

    “The current daily consumption has drastically reduced as against 65 million litres which had been the daily consumption before subsidy removal.

    “In January, it was 62 million litres per day; February, 62 million litres per day; March, 71.4 million litres per day; April, 67.7 million litres per day; May 66.6 million litres per day; June, 49. 5 million litres per day and July, 46.3 million litres per day,” he said.

    The NMDPRA boss said that the essence of the meeting was to review the downstream sector after the subsidy removal and also to thank marketers who had taken the offer to import petrol.

    On petrol importation, Farouk said that over 56 companies applied for import licenses to bring in petrol, while only 10 made commitment to import.

    He said that currently three marketers, namely Emadeb Energy, A.Y Shafa and Prudent Energy had imported petrol into the country.

    He added that others, like 11 Plc, are also indicating interest to import petrol in August and September, respectively.

    “The era of subsidy payment is gone, we encourage all marketers who are interested in importing petrol to apply for license.

    “The meeting is to encourage marketers to import, so that there will be availability of petrol at every nooks and crannies of the nation.

    “The marketers have the choice to fix their price, because it is a free market where there will be competition.

    “It is no longer Nigeria National Petroleum Corporation Limited (NNPCL) dominating the market, there will be other players to compete with NNPCL.

    “We do not want any dominant player in the market, that was why we liberalised the market for everybody to play, ” Farouk emphasised.

    Farouk said that the authority was working with the Federal Competition and Consumer Protection Commission (FCCPC), to checkmate marketers from taking unduly advantage of the consumers.

    He said that the NMDPRA would ensure consumer protection at every station, adding that the quality of products import would be focused upon, to avoid substandard petrol.

    “We will ensure safety, consumers protect and standard in ensuring quality control within marketers.

    The meeting had in attendance managing directors of all downstream sector operators, delegation of Major Oil Marketers Association of Nigeria (MOMAN) and Depots Owners Association of Nigeria (DAPPMAN), among others.

  • IPMAN speaks on selling petrol for N700 per litre

    IPMAN speaks on selling petrol for N700 per litre

    The Independent Petroleum Marketers Association of Nigeria (IPMAN) has denied alleged plan by the association to increase pump price of Premium Motor Spirit (PMS) also known as petrol to N700 per litre nationwide.

    The Chairman of IPMAN Southwest Zone, Alhaji Dele Tajudeen, who denied the allegation in an interview in Ibadan on Friday, urged Nigerians to disregard the speculation and not to engage in panic buying.

    Tajudeen stressed that the price of the product would not be more than what is being sold presently.

    He commended President Bola Tinubu for removing the subsidy on petrol adding that it was long overdue.

    “Even in PIA bill, it has been clearly stated that the subsidy must be removed,

    ”So, I want to commend him for removing the subsidy and I want to say that we are in support totally. This is because the subsidy was a scam.”

    He said the slight increase in pump price was because of the transportation cost and that Nigerians should be at rest as the commodity will not be out of reach for the masses.

    “I want to disabuse the mind of the people that they should not panic about it, there is no cause for alarm, we are in control and there is nothing like that.

    “So, people should be rest assured that there is no way they can buy petrol more than the price it is being sold now.

    “If we look at the price from NNPC retail limited, which is an integral part of NNPC limited, they have more advantages than independent marketers and major marketers.

    ”So, it was the retail price that they announced they had never given a specific price to the independent marketers.

    “However, I have read what somebody put into the paper, it is just speculation it is not a reality. Nothing like that I want to assure the masses.

    “There is no how the price can go to N700 as we speak, because even if the FX is N700 or N800 that has not nothing to take the price of petroleum from N500 to N700,” Tajudeen said.

    He noted that the product had been deregulated, hence the differential in prices was due to transportation as it is related to location.

    ”If you are moving products within Lagos the price may not be more than N300,000 but if you are moving up to Ibadan or there about it could be as much as N500,000.

    ”And if you are going to Ilorin, it could be as high as N700,000 that would account for differential in prices.

    “I want to say with all sense of authority that as of today within Lagos metropolis nobody should sell more than N515 to N520 per litre.

    ”Though NNPC has given us the price but the reality of it is that what we buy from the market; because NNPC limited is not the only source for our product, we get from private depots.

    “So, whatever we buy is what we put our own margin and sell.

    ”But as of today, the highest you can get anywhere should be around N550; Lagos N510 per litre; Ogun State between N500 and N520,” Tajudeen said.

    Meanwhile, a coalition of Civil Society Organisations (CSOs) had vowed to resist the alleged planned increase  in pump price of petrol

    They made their position known in a statement jointly signed by the Convener, Dr Basil  Musa; and Co-Convener, Malam Haruna Maigida, in Abuja on behalf of others.

    They vowed to resist by picketing IPMAN members’ filling stations across the country.

    They accused the IPMAN of running a parallel government and inflicting pains on ordinary Nigerians by their unilateral adjustment of price of petroleum.

    They described the planned increment as unacceptable and called on the Federal Government to stop IPMAN from its alleged profiteering at the expense of ordinary Nigerians.

    The CSOs said the move was an economic sabotage, coming at a time Nigerians are still trying to come out of the “price shock”, occasioned by the increment on May 29.

  • President Tinubu: From Renewed Hope to renewed ‘shege’?

    President Tinubu: From Renewed Hope to renewed ‘shege’?

    Less than a month, Nigerians have already started feeling the impact of President Bola Ahmed Tinubu’s administration which was inaugurated on May 29th.

    On inauguration day, Tinubu made the controversial decision to remove fuel subsidy payments, and the price of Premium Motor Spirit (PMS), popularly known as petrol, immediately skyrocketed across the country.

    Petrol that hitherto sold between N210 and N220 per litre went as high as N850 per litre in some locations across the country and has remained in the range of N500 and N520 per litre.

    While Nigerians were still grappling with the effects of the removal of fuel subsidy payments, the Central Bank of Nigeria (CBN) announced a devaluation of the Naira, aligning with Tinubu’s commitment to a unified exchange rate.

    While the intention is to streamline the foreign exchange system, the devaluation has already begun to affect businesses and investors. Industries such as Dangote Group are already feeling the initial repercussions.

    These developments have stirred concerns and comparisons to the biblical story of King Rehoboam, raising questions about the future of the Tinubu administration and the welfare of Nigerians.

    When Rehoboam was made King, the whole assembly of Israel came to him and said, “your father put a heavy yoke on us but now you should lighten the burden of your father’s service and the heavy yoke he put on us, and we will serve you”.

    However, as the popular Bible story goes, Rehoboam answered, “Go away for three days and then return to me”. Then King Rehoboam consulted with the elders who had served his father and the young men who had grown up with him.

    While the elders advised Rehoboam to make the yoke of the people lighter, the young men advised him thus: “My little finger is thicker than my father’s waist! Whereas my father burdened you with a heavy yoke, I will add to your yoke. Whereas my father scourged you with whips, I will scourge you with scorpions”.

    True to the letters, after three days, when the whole assembly of Israel returned to the King, he answered the people harshly, rejecting the advice of the elders and spoke to the children of Israel as the young men had advised.

    When all Israel saw that the King refused to listen to them, they answered the king: “What portion do we have in David, and what inheritance in the son of Jesse? To your tents, O Israel! Look now to your own house, O David!”

    When King Rehoboam sent out Adoram, who was in charge of the forced labour imposed on the Israelites, they stoned him to death, leaving the King running for his dear life. Rehoboam’s reign was marked by rebellion against the house of David.

    The sudden removal of fuel subsidy payments and the Naira devaluation have already ignited dissatisfaction and unrest among the populace.

    The hasty implementation of these measures without adequate consideration for the impact on ordinary citizens raises concerns about the potential consequences and stability of Tinubu’s leadership.

    As if these are not enough, there are already indications that the administration will very soon supervise the increment of electricity tariff by the Nigerian Electricity Regulatory Commission.

    According to reports, electricity tariffs are set to increase by over 40 per cent in the coming days, a development which may eventually end all forms of energy subsidy in the country. The tariff hike is reportedly due by July 1.

    More still, President Tinubu recently signed the Student Loan Bill into law, which many have said will make life miserable for Nigerian students and their parents.

    As Nigerians brace themselves for the implications of the policies of the Tinubu administration, the cautionary tale of King Rehoboam serves as a reminder of the perils of disregarding the concerns and well-being of the people.

    The response to these initial decisions will shape the course of Tinubu’s presidency, as the fate of his leadership hangs in the balance.

    Already, Nigerians have changed the renewed hope slogan of President Tinubu to renewed ‘shege’.

    Will Nigerians rally behind him or seek refuge in their own tents, questioning their place under the rule of President Tinubu? Only time will tell.

  • Fuel price hike: IPMAN tells FG what to do to ensure competitive pricing for PMS

    Fuel price hike: IPMAN tells FG what to do to ensure competitive pricing for PMS

    The Independent Petroleum Marketers Association of Nigeria (IPMAN), has called on the Federal Government to issue licences to more importers and allow them to bring in Premium Motor Spirit (PMS) and other petroleum products into the country.

    Mr Chinedu Anyaso, Chairman of IPMAN Enugu Depot Community in charge of Anambra, Ebonyi and Enugu States, said this in an interview in Awka on Friday.

    Anyaso said current structure where the Nigerian National Petroleum Development Company Limited (NNPCL), a private company, was the sole importer of products was a monopoly that would serve the masses no good.

    He said only a ‘price war’ inspired by the participation of more importers alongside NNPCL would make the price of products find their natural levels.

    He said that only competitive pricing will address the current problem of PMS and other petroleum products.

    “Federal Government should issue more licences to importers and those who can build refineries for there to be competition and possibly price war.

    “NNPCL is a private company. They cannot be in business and still be regulating prices. What they released recently is their own price, private marketers’ prices can only be determined by what the private depots are selling,” he said.

    Anyaso described the price list recently released by NNPCL which pegged PMS between N515 and N520 in Southeast as its own company price which was not binding on independent marketers, but at best a guide.

    He said marketers in the zone would continue to serve the public to the best of their abilities subject to prevailing prices at the depots.

    He, however, condemned those selling PMS at as much as N600 per litre, saying it was exploitative.

    Most private outlets in Awka, the Anambra capital city, have closed their doors to customers while those selling were doing so for between N580 and N600 per litre.

  • Fuel subsidy removal: Lagosians lament price of petrol

    Fuel subsidy removal: Lagosians lament price of petrol

    Long queues resurfaced at some fuel stations in Lagos metropolis on Monday, with motorists in panic buying across the state.

    Barely hours after the new President, Bola Tinubu, said, “fuel subsidy is gone”, long queues resurfaced across petrol stations in major cities in Lagos, as some stations began shutting their pumps.

    A correspondent who visited some areas such as Ikeja, Ojodu, Epe, Ikorodu, Ketu, Maryland, Bariga and Ikorodu Road, among others, reports that there were long queues, while some were  shutdown resulting in gridlock.

    Panic reaction of possible adjustment in the pump price of Premium Motor Spirit, (PMS), also referred to as petrol, has lengthened queues at some filling stations in Lagos.

    Some major oil marketers stations that were opened were not selling fuel on the account of awaiting directives from headquarters.

    Meanwhile, a few areas of the metropolis monitored by NAN, showed cars queuing up, while other buyers were seen with different sizes of kegs and jerrycans to buy the product.

    Some of the fuel stations owned by  Independent marketers seized the opportunity to jerk up the price from N184 per litre to as high as N350 per litre.

    Other fuel stations that had earlier opened for business, later shut their gates, apparently, hoarding the product.

    On Ikorodu road, the few places where the product is being sold had vehicles scampering for it, while commuters were seen stranded at various bus stops waiting to board commercial bus.

    Few of the buses that were on the road for business hiked the fares between 50 and 100 per cent over fear of impending scarcity.

    A motorist who identified himself as Mr Julius Audu at G&G Filling Station in Somolu, said the station was shutdown by the manager and declared they were no longer dispensing.

    The manager declined to comment and provided no reason.

    “Scarcity is coming, or they are about to create one,” said a cab driver, who simply gave his name as Ibrahim.

    Ibrahim said he had waited in line for over 40 minutes and was unsure he would get enough supplies.

    NNPC stations in most parts of Lagos were dispensing but they had large queues as many were seen hurling 50-litre cans to buy, apparently for resale on the black market.

    Prices sold at most petrol stations owned by independent Petroleum Marketers Association of Nigeria (IPMAN) has adjusted to N350 per liter.

    Many petrol station owners were reportedly hoarding the product in anticipation of a price increase.

    The immediate past chairman, Major Oil Marketers Association of Nigeria, MOMAN, who doubles as the Managing Director, 11 Plc, Mr Adetunji Oyebanji, said: “This is a welcome development.

    “The country is bleeding every day and we are getting to a stage where if we are not careful all our revenue will be going into world-serving debt and going into the subsidy. This means we have no money left to do any other things, such as paying salaries.

    “The people kicking against this interest will end up suffering even more.

    “The amount of money spent on this subsidy has been documented in so many different foray and different places. People have talked about it over the years and to make matters worse a lot of it is going toward subsiding other companies in Africa, hence it has to go.”

    Oyebanji, who noted that the fuel subsidy removal was long overdue, said: “I have been an advocate of the removal of fuel subsidy because it is not benefiting the ordinary man but rather the elites who drive cars.

    ”So, I was pleased with the planned removal.

    The Nigerian National Petroleum Company Ltd., NNPCL, commended the decision by the Federal Government to remove subsidy on Petrol.

    Malam Mele Kyari, Group Chief Executive Officer, NNPC Limited,  noted that the removal of the subsidy, which had been a burden on its cash flow, would free up funds to enable optimal operations in the company.

    Reacting to scarcity already being experienced , he assured Nigerians of sufficient supply of the product.

    He said the  NNPCL also monitoring all its distribution networks to ensure compliance.

    Similarly, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), has warned Nigerians against panic buying across the country.

    Mr Kimchi Apollo, General Manager, Corporate Communications of NMDPRA, in a statement, said that the  removal was in line with the Petroleum Industry Act (2021) which provides for total deregulation of the petroleum downstream sector to drive investment and growth.

    “We are working closely with NNPC Limited and other key stakeholders to guarantee a smooth transition, avoid any disruptions in supply as well as ensure that consumers are not short-changed in any form.

    “The authority assures that there is ample supply of PMS to meet demand as we have taken necessary steps to ensure distribution channels remain uninterrupted and fuel is readily available at all filling stations across the country.

    “We, therefore, call on Nigerians to remain calm and resist the urge to stockpile as it poses significant safety hazard,” he said.

    The spokesman, however,  reassures all Nigerians that the removal of subsidy on PMS is a step towards building a more sustainable and prosperous future for our nation.

    He said the authority would continue to monitor activities and implement necessary measures to enhance transparency and accountability in the petroleum downstream sector.

  • Petrol price increases by 42.63% a litre in one year – NBS

    Petrol price increases by 42.63% a litre in one year – NBS

    The National Bureau of Statistics (NBS), says the average retail price of a litre of petrol has increased from N185.30 in March 2022 to N264.29 in March 2023.

    It made the declaration in its Petrol Price Watch for March 2023 released in Abuja on Monday.

    It stated that the March 2023 price of N264.29 represented a 42.63 per cent increase over the price of N185.30 recorded in March 2022.

    “Comparing the average price value with the previous month of February 2023, the average retail price increased by 0.20 per cent from N263.76.

    “On states profiles analysis, Imo paid the highest average retail price of N332.67 per litre, followed by Taraba at N330.00 and Borno at N324.55.

    “Conversely, Benue paid the lowest average retail price of N195.00, followed by Plateau at N196.79 and Nasarawa at N197.50, ” it stated.

    Analysis by zone showed that the South-East recorded the highest average retail price in March 2023 at N306.00 per litre, while the North-Central recorded the lowest at N205.10 per litre.

    The NBS also stated in its Diesel Price Watch Report for March 2023 that the average retail price paid by consumers increased by 55.90 per cent on a year on year basis.

    It explained that the retail price moved from a lower cost of N539.32 per litre recorded in March 2022 to a higher cost of N836.81 per litre in March 2023.

    “On a month-on-month basis, the price increased by 0.47 per cent from the N836.91 per litre recorded in February 2023 to an average of N840.81 in March 2023 ,’’ it added.

    On state profiles analysis, the report said the highest average price of diesel in March 2023 was recorded in Bauchi at N910.46 per litre, followed by Abuja at N889.44 and Adamawa at N880.33 per litre.

    On the other hand, the lowest price was recorded in Bayelsa at N768.04 per litre, followed by Katsina at N779.78 per litre and Edo at N797.14 per litre.

    In addition, the analysis by zone showed that the North East had the highest price at N856.42 per litre, while the South-South Zone recorded the lowest price at N816.92 per litre.

  • Petrol price increased by 54.76%

    Petrol price increased by 54.76%

    The National Bureau of Statistics (NBS), says the average retail price of a litre of Petrol increased from N170.42 in February 2022 to N263.76 in February 2023.

    It made the declaration in its Petrol Price Watch for February 2023 released in Abuja on Tuesday.

    It stated that the February 2023 price of N263.76 represented a 54.76 per cent increase over the price of N170.42 recorded in February 2022.

    “Comparing the average price value with the previous month of January 2023, the average retail price increased by 24.58 per cent from N257.12.

    “On states profiles analysis, Jigawa paid the highest average retail price of N329.17 per litre, followed by Rivers and Ebonyi at N323.33 and N317.14, respectively.

    “Conversely, Niger paid the lowest average retail prices of N198.50 per litre, followed by Plateau at N198.71 and Abuja at N200,’’ it stated.

    Analysis by zone showed that the Southeast recorded the highest average retail price in February 2023 at N306.86 per litre, while the North Central recorded the lowest at N215.01 per litre.

    The NBS also stated in its Diesel Price Watch Report for February 2023 that the average retail price was N836.91 per litre.

    It explained that the February 2023 price of N836.91 per litre amounted to a 168.26 per cent increase over the N311.98 per litre paid in February 2022.

    “On a month-on-month basis, the price increased by 0.98 per cent from the N828.82 per litre recorded in January 2023,’’ it added.

    On states profiles analysis, the report said the highest average price of diesel in February 2023 was recorded in Bauchi at N904.33 per litre, followed by Abuja at N885 per litre and Adamawa at N873.33 per litre.

    On the other hand, the lowest price was recorded in Bayelsa at N767.14 per litre, followed by Katsina State at N778.75 per litre and Edo at N789.43 per litre.

    In addition, the analysis by zone showed that the North Central had the highest price at N850.65 per litre, while the South-South recorded the lowest price at N814.63 per litre.

  • Fuel Scarcity: Queues ease as NNPC, Matrix Energy begin massive supply in Delta, Edo, other

    Fuel Scarcity: Queues ease as NNPC, Matrix Energy begin massive supply in Delta, Edo, other

    The perennial queues occasioned by the non-availability of the Premium Motor Spirit (PMS) also known as fuel in Warri, Effurun and other parts of Delta State has started phasing out following recent mass supply of the product to marketers in the State.

    It was also observed that the price of PMS which was sold between N420 to N510 has now crashed and it is now being sold between N205 and N260 by marketers especially in Warri, Effurun and their environs.

    It was gathered that the development followed the intervention of leading indigenous oil and gas company, Matrix Energy Group and the Nigerian National Petroleum Corporation Limited (NNPC) which have depots in the oil city.

    Some marketers had told our correspondent who monitored the supply of the product that some major marketers like Matrix Energy entered partnership with some independent marketers to ease the distribution of the product in line with the directive of the federal government.

    It was further gathered that to ease the scarcity and hike in the price of PMS, the NNPC has sent five additional vessels totaling 100 million litres to Delta State.

    It was reliably learnt that the five NNPC vessels will berth in the various fuel depots  in the state latest this week. The product will be distributed to the depots at Warri Refining and Petroleum Company (WRPC), Warri, Oghara and Koko.

    Queues which hitherto were witnessed in most parts of Warri, Asaba, Effurun, Sapele, Ughelli and their environs have started easing out following the mass supply of the product in the areas.

    Aside Delta, it was gathered supply of the product to states of the Niger Delta has drastically improve as motorists were seen spending less time to get the product at the various filling stations visited between Saturday and Sunday.

    It was further learned that some major marketers that owned retail outlets including Matrix and Shafa were already dispensing a litre at the rate of N205 in Warri, Effurun and their environs.

    Motorists, who commended the intervention, called on the Federal Government to stabilise the availability and pump price of the product.

    They lamented that the hike in the pump price had led to an increase in the cost of transportation and foodstuffs within the state and beyond.

    An industry player, who confirmed Matrix Energy’s intervention in making the product available, stated that the company had entered into partnership with some independent marketers to ensure that the queues were out in Warri, Benin and other parts of the country in the days ahead.

    He added that owing to the company’s intervention through massive supply of the product, most filling stations have started dispensing the product below N220 per litre particularly in Effurun, Warri, Udu and some other parts of Delta.

    Our source added there was also an arrangement with marketers in Benin, Edo State, to supply one million litres weekly to the city to cushion the scarcity of the product in the state.

    It further disclosed that the Nigerian National Petroleum Company (NNPC) Limited has sent additional four laden vessels to depot in  ogarah and Warri in Delta  to ameliorate the challenges being faced by residents of the region.

    “The federal government has directed all depot owners in the coastal areas to focus on supplying their primary areas which is what had led to availability of the product.

    “The government wants to see that the product is available. Effective Monday, the pump price is expected to go down to N190. If you go round, some filling stations like Matrix Energy have been selling the product at N205.

    “But hopefully, we will see reduction continue to reflect in the pump price as availability of the more vessels increases this week”, the source assured.

    A circular by Matrix Energy company last week Thursday announcing it has commenced full distribution of the product confirmed the position of our source.

    The circular obtained by our correspondent read, “This is to inform you that our PMS vessel will be berthing today and loading shall commence tomorrow God willing. We shall only allocate volumes directly to those with valid NMDPRA permits and willing to sell at regulated price.”

    Meanwhile, motorists in Warri, Effurun and Udu area of Delta have commended Matrix Energy Group for easing the suffering of Nigerians by ensuring adequate distribution of the product in the areas.

    They also commended the company for ensuring that the product was sold within the government regulated price, stressing that the Federal Government must double its efforts to make the product more available to the Nigerian public.

  • Fuel scarcity: IPMAN urges Nigerians to stop panic buying of PMS

    Fuel scarcity: IPMAN urges Nigerians to stop panic buying of PMS

    The Independent Marketers Association of Nigeria, (IPMAN), Western zone, has urged Nigerians to stop panic buying of petrol, assuring them that fuel scarcity would soon ease off.

    Alhaji Dele Tajudeen, IPMAN Zonal Chairman, Western Zone, gave the assurance on Tuesday in Ibadan, while speaking with newsmen.

    Tajudeen said that there was no directive stopping its members from continuing with their operations, pointing out that the speculation on shutting down of filling stations was not from the association.

    He was reacting to the speculations making the rounds that IPMAN had directed its members to stop operations and shut down their filling stations to protest hike in the price of fuel.

    Tajudeen said that IPMAN has units, zones and that its South-West zone comprised Lagos, Sapele, Ibadan, Ore, Ilorin and Mosimi Depots, pointing out that none of them had been directed to shut down their operations.

    He said that such directive was from Maiduguri Depot, stressing that it doesn’t affect members of IPMAN in other parts of Nigeria, particularly in the South-West region.

    Tajudeen said: “As far as we are concerned, as the Zonal Chairman, I have authority of other chairmen in the zone, we are not closing our stations.

    “The letter you are seeing is from Maiduguri; look at the letter very well, it emanated from Maiduguri and has nothing to do with South-West.”

    On the lingering fuel scarcity, Tajudeen said the situation would soon improve gradually.

    “We just rose from a meeting with the authority concerned and we have a very useful discussion with the authority.

    “One, we have to address the issue of availability and cycle. We appeal to people to bear with us, as the scarcity will fizzle out gradually.

    “By the special grace of God by next week, we will start to see changes and the queues will disappear,” he assured Nigerians.

    Recall that IPMAN had pleaded with the Federal Government to give its members time to sell off the product they sourced with huge amounts of money before complying with selling fuel at the official rate of N195 per litre.

    IPMAN said that its members had been directed to buy the product from NNPC and not from the private depot owners so that they can sell at the official rate.

  • FG vows to find permanent solutions to fuel scarcity

    FG vows to find permanent solutions to fuel scarcity

    The Federal Government has warned of dire consequences for any individual or groups who attempt to exploit or further cause untold hardship to ordinary Nigerians by disrupting fuel supply and distribution chain.

    This is coming on the heels of renewed efforts by the Nigerian National Petroleum Company Ltd. (NNPCL) to maintain the 450.92 million litres weekly evacuation of Premium Motor Spirit to different petrol stations nationwide.

    The Minister of State Petroleum Resources, Chief Timipre Sylva, gave the warning on Tuesday in a statement by his Senior Adviser, Media and Communications, Horatius Egua.

    Sylva, while reassuring Nigerians of government‘s determination called on security agencies to be on high alert in preventing attempts by subversive elements to cause any disruption during the period of the general elections in the country.

    He appealed to Nigerians for understanding, noting that the President Muhammadu Buhari‘s government was sincere with finding permanent solutions to the fuel problems in the country.

    He said the government was exploring all options in seeking an end to the fuel problem in the country.

    Slyva urged stakeholders in the oil and gas sector to join hands with government in ending the problem.

    During a tour of selected petrol stations, in Abuja, on Friday Sylva had expressed government’s satisfaction at the efforts of the NNPCL in ensuring fuel availability to the average Nigerian and urged them to keep up the tempo.

    In the last one month, NNPCL has maintained a total weekly evacuation of 450.92 million litres of PMS, a daily average of 64.42 million litres.

    Sylva, while calling for a collective support in dealing with the fuel issue said the government felt the pains of the ordinary Nigerian occasioned by the lingering fuel queues.

    He said that the relevant government agencies were working round the clock to ensure fuel availability at petrol stations across the country.

    “The problems associated with fuel queues in the country is not a problem that came with Buhari’s government but a fallout of long years of rot and decadence in products supply and distribution chain by successive governments.

    “Buhari’s administration is addressing the problem holistically, this is the first time in so many years that a government is addressing the problems associated with fuel supply and distribution collectively,’’ he said.

    And as part of the move to find lasting solution to the problem, the minister said the Federal Government recently set up a 14-Man committee to get to the bottom of the problem with a view to avoiding future occurrences.

    He said the Federal Government had also embarked on refineries rehabilitations neglected over the years with Port Harcourt Refinery at about 65 per cent completion, Kaduna just awarded to Daewo of South Korea and Warri expected to follow soon.

    He said the government through the NNPCL acquired a 20 per cent equity stake in the Dangote Refinery had embarked on the licensing of modular refineries.

    According to him, it concluded the marginal fields bid and improvement of security along crude pipelines in the Niger Delta region in the last few months, all geared toward increasing crude oil production to meet domestic consumption.