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JUST IN: Petrol: Marketers Lamenting as Nigerians Shun Buying Above N1000/Litre

With the price of a litre of petrol now above ₦1,000 in most filling stations across Nigeria, petrol marketers have lamented low patronage at their retail outlets nationwide.
They said marketers are now cutting workers and shifts because of high pricing and low returns on investment.
The National President of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), Billy Gillis-Harry, was in an interview on Monday with a spokesman for the Independent Petroleum Marketers Association of Nigeria (IPMAN),Ukadike Chinedu.
Gillis-Harry said, “Marketers, retail outlet owners, all of us in the industry are finding it difficult to cope with the current situation, we used to buy 45,000 litres of fuel a couple of months ago for less than 8.5 million naira but today, we have to cough out about 49 million naira to buy the product.
“Financial institutions are not coming to our rescue. The cost of money is so high, it is so difficult to even sell, what we get to our retail outlets is not quickly bought because Nigerians also have the challenge with their buying power.”
On his part, IPMAN spokesman Ukadike Chinedu said filling stations nationwide have become ghost places as middle-class Nigerians have abandoned their vehicles and embraced public transportation.
“Most of the money we use in investing is bank money. It’s being borrowed and the interest rate is also high. There is no return on investment because the more we sell, the more we make profits,” Chinedu said.
“Now the volume of trade in the filling stations is very low because of the characteristics of the buyers who have now dropped some of their luxury vehicles with V8 and are now using alternative transportation.
“If you check some of the filling stations these days, you will find out that there is skeletal or ghost buying, two, or three cars will just come in and buy. We are no longer talking about scarcity, we are now talking about price differentials.
”The two unions urged President Bola Tinubu to provide ₦100bn as a seed fund for oil marketers to stay afloat, just like the aviation and agricultural sectors.
Nigerians are grappling with the weight of unprecedented food inflation, and energy prices which have quadrupled in the last year under the Tinubu administration.
Specifically, the price per litre of petrol jumped from less than ₦200 to over ₦1,000. Many people have blamed the twin policies of petrol subsidy removal and unification of forex rates for the high living costs that have assailed the middle class.
Citizens have staged two major protests to drive home their grievances against the Tinubu administration and pressured the All Progressives Congress (APC) government to reverse its “reforms” but the current administration has insisted that its policies are necessary and won’t be reversed.
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Abuja- Kaduna Train Derail: What Causes Train Derailments?
“Technical teams from the NRC, officials of the Nigeria Safety Investigation Bureau, NSIB, and other relevant agencies are already at the scene to determine the cause of the derailment and ensure preventive measures are put in place,” he said.

Following Sunday’s Abuja to Kaduna train derail, Ohibaba.com fact-checks what causes train derailments?
Here are the factors:
Human Error
1. Operator error: Mistakes made by train operators, such as excessive speed or failure to follow safety protocols.
2. Maintenance negligence: Failure to properly maintain tracks, trains, or equipment.
Mechanical Failure
1. Track defects: Poorly maintained or damaged tracks can cause trains to derail.2. *Wheel or axle failure*: Mechanical failures in train wheels or axles can lead to derailment.
3. Brake failure: Failure of braking systems can cause trains to lose control and derail.
Environmental Factors
1. Weather conditions: Extreme weather, such as heavy rain, snow, or heat, can cause tracks to become damaged or unstable.
2. Natural disasters: Events like earthquakes, landslides, or floods can damage tracks or disrupt train operations.
Other Factors
Collisions: Collisions with other trains, vehicles, or objects can cause derailments.
2. Sabotage or vandalism: Intentional damage to tracks or trains can lead to derailments.
3. Design or manufacturing flaws
: Flaws in train or track design can contribute to derailments.Investigations into train derailments often involve analyzing these factors to determine the root cause of the incident.
Meanwhile, the Nigerian Railway Corporation has announced the suspension of train operations on the Abuja-Kaduna corridor following the derailment incident.
Managing Director of the NRC, Kayode Opeifa, said that services will remain suspended until investigations are concluded and safety is assured.
“Technical teams from the NRC, officials of the Nigeria Safety Investigation Bureau, NSIB, and other relevant agencies are already at the scene to determine the cause of the derailment and ensure preventive measures are put in place,” he said.
News
BREAKING: NRC suspends Abuja-Kaduna train services after derailment

The Nigerian Railway Corporation, NRC, has announced the suspension of train operations on the Abuja-Kaduna corridor following Sunday’s derailment incident.
Managing Director of the NRC, Kayode Opeifa, confirmed the development during a press briefing in Abuja, stressing that services will remain suspended until investigations are concluded and safety is assured.
According to him, technical teams from the NRC, officials of the Nigeria Safety Investigation Bureau, NSIB, and other relevant agencies are already at the scene to determine the cause of the derailment and ensure preventive measures are put in place.
Opeifa dismissed speculations suggesting that the trains were poorly maintained, noting that the corporation has consistently adhered to safety standards.
He also disclosed that refunds have been processed for all passengers affected by the disruption.
The NRC boss also revealed that six passengers sustained minor injuries during the incident and have since received medical attention.
However, he explained that the total number of passengers on board at the time of the derailment was still being verified.
Meanwhile, the NSIB has formally opened an investigation into the incident as authorities work to restore safe and efficient rail services along the route.
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Ansaru Terrorists court trials adjourn until September 5 as Lawyers and Defendants absent today
The US government had placed a $5 million bounty on Mohammed Usman in 2012, designating him as one of three Nigerian “specially designated global terrorists.

Justice Emeka Nwite of the Federal High Court in Abuja has condemned the decision of a terrorism suspect to skip trial, describing the action as ‘unfortunate.’
This remark by the judge is in respect of Mohammed Usman also known as Khalid Al-barnawi, allegedly link to Ansaru the splinter group of Boko Haram.
Al-barnawi and four others-Mohammed Saleh, Umar Bello, Mohammed Salisu and Yakubu Nuhu- are alleged to have conspired to carry out terrorist activities between 2011 and 2013 in several northern Nigerian states, including Sokoto, Kebbi, Bauchi, Borno, and Gombe.
During Tuesday’s court session, the prosecution, led by Dr. Alex Izinyon (SAN), informed the court that proceedings were due to continue with a trial-within-a-trial phase.
However, he noted with concern the absence of the first defendant, Mohammed Usman, and his counsel.
Lawyers for two other defendants were also not present.
Dr. Izinyon revealed that Usman’s lawyer claimed to be away in Enugu and had promised to send a representative, who did not appear.
He described the no-show and lack of communication as disrespectful and contrary to the court’s efforts to expedite the long-running case which has been on since 2017.
In response, Justice Nwite expressed his dissatisfaction with the absence, emphasizing the importance of an expeditious hearing.
He warned that the court would not tolerate defendants absence from the proceedings.
The judge instructed the parties to collaborate and clarify the reasons behind the absence to prevent further delays.
He then adjourned the case until September 5 and 12 for the continuation of evidence from the third prosecution witness and the playback of relevant videos as part of the trial within a trial.
The US government had placed a $5 million bounty on Mohammed Usman in 2012, designating him as one of three Nigerian “specially designated global terrorists.
“Ansaru, ideologically linked to al-Qaeda in the Islamic Maghreb, is accused of targeting Westerners and carried out a notable attack on a maximum-security prison in Abuja in 2012, freeing dozens of inmates.
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