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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.
News
Governor Oyebanji Raises State’s monthly Subvention By N438.9 million
Similarly, the Governor has also approved payment of the outstanding 2020 leave bonus to local government workers
Ekiti State Governor, Mr Biodun Oyebanji has approved a major increment in the monthly subvention to the Judiciary and the legislative arm of government as well as the subvented institutions in the state.
The increment which amounts to N438.9 million monthly is to enable the institutions take care of the new minimum wage and the attendant consequential adjustment for workers.
In a statement,Olayinka OyebodeSpecial Adviser (Media) to the Governor, disclosed that the
beneficiaries of the increment include the Ekiti State Customary Court of Appeal, Ekiti State High Court of Justice; Ekiti State Judicial Service Commission, and Ekiti State House of Assembly Service Commission.
Others are Ekiti State University, Ado-Ekiti, (EKSU); Ekiti State University Teaching Hospital (EKSUTH); Bamidele Olumilua University of Education, Science and Technology (BOUESTI), Ikere Ekiti; Ekiti State Polythecnic, Isan Ekiti; College of Health Technology, Ijero-Ekiti and Non Academic Staff Union of Educational and associated Institutions.
Similarly, the Governor has also approved payment of the outstanding 2020 leave bonus to local government workers, in fulfilment of his promise to defray all outstanding entitlements of workers inherited from previous administrations.
While restating the commitment of his administration to the wellbeing and welfare of workers and retirees, Governor Oyebanji says efforts are being made to ensure payment of all outstanding entitlements including gratuities in line with the continuity and shared prosperity agenda of the government.
He urges workers in the state to remain focused on excellent service delivery and to see themselves as strategic stakeholders in the Ekiti Project.
The first child of the immediate past governor of Oyo State, late Abiola Ajimobi’s, known as Bisola Ajimobi Kola-Daisi, is dead.
It was gathered that Bisola who is married to Mr Kolapo Kola-Daisi died in the early hours of Thursday.
She died at the age of 42.
According to reports, she died in the United Kingdom.
Until her death, she was the Special Adviser to the Minister of Budget and Planning, Atiku Bagudu.
The Special Adviser to the former governor, Mr Bolaji Tunji confirmed the incident to journalists in Ibadan on Thursday.
Tunji said, “Yes. It has been confirmed”.
The House of Representatives on Thursday reversed its decision on the second reading of a bill which sought to strip the vice-president, governors and deputy governors of immunity.
The lower legislative chamber made the U-turn after the Majority Leader of the House, Julius Ihonvbere, moved a motion.
The bill, which is sponsored by Solomon Bob, a Peoples Democratic Party (PDP) lawmaker from Rivers State, passed second reading on Wednesday.
Bob noted that the bill seeks to “promote accountability in public office” by removing the immunity currently granted to the vice-president, governors and their deputies.
Section 308 of the Constitution states that “the president, vice-president, governor, and deputy governor, during the period he/she is holding the office, shall not be subjected to civil or criminal proceedings.
“The occupants of the office shall not also be arrested or imprisoned and no process of any court requiring or compelling their appearance.
”Bob stated said the move is to curb corruption, curb immunity, eradicate impunity and enhance accountability in public office.
The green chamber also rescinded its decision on the bill to abolish the death penalty.
The bill also passed second reading during plenary on Wednesday.
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