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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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Katsina Flood Sweeps Away Siblings Returning From Islamiyya School
Fighting back tears, the children’s father, Malam Salisu Arabi, described the loss as the most painful moment of his life.
Two brothers, Muhammad Salisu, 12, and Abdurrahman Salisu, 7, lost their lives after they were carried away by flood in Janbago, a community in Katsina State.
The victims, were said to be returning home from a nearby Islamiyya school when downpour, accompanied by strong winds, turned the streets into raging torrents.
The Daily Trust reported that their bodies were later recovered from different locations after frantic search efforts by residents.
The incident plunged the entire community into mourning as sympathisers thronged the family residence to console the bereaved parents.
Fighting back tears, the children’s father, Malam Salisu Arabi, described the loss as the most painful moment of his life.
“They left home that day like every other child going to Islamiyya school. I never imagined that the same rain we all witnessed would take away my two children,” he lamented.
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An alleged fake university discover in Lagos
The university was operating from a three-bedroom apartment at Ilado, Olorunda Local Council Development Area of Lagos State.
Photo:Students of the university during the raid by NSCDC. Credit: NSCDC
The proprietor of an alleged fake university in Lagos , has been arrested by operatives of Nigeria Security and Civil Defence Corps (NCDC).
The NSCDC Badagry Area Command, who enforced the arrest, said that the university was operating from a three-bedroom apartment at Ilado, Olorunda Local Council Development Area of Lagos State.
The command also rescued 106 students of the institution from across Nigeria and neighbouring West African countries with promises of admission into a foreign university.
According to the corps, the operation was carried out in the early hours of Monday following days of intelligence gathering and covert surveillance by NSCDC operatives
” The suspected institution was operating without an official name, registration, signboard or recognised campus, while allegedly presenting itself online as a distance-learning centre affiliated with a foreign university,”said NSCDC.
Investigations revealed that the rescued youths, mostly between the ages of 19 and 24, came from several Nigerian states, including Kogi, Oyo and some northern states. Others reportedly travelled from neighbouring countries such as Niger, Cameroon and Togo after being recruited online.
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Ayo Fayose Gets Presidential Portfolio As REA Board Chairman
Fayose will head the board of REA, with Alhaji Ahmadu Abubakar and Engineer Ilyasu Ibrahim Makinta appointed as members and non-executive directors,” said Onanuga.
President Bola Tinubu has appointed the former governor of Ekiti State, Ayo Fayose, as chairman of the Rural Electrification Agency (REA) Board.
The President also appointed Major General Junaid Bindawa as chairman of the National Salaries, Incomes and Wages Commission.
24 others were also appointed to 10 federal government agencies and commissions.
The appointments were contained in a statement issued by the presidential spokesman, Bayo Onanuga, in Abuja.
According to the statement, “All the appointments take immediate effect.”
“Fayose will head the board of REA, with Alhaji Ahmadu Abubakar and Engineer Ilyasu Ibrahim Makinta appointed as members and non-executive directors,” said Onanuga.
Katsina Flood Sweeps Away Siblings Returning From Islamiyya School
An alleged fake university discover in Lagos
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