Wednesday, September 27, 2023
No Result
View All Result
SUBSCRIBE
eNaira Online News
  • Home
  • eNaira
  • Capital Market
  • Business
  • Finance
  • Banking
  • PF
  • Companies
  • Crypto
  • Real Estates
  • Opinion
  • Home
  • eNaira
  • Capital Market
  • Business
  • Finance
  • Banking
  • PF
  • Companies
  • Crypto
  • Real Estates
  • Opinion
eNaira Online News
No Result
View All Result

Fuel scarcity returns in some parts of Lagos, as filling stations hoard product

by e-Naira Online News
June 20, 2022
in Business
Reading Time: 3 mins read
A A
0
Home Business
Share on FacebookShare on Twitter


Fuel scarcity has returned to some parts of Lagos, as queues resurfaced in some filling stations along Lagos Ibadan expressway, Ikorodu road, and Ikoyi on Monday.

This was confirmed by our analysts who visited some filling stations along the Lagos-Ibadan expressway, Ikorodu road, Lagos Mainland; Obafemi Awolowo way, Ikoyi and Obalende; Lagos Island on Sunday evening and Monday morning.

There seems to be some level of anxiety and confusion in Lagos as the fuel scarcity appears to have hit some parts of the state, as queues were sited at filling stations across the areas mentioned above.

What we found out

While several filling stations were shut, there were unusual long queues of vehicles at a few filling stations in Berger, Alausa, Ojodu, Ikoyi, Obalende and Victoria Island on Sunday evening and Monday morning trying to buy Premium Motor Spirit, otherwise known as petrol.

The scarcity, according to our findings, is caused by increased demand for the product due to fears that the Federal Government may remove fuel subsidy soon.

The long queues at the filling stations which have been causing traffic in those locations seem to have persisted on Monday morning.

What they are saying about the scarcity

The Manager of one of the Enyo filling stations on the Lagos-Ibadan expressway, who preferred anonymity, explained that his management decided to sell only N3,000 worth of fuel to each motorist on Sunday afternoon in order to manage the little fuel they have.

On why the station took such a decision, he said, “We were informed to do that because nobody knows the decision the Federal Government may take this week or soon. There is a tendency that the price may go up this week.

“The tanker drivers are not also finding it easy to buy diesel, whose price has skyrocketed too. Diesel is too expensive and at the same time scarce. If they don’t get diesel, how will they supply us fuel?”

A fuel attendant at an Oando filling station, who spoke with our analyst, disclosed that the directive to shut the station was given by its manager on Sunday afternoon.

He said, “The manager asked us to shut the station not because there is no fuel but because the price of fuel may go up this week due to the scarcity of the product.”

What IPMAN is saying

Mr Okoronkwo said the ongoing conflict between Russia and Ukraine had disrupted the smooth distribution of petrol. He noted that marketers and transporters are now  finding it difficult to bridge products to other parts of the country from the depots because of running cost.

  • The huge amount spent in running the diesel trucks to transport fuel is very discouraging because we are running at a loss.
  • “The current N165 per litre pump price for PMS cannot fit into the present realities without the pricing template being reviewed.
  • “We appeal to the government to look into the situation by either reviewing the freight rate or providing palliatives to all marketers to restore normalcy to distribution.
  • “The palliative can be making diesel accessible for marketers at discounted rates so that we can easily transport products across the country,” Mr Okoronkwo said.

Related



Source link

Tags: fillingFuelhoardLagospartsproductreturnsScarcitystations
Previous Post

Nigeria’s Public Debt Worst Ever In 50 years – World Bank

Next Post

CIBN, RIMAN charge certified risk managers

Related Posts

Manufacturing performance indicators contracted by 1.4% in H1 — Business — The Guardian Nigeria News – Nigeria and World News
Business

Manufacturing performance indicators contracted by 1.4% in H1 — Business — The Guardian Nigeria News – Nigeria and World News

by e-Naira Online News
September 27, 2023
We’ll provide enabling environment for business to thrive
Business

We’ll provide enabling environment for business to thrive

by e-Naira Online News
September 26, 2023
Conoil, Oando, others drag down Nigeria’s capital market by N126bn
Business

Conoil, Oando, others drag down Nigeria’s capital market by N126bn

by e-Naira Online News
September 26, 2023
NLC, TUC declare nationwide indefinite strike from Tuesday, October 3
Business

NLC, TUC declare nationwide indefinite strike from Tuesday, October 3

by e-Naira Online News
September 26, 2023
Nigeria’s top five tier-one banks earn N4.2 trillion in six months | The Guardian Nigeria News
Business

Nigeria’s top five tier-one banks earn N4.2 trillion in six months | The Guardian Nigeria News

by e-Naira Online News
September 26, 2023
Next Post
CIBN, RIMAN charge certified risk managers

CIBN, RIMAN charge certified risk managers

World Bank say CBN’s policies continues to damage Nigeria’s business environment

World Bank say CBN's policies continues to damage Nigeria’s business environment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

  • Trending
  • Comments
  • Latest
French ambassador to Niger leaves after weeks of tension

French ambassador to Niger leaves after weeks of tension

September 27, 2023
Presidential adviser urges Central Bank to reduce BDCs by 95%

Presidential adviser urges Central Bank to reduce BDCs by 95%

September 27, 2023
Stanbic IBTC Bank Celebrates Outstanding Achievements

Stanbic IBTC Bank Celebrates Outstanding Achievements

September 27, 2023
Manufacturing performance indicators contracted by 1.4% in H1 — Business — The Guardian Nigeria News – Nigeria and World News

Manufacturing performance indicators contracted by 1.4% in H1 — Business — The Guardian Nigeria News – Nigeria and World News

September 27, 2023
How rate hikes, weaker naira hurt FMCG firms

How rate hikes, weaker naira hurt FMCG firms

September 27, 2023
NAFDAC, SON must sit up

NAFDAC, SON must sit up

September 27, 2023
When protocol clashes with tradition

When protocol clashes with tradition

September 26, 2023
We’ll provide enabling environment for business to thrive

We’ll provide enabling environment for business to thrive

September 26, 2023

Get the free newsletter

eNaira Online News

Get the latest news and follow the coverage of eNaira, Business & Financial, Stock Market, Analysis, and more from the trusted sources.

CATEGORIES

  • Banking
  • Business
  • Capital Market
  • Companies
  • Crypto
  • eNaira
  • Finance
  • Opinion
  • Personal Finance
  • Real estate
  • Uncategorized
No Result
View All Result

GET THE FREE NEWSLETTER

  • Disclaimer
  • Privacy Policy
  • DMCA
  • Cookie Privacy Policy
  • Terms and Conditions
  • Contact us

Copyright © 2022 e-Naira Online News.
e-Naira Online News is not responsible for the content of external sites.

No Result
View All Result
  • Home
  • eNaira
  • Capital Market
  • Business
  • Finance
  • Banking
  • PF
  • Companies
  • Crypto
  • Real Estates
  • Opinion

Copyright © 2022 e-Naira Online News.
e-Naira Online News is not responsible for the content of external sites.