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10,000 oil dealers may close shop as drop in fuel consumption, high cost hit
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A recent report revealed that there’s been a 92% drop in petrol consumption in Nigeria since President Tinubu assumed office on May 29, 2023.
No fewer than 10,000 oil marketers are at risk of shutting down as fuel consumption plummets nationwide due to skyrocketing prices and product scarcity.
The markers expressed their fears in an interview with Sunday Punch.
Pulse reported that the latest data from the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMPDRA) put nationwide fuel consumption at 4.5 million litres per day in August 2024.
The figure represents a significant drop from 60 million litres per day in May 2023, a staggering 92% decline.
According to the data, only 16 out of the 36 states received fuel from the Nigerian National Petroleum Company (NNPC) Limited in August, leading to widespread shortage.
Fuel prices have been rising at an exponential rate since President Bola Tinubu came to office in 2023.
The President announced the end of the petrol subsidy regime on his first day in office, triggering a price surge from ₦185 to over ₦1,000 by October 2024.
The continuous price increases have further stifled the already battered economy, driving up the cost of food and transportation, and fuelling inflation to a three-decade high.
The situation has plunged many Nigerians into chronic hardship as lamentation becomes the order of the day.
A report by a French news agency also detailed how Nigerians have been forced to abandon their vehicles, opting instead for public transportation as the hardship permeates every strata of the nation.
Fuel scarcity worsens as NNPCL increased petrol price amid scarcity. [Punch]
Oil marketers raise the alarm
The national leadership of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) lamented that the drop in petrol consumption had caused its members huge losses, adding that 10,000 of them were on the verge of closing shop.
The PETROAN National Public Relations Officer, Dr Joseph Obele, said the cost of loading a truck of fuel had risen from ₦7m to ₦47m in the last 16 months.
“Three days ago, there was a meeting at the national headquarters of PETROAN. At the meeting, there was, an indication that about 10,000 of our members would quit the business in the next 45 days because their trading capital had been severely affected,” Obele told Sunday Punch.
He also warned of the potential job losses as the affected marketers had a combined total staff strength of about one million.
“That was why we wrote a letter to Mr President, dated October 21, requesting a grant of N100bn to save the affected marketers’ businesses from shutting down in the next few weeks,” the PETROAN spokesman added.
For his part, the President of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Abubakar Maigandi, also confirmed the massive reduction in fuel consumption, adding that members of the union were equally affected.
“There is a drop in consumption and the price of a truckload is higher now. So, we have reduced the quantity of fuel we buy. For instance, someone who bought 10 trucks before can only buy eight now. So, we haven’t been getting the right quantity that we are supposed to get. We sell only the little quantities we get,” he said.
Meanwhile, the leadership of the Nigeria Union of Petroleum and Natural Gas Workers (PENGASSAN) stated that the inability of the oil marketers to buy products had resulted in job losses for truck drivers and petrol station workers in the country.
“The economy is not smiling at all. Many petrol station owners cannot even buy a single truckload, and this has affected our members. Those of them that are truck drivers hardly get loads to carry anymore. Many petrol stations have closed down and our members who are petrol station workers have lost their jobs,” NUPENG Secretary-General, Afolabi Olawale told the platform.
Asked to state the actual number of NUPENG members affected, Olawale said, “This is an unfolding situation. It’s evolving, so I may not be able to give you the actual number of people affected now because we have those in the informal and formal sectors. We have people in the upstream, downstream, and midstream. But I don’t have the statistics right here with me to give you.
“Though everybody is affected, those in the downstream are the most affected. It affects those in the downstream sector directly because they are truck drivers, station workers, and the representatives of the marketers at different depots.”
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Is Atom Capital the – Is Atom Capital the…
Is Atom Capital the – The rise of powerful…
The rise of powerful AI is reshaping the landscape of digital organizations, bringing unprecedented prospects for efficiency, innovation, and profitability. Businesses looking to prosper in this cutthroat market must grasp how to make the most of AI bots as more and more industries adopt these technologies.
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Analytics for Predictive
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Conclusion
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Nigerians be warned as NAFDAC declares popular market hub of fake drinks
Published
5 days agoon
December 17, 2024By
JohnNigerians be warned as – Nigerians be warned as…
Nigerians be warned as – The National Agency for…
The National Agency for Food and Drug Administration and Control (NAFDAC) has declared Eziukwu Market, popularly known as Cemetery Market in Aba, Abia State, a hub for the production and distribution of fake and substandard drinks and beverages.
During a raid on Tuesday, December 17, Mr Martins Iluyomade, Director of NAFDAC’s South-East Zone, described the illegal activities in the market as “weapons of mass destruction.”
He lamented the persistence of these operations despite a major crackdown in December 2023.
“It is baffling that individuals remain recalcitrant and determined to make money at the expense of the lives of their fellow citizens,” Iluyomade stated.
He added that market leaders, who previously signed an undertaking with NAFDAC to identify and expose perpetrators, “now have serious questions to answer.”
The raid uncovered a shocking variety of fake and adulterated products, including wines, whiskey, yogurt, carbonated drinks, dry gin, chips, and other beverages. These items were either produced in unsanitary conditions or re-labelled with new dates after expiration.
Iluyomade expressed deep concern over the volume of expired products being re-validated and warned consumers to be vigilant about the items they purchase.
“Consumers must remain cautious to avoid endangering their health,” he advised.
The agency affirmed its commitment to revisiting agreements with the market’s leadership to curb the illegal trade and protect public health.
This operation highlights NAFDAC’s ongoing fight against counterfeit products and serves as a warning to those engaging in such activities.
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Nigeria becomes first African nation to resume diplomatic presence in North Korea
Published
6 days agoon
December 17, 2024By
JohnNigeria becomes first African – Nigeria becomes first African…
Nigeria becomes first African – Nigeria is set to…
Nigeria is set to reopen its embassy in North Korea, four years after its closure during the COVID-19 outbreak, becoming the first African nation to resume diplomatic activities in the reclusive country.
The announcement was made by Nigeria’s Charge d’Affaires to North Korea, Patrick Imologhome, during a meeting with Russian Ambassador to North Korea, Alexandr Matsegora, last Wednesday in Pyongyang. The Russian Embassy in Pyongyang confirmed the development on its official Facebook account.
“Patrick Imologhome, who recently arrived in North Korea, shared his plans to reopen the Nigerian Embassy in Pyongyang after years of suspended operations,” the Russian Embassy’s statement read.
Nigeria’s embassy was shut down during the early stages of the pandemic in 2019, along with many other diplomatic missions worldwide. However, with North Korea reopening its borders in August 2023, Nigeria is now the first African country to reestablish its diplomatic footing in the country.
The Russian Embassy further noted that Nigeria and Egypt remain the only African nations maintaining a diplomatic presence in North Korea. Both countries have enjoyed diplomatic relations with Pyongyang since 1976.
Notably, a previous UN panel of experts highlighted that Nigeria and Egypt have conducted trade and business dealings with North Korea, allegedly in violation of UN sanctions.
The reopening of Nigeria’s embassy signals a renewed commitment to strengthening ties with North Korea amid evolving post-pandemic diplomacy. It also marks a significant move for African diplomatic relations in the region, particularly as other nations are yet to resume their operations in the East Asian country.
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