Business
Fuel scarcity to end soon… 200 trucks have been dispatched, says IPMAN
The Independent Petroleum Marketers Association of Nigeria (IPMAN) says 200 trucks have been dispatched with petroleum products to end the fuel scarcity being experienced in some parts of the country.
In recent days, queues surfaced at filling stations in parts of the country, especially in the north.
Speaking with NAN on Sunday, Bashir Danmalam, IPMAN northern zone chairman, said flooding and impassable roads had prevented haulage trucks from distributing petroleum products, particularly in parts of the north in the last two weeks, leading to the scarcity.
“Following the flooding, major roads being used by marketers have gone bad making truck drivers spend up to nine days, especially around Koton Karfe in Kogi before reaching their destinations,” he said.
“Roads that have also gone bad in Niger are Bida-Lemu-Zungeru, Minna-Tagina-Makonkele, Tegina-Mokwa-Makera-Minna and Lambata-Lapai-Agaie-Bida.”
Danmalam said 200 trucks of petroleum products were already heading to Abuja and other parts of the north.
He said the trucks would go through Ikom and Ogoja in Cross River, to Katsina-Ala and Vandeikya in Benue and to Lafia, where the floods have receded, and then to Abuja.
Danmalam commended the Pipelines and Products Marketing Company (PPMC) for pledging to support haulage firms with diesel to cushion the cost and facilitate fuel distribution.
He added that the Federal Road Safety Commission (FRSC) was also doubling efforts to clear the roads to ensure the smooth passage of the fuel-laden trucks.
The Naira yesterday depreciated to N1,770 per dollar in the parallel market from N1,750 per dollar last weekend.
Similarly, the Naira depreciated to N1,675.62 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM.
Data from FMDQ showed that the indicative exchange rate for NAFEM rose to N1,675.62 per dollar from N1,652.62 per dollar last weekend, indicating N23 depreciation for the naira.
The volume of dollars traded (turnover) fell by 55.2 percent to $108.79 million from $243.05 million traded last week Friday.
Consequently, the margin between the parallel market and NAFEM rate widened to N117.38 per dollar from N97.38 per dollar last weekend.
The Nigeria National Petroleum Company Limited (NNPCL) has confirmed that the Port Harcourt Refinery in Rivers State has commenced crude oil processing.
The Chief Corporate Communications Officer of the compaanyy, Femi Soneye, broke the news on Tuesday.
Soneye revealed that the refinery will operate at 60 percent capacity and process 60,000bpd.
https://twitter.com/FM_Soneye/status/1861330633831620917?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1861330633831620917%7Ctwgr%5E776845f88f6fa6dd3c70082f4da1ee2632656999%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fwww.vanguardngr.com%2F2024%2F11%2Fbreaking-port-harcourt-refinery-begins-crude-oil-processing%2F
“Today marks a monumental achievement for Nigeria as the Port Harcourt Refinery officially commences crude oil processing. This groundbreaking milestone signifies a new era of energy independence and economic growth for our nation,” Soneye said on Tuesday.
“Hearty congratulations to President Bola Ahmed Tinubu, the NNPC Board, and the exceptional leadership of GCEO Mele Kyari for their unwavering commitment to this transformative project. Together, we are reshaping Nigeria’s energy future!”
Soneye added that truck loading will commence on Tuesday (today), adding that the NNPCL is also “working tirelessly to bring the Warri Refinery back online soon”.
The National Bureau of Statistics (NBS) says Nigeria’s annual gross domestic product (GDP) grew by 3.46 percent in the third quarter (Q3) of 2024.
The NBS, in its GDP report published on Monday, said the growth rate is higher than the 3.19 percent recorded in Q2 2024.
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Bodex F. Hungbo, SPMIIM is a multiple award-winning Nigerian Digital Media Practitioner, Digital Strategist, PR consultant, Brand and Event Expert, Tv Presenter, Tier-A Blogger/Influencer, and a top cobbler in Nigeria.
She has widespread experiences across different professions and skills, which includes experiences in; Marketing, Media, Broadcasting, Brand and Event Management, Administration and Management with prior stints at MTN, NAPIMS-NNPC, GLOBAL FLEET OIL AND GAS, LTV, Silverbird and a host of others
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