Business
Petrol scarcity: NNPC blames road projects in Lagos, increases loadout at depots
The Nigerian National Petroleum Company (NNPC) says the petrol scarcity experienced in parts of the country is caused by the ongoing road projects in Lagos.
Adeyemi Adetunji, executive vice-president, downstream, NNPC, made this known at a news conference on Tuesday.
States across the country are experiencing a dwindling petrol availability which has seen the product sell for as high as N350 a litre and negatively impacting commuters.
Speaking on the development, Adetunji assured that efforts were being made to restore normalcy.
“The recent queues in Lagos are largely due to ongoing road infrastructure projects around Apapa and access road challenges in some parts of Lagos depots,” he said.
However, he said the gridlock is easing out.
“The NNPC has programmed vessels and trucks to unconstrained depots and massive loadouts from depots in various states are closely being monitored. Abuja is currently being impacted by the challenges recorded in Lagos,” he said.
“NNPC retail and other key marketers have intensified dedicated loading into Abuja to restore normalcy as soon as possible.”
Adetunji said the national oil company has adequate products, adding that 24-hour operations have commenced in strategic depots.
“We want to reassure all Nigerians that NNPC has sufficient products, and we have significantly increased product loading including 24 hours operations in selected depots,” he said.
“In addition, we have caused extended hours at some stations to ensure products’ sufficiency nationwide and at all time.
“We are also working with the NMDPRA, MOMAN, DAPPMAN, IPMAN, NARTO, PTD, and other industry stakeholders to ensure normalcy is returned.”
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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