Business
Reps give NNPC 7-day ultimatum to end ‘artificial’ petrol scarcity
The house of representatives has asked the Nigerian National Petroleum Company (NNPC) Limited to end the current petrol scarcity crisis within seven days.
The legislators passed the resolution during a plenary session on Tuesday following the adoption of a motion of urgent public importance, sponsored by Saidu Abdullahi from Niger state.
This comes after the Department of State Services (DSS) issued a 48-hour ultimatum to the national oil company and marketers to resolve the ongoing petrol distribution crisis, last Thursday.
In the past few weeks, the nation has been grappling with petrol scarcity which has affected businesses, and made commuting difficult.
While stakeholders blamed the oil company for the crisis, NNPC said the petrol scarcity experienced across the country was caused by ongoing road projects in Lagos.
Moving the motion on Tuesday, the lawmaker described the petrol scarcity as “artificial”, saying the situation has caused “untold hardships” on Nigerians “affecting economic activities and making the already trying times in the country more difficult”.
He said the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) is making “advanced excuses to justify the fuel scarcity”.
“Intelligence reports on current fuel scarcity gathered by our securities agencies indicated that there is a deliberate plan by some oil marketers to derail the effort of the government in the distribution of fuel in the country by hoarding the petroleum products and thereby creating artificial scarcity all over the country,” Abdullahi said.
“While the fuel scarcity is heating petroleum stations of some major marketers that are currently selling fuel on government regulated price, some independent marketers who operate in the market have enough petroleum products selling at unregulated prices.
“Most of those fueling stations have resulted in selling fuel at over N300 per litre. It is observed with dismay that those who are gaining from this artificial fuel scarcity appear to be smiling home as a result of this ugly development and this has the potency to provoke innocent Nigerians against the government.
“Generally, there is a hue and cry over this ugly development and unfortunately, those that are charged with the responsibility of taking control of this situation are not doing enough to combat the ugly development. This appears to be a dangerous signal that the government must tackle without further delay to restore normalcy.”
Abdullahi further said the lingering fuel scarcity has compounded the woes of millions of Nigerians struggling to survive as “prices of items continue to make a rapid surge”.
Following the adoption of the motion, the lawmakers asked the NMDPRA to collaborate with the police and DSS to ensure that petrol is sold at the regulated price and in all retail outlets.
They subsequently mandated the committee on petroleum resources (downstream) and legislative compliance to ensure compliance.
Business
Nigeria’s GDP rate grew by 3.46% in Q3 2024, says NBS
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.
Business
Dangote refinery reduces ex-depot price of petrol to N970 for oil marketers
The Dangote Petroleum Refinery has announced a reduction in its ex-depot price of premium motor spirit (PMS), also known as petrol, to N970 per litre for oil marketers.
This is a cut from the refinery’s N990 ex-depot price announced earlier this month, according to a statement on Sunday.
The slash would help marketers save about N20 on each litre of petrol bought from the Lekki-based plant.
Anthony Chiejina, Dangote Group’s chief branding and communications officer, said the move is the refinery’s way of appreciating Nigerians “for their unwavering support in making the refinery a dream come true”.
“In addition, this is to thank the government for their support as this will complement the measures put in place to encourage domestic enterprise for our collective well-being,” the statement reads.
“While the refinery would not compromise on the quality of its petroleum products, we assure you of best quality products that are environmentally friendly and sustainable.
“We are determined to keep ramping up production to meet and surpass our domestic fuel consumption; thus, dispelling any fear of a shortfall in supply.”
Business
Allegation of missing fund untrue, says Access Bank
Access Bank Limited has dismissed as untrue allegations of missing fund and unethical behaviour.
The Bank in a statement said: “Our attention has been drawn to a video on social media wherein allegations of missing funds and unethical behaviour have been made against Access Bank PLC.
“First and foremost, we wish to emphasise that the safety and security of our customers’ funds are core priorities which we take seriously. Second, Access Bank Plc does not engage in or condone any unethical behaviour.
“In the instant case, the allegations of missing funds in the Bank are most untrue and baseless.
“There is no N500million or any other fund or amount missing from the subject customer’s account or from any other customer’s account with us.
“We and other independent stakeholders in the banking industry have thoroughly investigated these allegations and independently arrived at the same conclusions.
“Access Bank PLC operates with the highest ethical standards, and we protect our customers’ interests whilst also respecting privacy laws.
“Consequently, whilst we have engaged and will continue to engage with our customers, we must advise the public not to rely on or believe sensational and unverified claims that are designed to titillate and mislead the public.
“We remain committed to serving our customers.”
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