Business

FG increases petrol price (See new price)

Published

2 years ago

January 20, 2023 10:49 am

BodexNG

The Federal Government has officially increased the price of petrol by 8.8 per cent to N185 per litre, from N170 per litre.

However, Vanguard’s findings show that many filling stations have been selling far above this new price, a situation which may have made the new price almost unrealistic.

In a notice to fuel marketers, yesterday, the government directed that the new price should take immediate effect.

Vanguard gathered yesterday that a few petrol stations belonging to the Major Marketers Association of Nigeria, MOMAN, have already adjusted their pumps in line with the new price directive.

The development caused further anxiety for motorists who spent hours in fuel queues in search of the product.

A source said an internal memo was sent by the government to all marketers, including the Major Oil Marketers Association of Nigeria, MOMAN, and the Independent Petroleum Marketers Association of Nigeria, IPMAN.

However, responding to the development, the President of the IPMAN, Mr Chinedu Okonkwo, told Vanguard yesterday, “So I heard but we are waiting for the circular because without that we cannot do anything. Hopefully, by tomorrow (today) we will get a clearer picture.”

When told that some major oil marketers have adjusted their pump price to the new approved price, he said, “well they can adjust as the product is scarce to get at the moment, but with the new approved price, we hope to get products so we can sell to consumers”

Commenting on the development, the National Operations Controller, of the Independent Petroleum Marketers Association of Nigeria, IPMAN, Mr. Mike Osatuyi, said his members had continued to lift the product at N240 per litre.

However, most independent retailers of petrol in Lagos have adjusted their pump prices to between N290 and over N300 per litre.

But most of the IPMAN petrol stations do not have stocks of petrol, forcing a few with the products to sell at exorbitant prices.

An independent market, Betsy Petrol at Alimosho LGA, Lagos told Vanguard that they were actually selling the last stock they had yesterday.

“I have pity for the Keke Marwa (commercial tricycle operators) and Okada (commercial motorcycle riders) who have been coming to the filing station in search of fuel. That is why I decided to open today and sell the little stock I have”.

Business

Nigeria’s GDP rate grew by 3.46% in Q3 2024, says NBS

Published

22 hours ago

November 25, 2024 1:29 pm

BodexNG

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

Published

1 day ago

November 25, 2024 11:01 am

BodexNG

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

Published

1 day ago

November 25, 2024 9:16 am

BodexNG

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.”

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