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Petrol scarcity: FG shuts 7 depots for selling above approved price

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The Nigerian Midstream and Downstream Petroleum Regulatory Authority, NMDPRA, has shut down seven private depots for loading petrol above the Federal Government approved N148 per litre.

Independent petroleum marketers had in the past months complained that they were buying the product above N200 per litre from the private depots, making it impossible for them to sell the product at government approved price.

Speaking to journalists on New Year’s eve in Abuja, the Authority Chief Executive, Engr. Farouk Ahmed said the depots would remain shut until a decision is reached on how to proceed.

He listed the companies to include Ardova, Rainoil, TCL, Bluefin, and NEPAL.

Engr. Ahmed said two of the depots are in Lagos, two in Warri, one each in Oghara, Port Harcourt and Calabar.

He assured consumers that the closure would have any impact on the supply of petrol across the country, explaining there is about 30 days of petrol sufficiency.

He noted that as part of efforts to ease petrol scarcity, the Authority has had several engagements with the marketers on how to resolve supply challenges faced by the operators.

He however observed that it was discovered that despite obtaining the product on favourable terms, some privately owned depots were discovered to continue loading the product above government approved price.

He said: “As the government and regulators, we had several engagements with all the stakeholders including the major marketers, independent marketers, transporters, the suppliers, the NNPC as well as other relevant entities interested parties to see how we can address the distribution bottlenecks.

“Now, the market is not deregulated. So we’re still in a regulated environment as far as the gasoline or petrol is concerned, agitations and complaints were addressed.

“For example, when we started with the transporters, The President approved additional N10 for transporters to cover the transportation costs as a result of the high costs of diesel which is the main source of transporting other products as other products are across the country.

“With regards to marketing companies, there was an increase in the freight rate related to the calls on the actual cost of bunkers. For example, Lagos to Lagos, in the past used to be about 16 to $19,000 a day to charter so then it escalated to about $35 to $40,000 per day, to Calabar, for example, it had equally increased.

“Then we sat down with the marketing companies and agreed to give them some palliatives through NNPC, as well as through our own regulatory control areas. But the market has continued to increase the cost of ex-depot price. It has gone beyond expectation and beyond reason. And Nigerians have been suffering due to that”.

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Dana Air initiates refunds following suspension by NCAA for safety audit

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Dana Air has announced that it is processing refunds for flights affected by its recent temporary suspension.

The Nigeria Civil Aviation Authority (NCAA) imposed the suspension to conduct a safety and financial audit following a runway incursion incident involving one of the airline’s aircraft on Tuesday.

The airline disclosed this information in a statement on its official X (formerly Twitter) account on Wednesday, apologizing for the inconvenience and disappointment the suspension may have caused its passengers regarding their travel plans.

According to Dana Air’s statement, passengers who have already booked flights are instructed to send their flight booking details (PNR) and bank account numbers to contact@flydanaair.com for refunds.

  • “In light of the suspension, we understand that you may have concerns regarding your bookings and travel plans. We assure you that we are processing refunds for affected flights over the next month.
  • “To expedite this process, we kindly request that passengers send their booking details (PNR) and bank account numbers to contact@flydanaair.com,” the statement read in part.

The statement also assured Dana Air customers that the airline is fully cooperating with aviation authorities to address any concerns and ensure that the matter concerning the suspension of its operating license is swiftly resolved.

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Naira falls to N1,300/$ at parallel market

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The naira, on Wednesday, depreciated to N1,300 per dollar at the parallel section of the foreign exchange (FX) market.

The current FX rate signifies a 3.17 percent drop from the N1,260 traded on April 22.

Currency traders, known as bureau de change (BDC) operators, quoted the buying rate at N1,260 and the selling price at N1,300 — leaving a profit margin of N40.

At the official window, the naira fell to N1,308.52 against the dollar — a 0.64 percent decline from the N1,300.15 traded on April 23.

According to the FMDQ Exchange, a platform that oversees official FX trading in Nigeria, the naira recorded a high of N1,367 and a low of N1,098.

With the current record, the official window rate still surpasses that of the parallel market by N8.52.

The Central Bank of Nigeria (CBN), on April 23, reduced the FX rate for dollar allocations to BDC operators.

The financial regulator, in a circular signed by Hassan Mahmud, director of trade and exchange department, said it sold $10,000 at the rate of N1,021/$ to each BDC.

On April 8, CBN also sold FX to the BDCs at the rate of N1,101/$, compared to the N1,251 the apex bank offered to the parallel market operators on March 25 and the N1,301 announced on February 27.

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Economic hardship: Soludo’s wife advises Anambra women to embrace backyard gardening

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Nonye Soludo, the first lady of Anambra, says women in the state should embrace backyard garden practice to help their families cope with the rising cost of living.

Nonye, the founder of Healthy Living Initiative, spoke when she received a group of Anambra female farmers and businesswomen in Awka, the state capital.

She said home garden practices have helped families as primary and regular sources of diet and nutrition

The Anambra first lady said backyard gardens would also reduce dependence on commercial food products which are mostly expensive.

“Economic circumstances do not completely determine healthy living practices, including the choice of what we consume to keep the body in good shape,” she said.

“We also need to dispel the notion that eating healthy is about eating expensive food products.

“You only need to go to the small farm behind your house to pick up what the body needs to be healthy.

“This is why I am encouraging families to embrace backyard or home gardens and this is in line with the state government’s agricultural agenda.

“Those who live in areas without enough land for subsistence farming purposes can adopt sack farming, which does not cost anything to set up.

“By having such farms around the house, households can have easier and healthier alternatives, cut down their costs of living and boost the green environment.’’

Nonye said her healthy living campaign aims to sensitise households on adopting healthy living as a culture.

“One of our goals is to ensure that families in Anambra prioritise nutritional values of what they eat to improve their family health,” she added.

On her part, Esther Onyekesi, the leader of the group, said women have a major role to play in food production and should be given every necessary support.

Onyekesi, who is also the women’s leader of the All Progressives Grand Alliance (APGA) in the state, encouraged her colleagues to key into backyard farming to enhance food security.

She added that the recent hike in prices of foodstuffs should encourage everyone to go into farming.

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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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