Business
Petrol sells for N700 per litre in Anambra
There was massive anger in Anambra State on Tuesday as commuters and motorists were hit by the sudden hike in the pump price of Premium Motor Spirit otherwise known as petrol from N530 to N700.
This is just as motorists and other users of the product besieged various petrol stations and were buying the product in larger quantities in anticipation that the price might shut up to N800 from Wednesday.
Our correspondent gathered that the petrol stations in the major cities of Onitsha, Nnewi and Awka sold the product at N530 per litre as of Tuesday morning before news of the current increase in pump price filtered into town.
The anxiety began earlier on in the afternoon when independent oil marketers operating in the state suddenly shut their filling stations and refused to sell for some hours when the news of the increment had filtered in.
The marketers were said to have resumed operations later in the evening after their emergency meeting in Awka and quickly adjusted their pump prices to reflect the new price regime.
As a result of the development, transportation fares suddenly soared above 30 per cent as commuters paid N300 for a journey that they paid N200 in the morning.
Commuters who were taken by surprise became stranded as those who could not afford the new price template were seen trekking to their various destinations in anger.
Checks revealed that filling stations operating along the Upper Iweka along the Onitsha-Owerri Road in Onitsha were selling at N700 per litre.
However, NNPCL facilities located along the Awka-Enugu Road and other marketers were seen selling the product between N620 to N650 per litre while it was N690 at some filling stations in Nnewi.
It was observed that some of the independent sales outlets had earlier closed for business in anticipation to sell higher from Wednesday.
A manager at a petrol station in Onitsha(name withheld) said, “We received a call from a sister petrol station informing us to suspend operations temporarily and be ready to adjust our meter to reflect the new price that the pump price has been increased by the NNPCL.
“We did not sell fuel Monday because of sit-at-home, but by today(Tuesday), we were selling at N530 before the call came for us to suspend operations pending further developments. And later our head office communicated to us to adjust to N700.”
Reacting to the development, a commercial transport operator in Onitsha, who identified himself as Chukwudi, said, “I am filling up my tank and also buying in Jerry cans so as to keep it and use it for some days because we are suspecting that the price might shoot up N800 by tomorrow.
“This suffering is just too much. This is not what we bargained for. We have no choice than to increase the prices of transportation. I can see many people trekking, they should prepare to trek more tomorrow because that is what the situation has caused.”
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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