{"id":673,"date":"2021-03-01T08:31:48","date_gmt":"2021-03-01T08:31:48","guid":{"rendered":"https:\/\/mydailybells.com.ng\/businessbells\/?p=673"},"modified":"2021-03-01T08:31:48","modified_gmt":"2021-03-01T08:31:48","slug":"fuel-queues-return-over-looming-price-hike","status":"publish","type":"post","link":"https:\/\/mydailybells.com.ng\/businessbells\/fuel-queues-return-over-looming-price-hike\/","title":{"rendered":"Fuel Queues Return Over Looming Price Hike"},"content":{"rendered":"
The queues for petrol grew worse in some parts of the country on Sunday following the shutdown of many filling stations amid heightened expectations of an increase in the pump price of the product.<\/span><\/h6>\n

 <\/p>\n

The Minister of State for Petroleum Resources, Chief Timipre Sylva, had on February 9 said Nigerians should prepare for the pain associated with the increase in crude oil price.<\/p>\n

 <\/p>\n

The international oil price, Brent crude, rose by more than 14 per cent in February as it closed at $64.42 per barrel, up from $56.42 per barrel at the start of the month.<\/p>\n

 <\/p>\n

Motorists besieged the few outlets that were open for business in Abuja, Nasarawa, Niger and Borno states, while some others that had dispensed petrol the previous day were locked on Sunday.<\/p>\n

 <\/p>\n

Two weeks ago, queues of motorists were seen in many locations after oil marketers raised concerns about petrol pricing by depot owners and how this affected petroleum products supply.<\/p>\n

 <\/p>\n

The queues resurfaced on Saturday and Sunday, as only few filling stations were dispensing petrol while others were shut.<\/p>\n

 <\/p>\n

Some attendants at some of the shut outlets told one of our correspondents that they were not selling petrol because the cost of the product would be increased from March.<\/p>\n

 <\/p>\n

Nipco and Gegu filling stations, along the Kubwa-Zuba Expressway, Abuja, had long queues of motorists on Sunday, while IBWAS filling station on the same road that had earlier dispensed products was shut.<\/p>\n

 <\/p>\n

Similarly, Major Oil filling station, along Airport Road, Abuja, which had steadily dispensed products up till Saturday, did not sell petrol on Sunday.<\/p>\n

 <\/p>\n

Shema Oil, close to Next Cash \u2018N\u2019 Carry in Abuja; NNPC outlet in Zuba, Niger State, and few other filling stations in Nyanya\/Mararaba in Nasarawa State had queues.<\/p>\n

 <\/p>\n

\u201cWe have not been advised of any increase in petrol price. Many filling stations are not selling petrol perhaps because they have run out of stock or they are hoarding the product in anticipation of price increase,\u201d the National Operation Controller, Independent Petroleum Marketers Association of Nigeria, Mr Mike Osatuyi, said.<\/p>\n

 <\/p>\n

Osatuyi, who spoke with one of our correspondents, said he observed queues in some stations in Lagos on Sunday.<\/p>\n

 <\/p>\n

\u201cThe outcome of the meeting between the President and the governors is not yet known. There will certainly be an increase in petrol price but we don\u2019t know when this will happen,\u201d he added.<\/p>\n

 <\/p>\n

In Maiduguri, the capital of Borno State, motorists and other users of petrol were hit by scarcity of petrol on Sunday as fuel stations were shut down.<\/p>\n

 <\/p>\n

Fuel stations located along major highways, including Kano Jos road, Shehu Laminu way and Baga road, were not dispensing petrol, while motorists queued for hours at the filling stations that were selling the product.<\/p>\n

 <\/p>\n

Many commuters were stranded at bus stops in Maiduguri as motorists struggled at filling stations to get petrol.<\/p>\n

 <\/p>\n

\u201cThey said there is no fuel but they sell to black marketers; they have refused to sell to us. I have been here since 6:45am because my experience yesterday (Saturday) was horrible as I couldn\u2019t get fuel. I\u2019ve been here for over four hours and I have not got the product,\u201d a tricycle operator, Abubakar Shettima, told one of our correspondents.<\/p>\n

 <\/p>\n

When contacted, the Chairman, IPMAN, Borno, Mohammed Ngala, denied that independent marketers were hoarding petrol, adding that Borno had been experiencing a shortage in recent days.<\/p>\n

 <\/p>\n

\u201cRight now, we sell petrol at N165-N170 per litre. But the product is not enough to serve the populace. We don\u2019t hoard fuel,\u201d he said.<\/p>\n

 <\/p>\n

The Coalition of Nigerian Civil Society Organisations for Petroleum and Energy Security called on the Federal Government to fully deregulate the downstream oil sector to address the concerns about petroleum products\u2019 pricing.<\/p>\n

 <\/p>\n

The Convener of the CSOs coalition, Timothy Ademola, said they had decided to interface with the Federal Government and agencies in the oil sector on the need for deregulation.<\/p>\n

 <\/p>\n

He said, \u201cLet the forces of demand and supply be allowed to play out in the pricing of petroleum products. This is when we can say we have full deregulation.<\/p>\n

 <\/p>\n

\u201cWe are ready to partner government, the Nigerian National Petroleum Corporation, the Department of Petroleum Resources and other agencies to make this work.\u201d<\/p>\n

 <\/p>\n

The Managing Director, Realink Oil Nigeria Limited\/National Public Relations Officer, IPMAN, Chief Ukadike Chinedu, had said in an interview with one of our correspondents last week that depot owners were hoarding products due to the concern of a possible hike in petrol price.<\/p>\n

 <\/p>\n

He said petrol price would definitely rise, going by the increase in global crude oil prices.<\/p>\n

 <\/p>\n

But the Petroleum Products Pricing Regulatory Agency was silent on whether there would be an increase in petrol price in March as expected by marketers.<\/p>\n

 <\/p>\n

PPPRA\u2019s spokesperson, Kimchi Apollo, told one of our correspondents that he had not received any directive in that regard.<\/p>\n

 <\/p>\n

The PUNCH had reported last Tuesday that going by the petrol pricing template of the PPPRA, the landing cost of petrol rose to N186.33 per litre on February 16, with the pump price of the product expected to be N209.33 per litre.<\/p>\n

 <\/p>\n

Reacting to complaints by marketers that some private depots had hiked the ex-depot price of petrol and that this would definitely warrant an increase in pump price, the Nigerian National Petroleum Corporation said it had not raised its ex-depot price yet.<\/p>\n

 <\/p>\n

Group General Manager, Group Public Affairs Division, NNPC, Kennie Obateru, said the NNPC had made it clear that it was awaiting the outcome of the proposed meeting between the Federal Government and labour unions as touching the price of petrol.<\/p>\n

 <\/p>\n

\u201cWe have not increased ex-depot price. It is now left for the regulatory agencies to ensure that the approved ex-depot price is what the various depots stick to,\u201d Obateru told one of our correspondents.<\/p>\n

 <\/p>\n

On how the meeting between the Federal Government and labour would affect petrol price, the NNPC spokesperson said, \u201cWe are also watching to see the outcome of that meeting before taking the next step.\u201d<\/p>\n

 <\/p>\n

Efforts to the get the Department of Petroleum Resources to speak on what it was doing to address the complaints against depot owners was not successful.<\/p>\n

 <\/p>\n

The spokesperson for the agency, Paul Osu, did not answer calls to his phone and also did not reply a detailed text sent to him on the matter.<\/p>\n","protected":false},"excerpt":{"rendered":"

The queues for petrol grew worse in some parts of the country on Sunday following the shutdown of many filling stations amid heightened expectations of an increase in the pump price of the product.   The Minister of State for Petroleum Resources, Chief Timipre Sylva, had on February 9 said Nigerians should prepare for the […]<\/p>\n","protected":false},"author":1,"featured_media":674,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[15,16],"tags":[406,407],"class_list":["post-673","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-news","category-energy","tag-fuel-queues","tag-price-hike"],"yoast_head":"\nFuel Queues Return Over Looming Price Hike — Business Bells<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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