Ibe Kachikwu apologizes to Nigerians over lingering fuel scarcity

Minister of state for Petroleum Resources and Group Managing Director of NNPC, Ibe Kachikwu, took to his twitter handle to apologize to Nigerians over the lingering fuel scarcity. He also assured that the fuel situation will soon be allayed.

Fuel scarcity: Kachiukwu orders DPR to sell off fuel of erring fuel stations for free to Nigerians

Minister of State for Petroleum Resources, Ibe Kachiukwu yesterday ordered the Department of Petroleum Resources, DPR, to sell off for free, the petroleum products of any fuel station that is caught hoarding petrol during this period of fuel scarcity. He gave the order after a working visit to some retail outlets in Abuja.

“I have instructed DPR that if they discover any fuel station involved in hoarding, they should sell the products for free to customers around there. It is not just sealing the station that is the answer. It is penalizing them when they do these things and I hope the message goes out loud and clear,” he said

Fuel Scarcity To Continue As Importers Run Out Of Bank Credit!

The scarcity of refined petroleum products, especially petrol, may continue across the country for the unforeseeable future because marketers have stopped importing the product due to the reluctance of the banks to provide them with credit.

It was also learnt that as of May 29, 2015, the amount being owed all the oil marketers by the Federal Government was N291.7bn.

Our correspondent gathered that the refusal of the banks to provide credit to the marketers had adversely affected the business of some of them, as many were already contemplating leaving the venture.

Fuel Scarcity Returns, As Marketers Ration Products

AFTER a brief respite, fuel queues have returned at the filling stations across the country just as some filling stations in Lagos and Ogun states, as well as the Federal Capital Territory (FCT), Abuja, have started indiscriminate hike of pump price while a few others have locked their premises.

However, the Nigerian National Petroleum Corporation (NNPC) said the queues resulted from panic buying, urging consumers to ignore the baseless rumours spurring the action. It noted that some filling stations may be acting on speculations about government’s stance on fuel subsidy to create artificial scarcity.

The Group General Manager, Group Public Affairs Division, NNPC, Ohi Alegbe, said the corporation was working to maintain stability in the supply and distribution of petroleum products.

He assured that NNPC has enough petrol stock to service the country for 25 days at a national consumption rate of 40 million litres per day and has increased distribution to marketers and NNPC retail outlets across the country.

Dr Patrick Ifeanyi Uba the MD/CEO of Capital Oil and Gas has released 13 million liters of fuel to Nigerians

The Transformation Agenda of Nigeria Chief, Dr Patrick Ifeanyi Uba the MD/CEO of Capital Oil and Gas has released 13 million liters of fuel to Nigerians for sales, that is about 400 of fuel trucks, to reduce the pressure of fuel scarcity all over the nation.

Meanwhile, another 53 liters shall be release in few days.

Read the full statement below...

On Saturday 16th May 2015, we received an SMS ordering the suspension of loading activities in all depots from Monday 18th May 2015. We later realized that this directive was as a result of unpaid funds owed to transporters by oil marketers who in turn are owed by the Federal Government.

This development has resulted in immense hardship to our fellow country men and women. We believe that a better solution can be pursued towards solving this problem in a way that does not adversely affect our dear citizens. Capital Oil and Gas has watched with so much pain, the suffering and hardship our citizens have been subjected to as a result of scarcity of petrol, diesel, aviation fuel and house hold kerosene.

We are deeply pained to hear that hospitals cannot perform surgeries, laboratories are unable to carry out much needed tests especially for emergency patients leaving such patients at risk of dying, radio stations are shutting down, communication is being affected as MTN and other telecommunications company have announced an impending shut down while homes, offices and key facilities nationwide are experiencing blackouts. In some parts of the country, petrol is already selling at an all-time high of N1,000 per litre.

Our citizens have left their homes and are now sleeping in fuel stations,facing the risk of robbery attacks and other attendant risk. In a few days’ time, a new government headed by General Muhamadu Buhari will be sworn in. Apart from our citizens being unable to watch the handover on television and unavailability of transportation for attendees of this historic handover, the resulting chaos from this scarcity may shutdown the Nation and sabotage the efforts Nigeria has made to attain greater heights.

We are constrained at this point and have decided that two wrongs cannot make a right. We will not be part of this sabotage against our fatherland. Therefore from this minute, we shall take the risk of opening our facilities and commence swift loading and distribution of products Nationwide. Our facility has the capacity to load over 13 million litres of product before dawn.

This comes to approximately 400 trucks of petroleum products. With this act, it is our belief that once again our citizens will begin to smile, return to normal family and work life. We call on other petroleum marketers to follow suit and save our Nation from this impending economic and social crisis. This is a period that requires patriotism and service to fatherland. Let’s join hands to help our fellow citizens and save Nigeria. We also call on striking bodies to call off the strike action. Let us work together for the betterment of our people. As we brief you this moment, our truck park, port reception facilities and our depot complex have been ordered opened.

We are ordering and resuming discharge of products from vessels at our berths. We have ordered our trucks to commence loading of products and move overnight to every state of the Federation. Most importantly, we wish to use this medium to thank NNPC and PPMC for their steadfastness in ensuring the availability of petroleum products. Current PPMC stock level in our storage tanks and buffer stock on vessels awaiting discharge at our jetty is capable of meeting the Nation’s need for 15 days. Furthermore, we wish to emphasis that we have a total solution to the traffic menace on the oshodi apapaexpressway.

In the coming weeks, we hope to engage the Federal Government (Federal Ministry of Transport), Lagos State Government and other stakeholders in the affected area, to optimally utilize our truck park facilities which has the capacity to accommodate over 1,100 trucks per time and 5,000 on a shift basis. Capital Oil and Gas continues to appeal to Nigerians to accept and support deregulation as this will curb corruption, enhance competition, lead to reduction of pump price for petroleum products and ensure constant supply to meet Nigeria’s demand. Long live the Federal Republic of Nigeria.

Dr. Patrick Ifeanyi Ubah
Managing Director/CEO Capital Oil and Gas Industries Limited Lagos,
Sunday 24th May 2015.
Posted by Linda Ikeji 

GTBank to close all it's branches at 1pm Today Monday May 25th, 2015.

It's like the fuel Scarcity saga in Nigeria is now hitting our Banking sectors. Our able Guaranty Trust Bank (GTBank) has made it known to the public that it will be shutting down all it's branches by 1pm Today May 25th 2015 due to fuel scarcity.

The question is how many more banks will shutdown before these whole issue is resolved?

Which way Nigerians???

Nigeria -- Africa's largest oil producer -- crippled by fuel shortages

Some months after the Presidential Election and some Days before the swearing in of the President Elect in Nigeria, fuel shortages have paralyzed the country that was declared Africa's largest Economy and Oil producer, What an irony!

Large crowd are seeing gathering at every filling stations, with the hope of buying petrol, many cars were seen on a very long queue down the road creating gridlock.

This shortage has been going on since March 2015, despite the fact that NNPC produces about 2.5 million barrels of crude oil per day.

The fuel scarcity has crippled many businesses and rendered many people jobless.

The only solution to the lingering issue is for the federal government to pay the fuel importers/marketers as soon as possible.

Until that is done, the fuel scarcity will go on and the little filling stations that will open shall continue to sell the petroleum product for nothing less than 200 - 250 Naira per liter.

This is a BIG puzzle that the incoming government have to resolve.