#soneyes

[morganablenewsmedia]

Fuel Scarcity: Queues Worsen As Users Wait On

Fuel Scarcity: Queues Worsen As Users Wait On Many Parts Of Nigeria Hit Again Fuel scarcity continues to persist as many filling stations have run of the product due to supply-related issues while users wait on. Reports gathered suggest reveal that filling stations are shutting their gates against motorists and other consumers of the product due to concern over safety and security. Scarcity of…

[scarletnews]

NNPC trains over 1,000 car mechanics on conversion of vehicles to CNG across Nigeria

The Nigerian National Petroleum Corporation Retail Limited, a subsidiary of NNPC, has trained over 1,000 mechanics on the technical aspects of converting vehicles to Compressed Natural Gas (CNG) across Nigeria.  This was disclosed in a statement issued on Saturday by NNPC spokesperson, Olufemi Soneye, through the company’s official X handle.  Soneye explained that the training included…

[tracknews1]

Dangote sold fuel to us at N898 not N760 per litre – NNPCL

The Nigerian National Petroleum Company Limited (NNPCL) has revealed that Dangote Refinery sold fuel to them at N898 per litre. NNPCL began loading of it’s truck on Sunday, after moving about 300 trucks to the 650,000 capacity refinery in Lagos. But their spokesman, Olufemi Soneye, has now clarified the price at which they bought it. “We successfully loaded PMS at the Dangote Refinery today,”…

[streetreporters]

NNPC Limited Announces Petrol Prices from Dangote Refinery for September 2024, Nigerians Pay More per Litre

The Nigerian National Petroleum Company Limited (NNPC Limited) has released estimated prices for Premium Motor Spirit (PMS), commonly known as petrol, to be sourced from the Dangote Refinery in September 2024. According to a statement issued by Olufemi Soneye, Chief Corporate Communications Officer, the estimated prices vary across regions due to differences in distribution costs. In line with…

[saynaija]

NNPCL To Sell Dangote Petrol At ₦950/Litre In Lagos, ₦1,019 in Borno

NNPCL To Sell Dangote Petrol At ₦950/Litre In Lagos, ₦1,019 in Borno The Nigerian National Petroleum Company Limited has said that it will sell the petrol lifted from the Dangote Refinery for nothing less than ₦950 per litre in Lagos. The NNPCL spokesperson, Olufemi Soneye, disclosed this on Monday, in a statement titled, ‘NNPC Ltd Releases Estimated Pump Prices of PMS from Dangote Refinery…

[accuratenewsng]

Dangote Refinery Petrol To Be Sold At N950-N1,019 Across Nigeria – NNPC

The Nigerian National Petroleum Company Limited, NNPC Limited has released estimated pump prices of Premium Motor Spirit, PMS also known as petrol, obtained from the Dangote Refinery, across its retail stations nationwide. In a statement issued on Monday by NNPCL Chief Corporate Communications Officer, Olufemi Soneye, the company clarified that PMS prices are not set by the government but…

[ejesgistnews]

The Nigerian National Petroleum Company Limited (NNPCL) has threatened to release documents proving its purchase of petrol from Dangote Refinery at ₦898 per litre. This statement was made by NNPCL's spokesperson, Olufemi Soneye, following a conflicting claim by Dangote Refinery, which refuted NNPCL's disclosure.   NNPCL continues to stand by its initial report, asserting that it has the documentation to support the ₦898 per litre price. This development comes after Dangote Refinery began loading its petrol on Sunday, with 70 NNPCL trucks reportedly receiving supplies. Read Also:  Dollar to Naira Black Market Exchange Rate – September 16, 2024 Latest Update Bishop Kukah: Tinubu Did Not Sign Peace Accord as Presidential Candidate This ongoing dispute is drawing attention, particularly after the federal government projected a reduction in petrol prices following Dangote Refinery's entry into the market.   The standoff between these major players has generated widespread interest as Nigerians look forward to the impact this will have on the fuel supply and pricing system.

[goldmynetv]

NNPCL announces N950.22 As Pump Price of Petrol From Dangote Refinery

Nigerian National Petroleum Company Limited (NNPCL) has officially released estimated Pump Prices of PMS from Dangote Refinery, Based on September 2024 Pricing. According to a statement signed by Olufemi Soneye, Chief Corporate Communications Officer, the NNPC said the prices are not set by Government, but negotiated directly between parties on an arms length in line with the provisions of the…

[jayessentialsblog]

Nigeria's National Petroleum Company Ltd (NNPCL) has stated that there is no guarantee of lower petrol prices

Nigeria's National Petroleum Company Ltd (NNPCL) has stated that there is no guarantee of lower petrol prices. When it starts moving petrol from the Dangote refinery on 15 September, the Nigeria National Petroleum Company Ltd. (NNPCL) has stated that there is no assurance of a cheaper price. The firm noted that the pricing of petroleum products from any refinery, including Dangote Refinery Ltd., is set by forces in the worldwide market in a statement issued by its spokesman, Olufemi Soneye, on Saturday, September 7. Soneye asserts that the nation's domestic product refining process does not ensure cheaper prices for consumers. Nigerian National Petroleum Company Limited (NNPC) has been criticized for allegedly monopolizing the offtake of all petroleum products from Dangote Refinery Ltd., according to a statement from Soneye. The statement comes amid rumors that NNPC is undermining Dangote Refinery Limited (DRL), claiming that recent changes to the pump price of Premium Motor Spirit (PMS) will prevent the refinery from offering lower prices and that NNPC has become the sole off-taker of all products from the refinery. Read the full article

[mynewshq]

NNPC conditions: Dangote refinery may dump local market, export petrol

The Dangote refinery may resort to exporting its Premium Motor Spirit (petrol) following the refusal of the Nigerian National Petroleum Company Limited to be the sole buyer of its product. The NNPC, in a statement by its spokesman, Olufemi Soneye, said on Saturday that it would not buy Dangote fuel unless it was cheaper than that of the international market. This is contrary to claims by the President of the Dangote Group, Aliko Dangote, that the refinery was waiting for the NNPC to roll out its product. On Saturday, the NNPC stated that it would only fully offtake petrol from the refinery if the market prices of PMS were higher than the pump prices in Nigeria. The NNPC also declared that Dangote and other domestic refineries were free to sell directly to any marketer on a willing buyer, willing seller basis, adding that it had no desire or intention to become the distributor for any entity in a free market environment. The company was reacting to a press release by the Muslim Rights Concern, which claimed that the Dangote refinery was being undermined by the NNPC. MURIC stated that recent changes to the pump price of petrol by the NNPC would prevent the refinery from offering lower prices, and that the corporation had become the sole offtaker of all products from the refinery. Responding, the NNPC said, “The pricing of petroleum products from any refinery, including Dangote Refinery Limited, is determined by global market forces. “The recent changes in PMS prices have no impact on DRL or any other domestic refinery’s access to the Nigerian market. In fact, if current prices are perceived as high, it presents an ideal opportunity for the refinery to sell its products at lower prices in the Nigerian market. “Furthermore, we emphasise that there is no guarantee of lower prices associated with domestic refining compared to any global parity pricing framework, as confirmed by the DRL. The NNPC Ltd will only fully offtake PMS from the DRL if the market prices of PMS are higher than the pump prices in Nigeria. The DRL and any other domestic refinery are free to sell directly to any marketer on a willing buyer, willing seller basis, which is the current practice for all fully deregulated products. NNPC Ltd has no desire or intention to become the distributor for any entity in a free market environment, and therefore, the notion of becoming a sole off-taker does not arise.” Soneye added that the NNPC could not undermine a business in which it held a billion-dollar investment. Dangote’s wait While unveiling the 650,000-capacity refinery on Tuesday, Dangote had stated that the facility would roll out petrol whenever the NNPC was ready. Dangote disclosed that petrol would get to the filling stations in the next 48 hours (from Tuesday) after all arrangements with the NNPC were concluded, adding that the queues would soon be over. “Our PMS can be in filling stations within the next 48 hours, depending on NNPCL,” he said. He spoke further, “We are ready. I pray that within the next few days, you won’t see any petroleum queues as soon as we finalise with NNPC. We are ready, we are waiting for them (NNPC) and I hope they will be ready like yesterday.” Dangote told newsmen that he could not disclose the price of the petrol because the NNPC was in a position to control it. “On the pricing, I can’t say anything because we don’t control the pricing. At the moment, it is controlled by NNPC, not Dangote. We will wait for them. But, our own for now is to make sure that the product is available and round-tripping is stopped,” he noted. The businessman emphasised that the NNPC was the company that would sell and distribute the product under the current naira crude sale arrangement. “Once the NNPC is ready, we roll. We are even ready to load a ship this week,” he added. Product export But it seems the talk between the two companies have collapsed, which may result in the company selling its petrol abroad. The NNPC has issued several statements denying that it will fix the price for Dangote or be its sole off-taker, even as the refinery has yet to roll out its product. Nigerians have wondered why the NNPC decided to hike the pump price of petrol the same day Dangote refinery unveiled its petrol, after several months of implicit subsidy payment. The masses, who were hopeful that the Dangote fuel would crash the price of petrol, may be losing hope. Speaking on the Brekete Family live show on Monday, the Vice President of Oil and Gas at Dangote Industries Limited, Devakumar Edwin, said Dangote petrol would be exported if the NNPC and other petroleum dealers in the country refused to patronise it. Asked if the petrol would be sold locally, Edwin replied, “There has been a kind of a blockade from lifting our products within the country. The traders have been trying to blockade, and so now, we have been exporting our petroleum products. We are ready to pump in PMS as much as possible to the country. “But if the traders or NNPC are not buying the product, obviously we will end up exporting the PMS as we are doing with the aviation jet and diesel,” he declared. Edwin expressed surprise that the company started facing challenges it never expected when the refinery was set to commence operations. He recalled that the philosophy initially was to add value to the raw materials available in the country, regretting that Nigeria was still exporting crude and importing refined petroleum products after over three decades. Despite having a gantry that can load 2,900 tankers per day, Edwin disclosed that the refinery had not loaded up to five per cent of the gantry’s capacity owing to low local patronage. In an interview with our correspondent, a professor of Economics at the University of Ibadan and President of the Nigerian Economics Society, Adeola Adenikinju, advised that the government and the NNPC should buy PMS from the Dangote refinery instead of importing from another country. “Dangote refinery is a private business; he will export to where he can make money. He cannot be subsidising our economy. It is still going to be cheaper for the NNPC to buy from Dangote than to import from Europe. Dangote has to run the business and pay his debts, he can’t subsidise us,” Adenikinju noted. IPMAN ready to buy fuel The Independent Petroleum Marketers Association of Nigeria on Saturday said it would buy PMS from Dangote at any price, even if the NNPC refused to buy. The National President of the association, Abubakar Maigandi, told our correspondent that the independent marketers were ready to patronise Dangote. “Whatever the case, if Dangote starts selling his product, we are going to patronise him; if at all he wants to do business with us. “We are ready to buy at any price because the NNPC is saying that they don’t want to involve themselves in fixing prices. So, at any price that he wants to sell, we are ready to buy and discharge and sell at a good price,” Maigandi stated. Members of IPMAN own about 80 per cent of the filling stations in Nigeria, especially in rural communities. On Thursday, the NNPC also said it was waiting for a September 15 timeline given to it by the refinery. However, the latest comments from the NNPC indicate all is not well with the negotiations between the two companies. The spokesman for the Dangote Group, Anthony Chiejina, did not answer calls or reply messages sent to him by our correspondent on Saturday. Black marketers sell fuel N1,400 in Benue Meanwhile, black marketers are making brisk business as most filling stations in Makurdi, the Benue State capital, closed for business. Since the hike in the price of the petroleum product, many filling stations have been shut down while the black market has resurfaced. Our correspondent, who monitored the situation in Makurdi on Saturday, observed that several filling stations were not operating while black marketers were using their frontage to sell the product to motorists. The product was sold between N1,300 and N1,400 per litre. This development resulted in few vehicles plying the roads, while transport fares skyrocketed and  people resorted to trekking. Motorists crowd NNPC stations for fuel Despite the promise made by the Minister of State for Petroleum Resources, Heineken Lokpobiri, that fuel would be available in filling stations by the weekend, the situation in Ondo State has not improved. A visit to some filling stations in Akure, the state capital, showed that many petrol stations were still under lock and key following unavailability of the product, while NNPC stations with the product had long queues. Also, some stations of the independent marketers were selling for between N950 and N1,100 per litre. In Ekiti State, many petrol stations dispensed petrol to customers, while a few did not have the product. But the price was between N950 and N1,200 per litre at the stations dispensing petrol. Long queues of vehicles were at the few stations selling the product at between N950 and N960 per litre. A self-employed man, Mr Abel Olode, who said he bought some litres of petrol for N960 per litre on Friday, said, “I parked the car at home and boarded a motorcycle to my place of work today. Using it daily will drain my finances.” Filling stations belonging to major marketers in Ogun State sold fuel for between N868 and N890 per litre, while independent marketers sold for between N950 and N1,200 per litre. The NNPC outlets, however, sold at N865 per litre. A motorist, Adeolu Bashir, said, “Nothing has changed with the fuel situation. The independent marketers are selling the fuel for N1,200; meanwhile, not many of the filling stations are selling the product.” As of September 7, 2024, independent marketers in Ibadan, the Oyo State capital, were dispensing fuel at N1,100 and N1,200 per litre. There were no long queues in most of the filling stations in the city Long queues still persisted in most of the filling stations in Zamfara State, despite the hike in fuel price. Most of the filling stations, controlled by IPMAN in Gusau town and other parts of the state, were selling a litre of fuel between N1,100 and N1,150. There was no fuel in all the mega stations visited by Sunday PUNCH as of the time of filing this report. Despite the scarcity of PMS in some states, the product seemed to be available in most filling stations across the 13 LGAs of Nasarawa State. When our correspondent visited some of the stations in Lafia, the state capital, on Saturday, it was observed that there were no queues. The prices of PMS in Obi, Awe, Keana, Doma, Toto and Nassarawa Eggon LGAs had skyrocketed to N1,100 per litre. Filling stations such as Sandaji, Hayattu, Alh Dauda Muhammadu, Nagoda, Rainoil among others, all sold at N990 per litre. Meanwhile, the product is currently being sold between N1,200 and 1,400 by the black market dealers in several locations across the state. In an interview with our correspondent, one of the black marketers, Musa Inusa, said getting the product had become “extremely difficult” for him because of the strict restrictions and increase in price. Read the full article

[smlblogtv]

Petrol Prices Set to Soar? Inside NNPCL’s Financial Turmoil

The announcement of the Nigerian National Petroleum Corporation Limited (NNPCL) on being unable to sustain fuel supply is a game plan, according to experts. On Sunday, Chief Corporate Communications Officer of the NNPCL, Olufemi Soneye, admitted that the national oil company is owing suppliers, but did not specify the exact amount. “NNPC Ltd has acknowledged recent reports in national newspapers…

[scarletnews]

NNPC finally admits debts owed to oil traders responsible for fuel scarcity

The Nigerian National Petroleum Corporation (NNPC) has finally admitted that the debts owed international oil traders as a major factor in the ongoing fuel scarcity across the country. In a statement released on Sunday, NNPC spokesperson Olufemi Soneye confirmed reports by Nairametrics and other media outlets, attributing the fuel shortage to supply disruptions caused by outstanding debt…

[tracknews1]

NNPCL gives update on Dangote Refinery petrol price, purchase

The Nigerian National Petroleum Company Limited has revealed that it is negotiating purchase of Premium Motor Spirit (petrol) with Dangote Refinery ahead of Sunday, September 15, 2024. The Spokesperson of NNPCL, Olufemi Soneye disclosed this to Newsmen in an interview on Thursday. Soneye was responding to a statement by the Vice President of Dangote Industries Limited, Devakumar Edwin that local…

[saynaija]

Dangote’s Petrol To Flood Market From Sept 15, Price Determined By Market Forces — NNPCL

Dangote’s Petrol To Flood Market From Sept 15, Price Determined By Market Forces — NNPCL The Nigerian National Petroleum Company Limited (NNPCL) has said Premium Motor Spirit or petrol from the Dangote Refinery will begin to flood the market from September 15, 2024. The company who revealed this in a statement signed by its Chief Corporate Communications Officer, Olufemi Soneye on Thursday in…

[ejesgistnews]

Dangote Refinery Disputes NNPC’s ₦898 Per Litre Claim, Refuses to Disclose Actual Price.   The Dangote Refinery has challenged the claim made by the Nigerian National Petroleum Company Limited (NNPCL) that it sold petrol to the company at ₦898 per litre, but stopped short of revealing its own selling price. Read Also: Nigerian Newspaper Headlines – Top 10 News Stories You Should Read Today, September 16, 2024 In a statement released on Sunday by its Group Chief Branding and Communications Officer, Anthony Chiejina, the refinery described the NNPCL’s statement as “misleading and mischievous,” claiming it was an attempt to undermine the refinery’s efforts in addressing Nigeria’s energy insufficiency.   Olufemi Soneye, NNPC’s Chief Corporate Communications Officer, told *PREMIUM TIMES* in an interview that NNPCL purchased 16.8 million litres of petrol from the Dangote Refinery at ₦898 per litre, attributing the price to market forces. Pay Attention To: Breaking: Lagos Government Shuts Down Cubana Chief Priest’s Restaurant However, the Dangote Refinery urged Nigerians to await an official announcement on pricing by the Technical Sub-Committee on Naira-based crude sales to local refineries, appointed by President Bola Ahmed Tinubu, which is scheduled to begin on October 1, 2024.   The statement also pointed out that the current stock of crude was purchased in dollars and sold to NNPCL in dollars, resulting in significant savings compared to imported fuel. Despite the controversy, the refinery assured Nigerians of a steady fuel supply across the country. Read Also : Palliative Economy: Tinubu Allocates 1,200 Bags of Rice to Each Minister for Distribution This pricing dispute follows directives from the Federal Executive Council (FEC) in July, mandating NNPCL to negotiate crude oil sales to local refineries, including Dangote, in naira. The refinery began producing petrol earlier in September, with NNPCL being its sole buyer.   As of Sunday, NNPCL had deployed approximately 300 trucks to lift petrol from the refinery, aiming to enhance Nigeria’s fuel supply.

[mynewshq]

Petrol crisis: Trucks stranded at depots as NNPCL, Dangote tango over pricing

Oil marketers have yet to commence the loading of Premium Motor Spirit, popularly called petrol, despite assurances by the Federal Government that the commodity will be available this weekend. News HQ gathered that though some PMS vessels had arrived in the country at the NNPC’s Apapa and Port Harcourt depots, loading by independent marketers had yet to begin. As a result, petrol queues in major cities persisted on Friday despite the Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, earlier promising that the product would be massively available before the weekend. But the National Operations Controller of the Independent Petroleum Marketers Association of Nigeria, Mustapha Zarma, said on Friday that the loading of products at depots had yet to commence, stressing that the queues could last till Monday. “Maybe the improvement in supply will start tomorrow or Sunday but as of yesterday (Thursday) and today (Friday), there has not been much loading of products. And even if there has been loading today, I don’t think it is much. “That is why the queues are still visible. We cannot confirm the massive release of products as announced by the minister until maybe Monday,” Zarma stated. On whether the petrol being expected was the one from the Dangote refinery, Zarma replied, “I am not in a position to answer that. It is NNPC that should answer that.” NNPC earlier stated on Thursday that it would start lifting products from the Dangote refinery on September 15, 2024. Zarma had told our correspondent on Thursday that about 2,000 petrol tankers were still at various NNPC depots waiting to lift products. He said, “The queues in Abuja are heavy. Nobody is loading. Right now, most of the tickets of independent marketers, which had been paid for since the last three months have not been cleared to load.” The President of the Petroleum Products Retail Outlets Owners Association of Nigeria, Billy Gillis-Harry, also confirmed that marketers had yet to start lifting petrol as required. “We are aware of what the minister said, but we don’t have products yet. We have not started lifting the product as it is supposed to be and that is why the cost is very high in filling stations that have it. “People struggle so much to get the product to sell to keep their businesses running. Once the products are readily accessible, the price will stabilise and the queues will clear. That is the situation.” Presidential aide attacks Dangote Meanwhile, a presidential aide said the Dangote Refinery was running away from pricing in order not to look bad to Nigerians. The official, who spoke on condition of anonymity because of the sensitivity of the matter, noted that the refinery was the sole determinant of pricing, adding that it could not sell fuel below its cost price. “The petrol price cannot be less than N1,000; that was why Dangote decided to push it to the government. So, if the price is determined by the Federal Government, people can attack the government. How does a private company ask the government to fix its price?” the official stated. In a statement on Thursday, the Dangote Group Chief Branding and Communications Officer, Anthony Chiejina, had said the PMS market in Nigeria was strictly regulated and the refinery would wait for relevant government agencies for the price. He said, “The PMS market is strictly regulated, which is known to all oil marketers and stakeholders in the sector, hence we cannot determine, fix, or influence the product price, which falls under the purview of relevant government authorities.” However, the NNPC, in another statement by its spokesman, Olufemi Soneye, made a contrary claim about the price. The company held that the PMS market had been deregulated and market forces would determine the price of the product. Soneye was quoting the Executive Vice President of Downstream, NNPC, Adedapo Segun, saying Section 205 of the Petroleum Industry Act, which established NNPC Ltd, stipulated that petroleum prices were determined by unrestricted free market forces. “Additionally, the exchange rate plays a significant role in influencing these prices,” the NNPC submitted. Market forces Experts told our correspondent that if the NNPC and the Federal Government allowed market forces to determine the price of Dangote petrol, it might be as high as N1,000 per litre. “Can Nigerians buy petrol at N1,000 or N1,100?” a depot operator queried, asking the government to intervene to ensure affordable energy for Nigerians. Speaking with our correspondent, an energy consultant and expert, Henry Adigun, said the cost of producing a litre of PMS is an average of N750, without any additional cost. According to Adigun, this could rise to N800/litre when other margins are added, which will also increase when it gets to the filling stations. He stated that the NNPC could decide to buy from Dangote and sell at a subsidised rate to the masses. The consultant, however, called for transparency in the entire process. “Anybody that is expecting N400 or N500 petrol is just wasting his time. It won’t happen,” Adigun added. Similarly, Professor Emeritus, Wumi Iledare, held that the PIA did not empower anyone to set the price of petrol, saying it should be determined by the forces of demand and supply. Iledare stated that the Nigerian Midstream and Downstream Petroleum Regulatory Authority had the responsibility to ensure there was no price gouging. The don advocated for a willing seller, willing buyer arrangement, saying the NMDPRA should not allow the NNPC to be the sole buyer of Dangote PMS. He rejected the payment of shortfalls on PMS, nothing that the sale of petrol to all marketers in naira would crash the price. Until the market becomes fully deregulated with many participants, Iledare suggested that Nigeria should practise what he called price modulation with a committee looking at important determinants of demand and supply to agree on a price to be reviewed as the situation changes. He also said the price of diesel in Ghana was one cedis higher than that of petrol. OPS warns NNPC The Organised Private Sector on Friday warned that allowing market forces to determine the prices of fuel would bring about more volatility in the sector. In a statement made available to News HQ, the National President of the Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture, Dele Oye, said the chamber condemned the recent announcement by the Minister of State for Petroleum, Heineken Lokpobiri, that the Federal Government would no longer interfere in the pricing of PMS in the country. He said NACCIMA was particularly alarmed by the potential impact of this decision on businesses, consumers, and the overall economic landscape, adding that the deregulation of PMS prices, coupled with the influence of foreign exchange illiquidity, was likely to result in significant volatility and unpredictability in fuel prices. “The possibility of a sharp increase in fuel prices, potentially exceeding the initial rise from N600 to N800 at NNPC stations is a grave concern. This will undoubtedly lead to a surge in inflationary pressures, eroding the purchasing power of consumers and putting immense strain on businesses already struggling to navigate the challenging economic environment. “A more gradual and well-planned approach to PMS pricing is essential to ensure stability, predictability, and sustainable economic growth in Nigeria,” he stated. In an interview with our correspondent, the President of the Manufacturers Association of Nigeria, Francis Meshioye, said the Federal Government should examine the underlying factors causing the price hikes before attempting to address the problem, noting the need to devise long-term solutions. He said, “The effort to control fuel prices has been largely sabotaged, and the cost of goods has also increased. The government should take the time to examine the root of the issue. There are underlying factors causing these problems, and they cannot be addressed without tackling the fundamental issues that led to the price hikes. It’s time to stop with superficial solutions; what we need are quick and effective measures. They must identify what triggered the increases and devise a strategic plan to address the underlying problem. The key concern is that the government should focus on long-term solutions because energy supply is crucial to manufacturers.” Meshioye added that the inconsistencies in the energy sector were adversely affecting the operational strategies employed by manufacturers, as they were constantly required to plan in alignment with the current economic realities in the country. According to the MAN boss, the Federal Government should engage the services of patriotic experts and stakeholders in the energy sector, whose recommendations would be adopted for implementation after brainstorming on how to get lasting solutions to the problem. Also, the Director of the Centre for the Promotion of Private Enterprise, Dr Muda Yusuf, said fuel scarcity results in profiteering, and the only way the government can stop it is to ensure the availability of the product and promote competition. “Generally, three critical factors determine the prices of petroleum products: procurement costs, logistics costs, and product availability. The different prices we are currently witnessing are consequences of these factors. If the conditions around these variables improve, we would see a moderation in prices as well as less variability. It is product scarcity that results in profiteering. The way to tackle this exploitative practice is to ensure product availability and promote competition,” he stated. TUC considers strike The Trade Union Congress criticised the increase in fuel prices, saying it undermined the new minimum wage of N70,000. The TUC revealed that it would convene to discuss potential strike action, noting that “with the current situation, anything can happen.” In an interview with News HQ, the National Deputy President of the TUC, Tommy Etim, expressed concerns that the hike would lead to higher costs for goods and services. He stated, “Our focus right now isn’t just on whether we are considering a strike. Given the current circumstances, anything is possible. It may not even originate from us. For instance, the #EndBadGovernance protest wasn’t initiated by us, it was a response to pressing economic issues.” Etim emphasised that any decision regarding a strike would depend on the positions taken by individual labour centres. “Once the various labour  unions have made their decisions, we will formulate a unified stance for organised labour,” he added. But the Nigeria Labour Congress reiterated that it would meet to give direction on how to engage the Federal Government on the fuel hike. Spokesperson for the NLC, Benson Upah, said the appropriate organs of the body would meet and take decisions. Nigerians trek, ride bicycles Following the hike in fuel prices, which has increased the cost of transportation across the country, some Nigerians have resorted to the use of bicycles for interstate movement. Our correspondents, who travelled to major cities in the country on Friday, reported that some Nigerians opted for trekking and cycling. Some residents of Ogun State said they had abandoned their cars in favour of public transport, coupled with trekking, to cope with the unbearable hardship caused by the fuel crisis. A senior health worker in the state, Mrs Fauziyah Adesola, said she had dropped her car and cut down on unnecessary journeys. “With the fuel subsidy removal and the price rising from N200 to N600 per litre, I initially tried to stubbornly use my personal car, but I found out that it was a battle I couldn’t win. I was burning so much on fuel, children’s school bills were skyrocketing, and the cost of food and many other things were rising, yet the salary remained unchanged. “So, I switched to using public transport when going to my workstation outside Abeokuta, and I added a bit of trekking. I have since found peace. I have also cut down on unnecessary journeys and social engagements,” she lamented. Another resident, Mr Kola Adio, said he had also parked his car and embraced public transport and trekking to manage the burdensome cost of transportation. He said, “I stopped taking my car to work in January, and I have noticed that many people in my neighborhood have done the same. I now use public transport to work, which costs me an average of N2000, compared to the N10,000 I was spending daily.” A man, David Michael, said he now uses commercial motorcycles, popularly called okada, to get to work. He said, “Is it not better to spend N1,200 on a bike to work daily than about N5,000 or even more driving myself? It is common sense. What I do now is just to take my car to church when the whole family is involved. “I have also learnt to trek for at least 10 minutes from my house to the junction to get a bike to my work station. Many people are doing the same because this economy is harsh. It is terrible. None of us prepared for this situation, but God will see us through.” In some parts of Delta State, a similar trend is observed as some Nigerians in Asaba trekked to work, while others used bicycles for movement within the state capital on Friday. A resident in the city, Mr Monday Iwu, said he resorted to using a bicycle because he could not afford to buy fuel at the exorbitant price. “I have a car, but since the fuel hike, I have parked my car and have been using a bicycle to work. However, our problem is the road. There are no proper roads, and cars, trucks, and even tricycles don’t allow us on the road; they harass us with their big vehicles. That’s our only fear, but we have no other options.” Speaking with our correspondent, a young woman residing in the Ekeki axis of Yenagoa, Bayelsa State, Tarindo Mike, said she had reduced her movements due to the increase in transportation fares caused by the fuel price hike. He said, “I’m just managing. Like today, where I used to pay N100, they now charge N150. I waited for two or three Keke before the last one carried me, and the rider said, ‘You know that fuel is high, and I’m just carrying you for N100. “The situation is depressing. As a seller, I sample the prices of intend to buy the next day, but when I go with the money, I’m told the price has increased, and it makes me sad.” In Ibadan, the Oyo State capital, a middle-aged woman” who identified herself only as Funke, said she trekked from Ring Road to the Challenge area of the city on Friday because she could not afford the high fares that motorists demanded due to the fuel price hike. Similarly, a resident in the Odo-Ona Elewe area of Ibadan, who simply gave his name as Mr Luku, said, “Most of the people living in this community often trek long distances to major roads where they can then board Keke Maruwa (tricycle) or Micra taxi cabs when they have business in other areas of Ibadan. “This is how we have been trying to cope with the fuel situation since Tinubu removed the subsidy on petrol. Many people in this community don’t go out except for important reasons.” Also, a commuter in Abia state, said, “We have decided to trek so that instead of paying N400, we can now pay N300. Honestly, this fuel hike is changing the attitude of residents of the state. We now engage in trekking to cushion the effect of the hike.” When our correspondent spoke to a bicyclist, he said, “I decided to fix my abandoned bicycle so I wouldn’t need to pay N400 from Douglas Road to Orji. Did you notice that passengers have resorted to trekking? There’s always a way out.” Read the full article