Panic as Queues Resurface at Lagos Fuel Stations, Commuters Stranded

Image

By Dipo Olowookere

Queues are gradually returning to some fuel stations in Lagos State amid speculations that oil marketers are planning to increase the price of premium motor spirit (PMS) to N185 per litre from the current N165 per litre.

A few areas of the metropolis monitored by Business Post had cars queuing up for the product at the various petrol stations visited, especially in the Alimosho area of Lagos State, the largest local government area of the state.

Along the Egbeda/Idimu Road, the few places where the product is being sold had vehicles scampering for it, while in the Akonwonjo axis, commuters were seen stranded at the bus stops waiting for commercial drivers to pick them up, with no hope in sight.

It was not a different story at the Iyana-Ipaja end of the local council as some passengers were seen jostling to board the few buses plying the various routes.

One of the motorists, who spoke with this reporter at one of the filling stations selling petrol said, “I did not want to take the risk. When I heard that the price of fuel will be increased to N185/litre, I had to rush down here to fill my tank and some jerry cans for my power generating set.”

Another said, “I was surprised to see queues this (Monday) morning at various filling stations while taking my children to school. I still bought fuel over the weekend, precisely on Saturday without queues, I had to quickly come here to refill my tank. Where I bought petrol last Saturday is presently not selling. I just hope this scarcity will not last long like others in the past.”

Share
Related Stories
Image
28-February-2024

Equity Market Sheds 1.39% as CBN’s Interest Rate Hike Dampens Mood

By Dipo Olowookere The decision of the Central Bank of Nigeria (CBN) to hike the Monetary Policy Rate (MPR) by 4.00 per cent to 22.75 per cent to curb rising inflation on Tuesday suppressed the Nigerian Exchange (NGX) Limited by 1.39 per cent. The action forced investors to liquidate their equities during the session for instruments in the money markets, which are anticipated to give higher yields than stocks. The bourse witnessed sell-offs across the sectors during the session, with the banking space losing 3.35 per cent, and the insurance counter depreciating by 2.19 per cent. Further, the consumer goods

Image
28-February-2024

Naira Loses N33 to Trade at N1,615/$1 at Official Market

By Dipo Olowookere It was a bad day for the Naira in the official market, the Nigerian Autonomous Foreign Exchange Market (NAFEM), on Tuesday as its value weakened by N33.00 or 2.09 per cent against the United States Dollar to sell at N1,615.94/$1 compared with the previous day’s N1,582.94/$1. This came on a day the Governor of the Central Bank of Nigeria (CBN), Mr Yemi Cardoso, reemphasised that the Nigerian currency was grossly undervalued. While briefing newsmen yesterday on the outcome of the Monetary Policy Committee (MPC) meeting, Mr Cardoso stressed that the current rate was not the true value

Image
28-February-2024

Senate Advocates Introduction of Food Stamps in Nigeria

By Adedapo Adesanya The Senate has urged the federal government to introduce the Nigerian version of the “food stamps programme” as an interim intervention to cushion the effects of food shortages in the country. This followed the adoption of a motion on the Introduction of Food Stamps in Nigeria as an Interim Measure to Address Imminent Food Insecurity in the country, by Mr Ali Ndume, the Senate Chief Whip at plenary on Tuesday. Presenting the motion, Mr Ndume said that in other countries, like the United States, food stamps were government-issued coupons that had been in use since 1939. “This is

Image
27-February-2024

FG Sets March 2024 for OB3 Gas Pipeline Completion

By Adedapo Adesanya The federal government has set March 2024 for the completion of the Obiafu-Obrikom-Oben (OB3) gas pipeline. This was disclosed by the Minister of State for Petroleum Resources (Gas), Mr Ekperikpe Ekpo, in his industry address during the opening ceremony of the 7th edition of the Nigeria International Energy Summit (NIES 2024) at the Presidential Villa, Abuja on Tuesday. According to him, the projected completion timeline was in alignment with the estimates provided by Oilserv Limited. The pipeline is expected to deliver 2 billion cubic feet of natural gas per day from the Obiafu, Obrikom, and Oben fields

More Stories
Image
27-September-2019

US Stocks Open Higher on Trade Talk Optimism

By Investors Hub The major U.S. index futures are currently pointing to a higher opening on Friday, with stocks likely to extend the recovery from yesterday?s early weakness. Renewed optimism about U.S.-China trade talks may generate some early buying interest after a report from CNBC said negotiations are set to resume October 10th in Washington. A person close to the talks said Chinese Vice Premier Liu He will be representing the delegation from Beijing at the meetings. The U.S. and China held deputy-level trade talks last week, although Treasury Secretary Steven Mnuchin called off a trip by Chinese officials to

Image
14-October-2019

Royal Exchange Eyes 60% Contribution of Retain Market to Revenue

By Modupe Gbadeyanka Chairman of Royal Exchange Plc, Mr Kenny Odogwu, has expressed the desire of the company to boost its revenues in the future through expansion of its presence in the retail segment of the insurance sector. Speaking at the firm’s Annual General Meeting (AGM) recently in Lagos, Mr Odogwu described the retail market as the future of insurance in Nigeria, considering the population of the country. He said with this in mind, the organisation would be looking into designing more insurance products tailored to meet demands in the retain market and should expect the segment to contribute about

Image
22-September-2016

Recession: Obiano Suspends Minor Taxes In Anambra

By Dipo Olowookere Governor Willie Obiano of Anambra State has suspended payment of numerous minor taxes in the state, announcing that the directive takes immediate effect. In a broadcast at the Governor’s Lodge in Amawbia, Mr Obiano explained that the decision followed the announcement of the Federal Government that the nation’s economy had gone into recession. He noted that his administration was aware of the difficulty the economic crisis had posed to the people of the state. The Governor further said the state government had come up with a “four-intervention stimulus package”, to ease the pain of recession and its

Image
29-December-2021

Ecobank Nigeria: A Journey to the Top

The journey to position Ecobank Nigeria as one of the top three banks in the country is fast gaining traction and recognition. The Nigerian franchise of the Pan-African financial institution, Ecobank Transnational Incorporated (ETI) is making good its mission of becoming the most preferred lender in the country. During the outgoing year, in particular, the bank recorded milestones and landmark transformations that puts it on the path of realizing its mission. Ecobank Nigeria now resonates excellence from account opening to payments, collections, savings, and investment and indeed all the touchpoints. Unequivocally, it has endeared itself in the consciousness of the

Image
04-May-2017

FG Inaugurates 26-Man MSMEs Council

By Modupe Gbadeyanka A 26-man Micro, Small, Medium size Enterprises (MSMEs) council has been inaugurated by the Federal Government. A statement signed by Mr Laolu Akande, the Senior Special Assistant on Media and Publicity to the Vice President, Mr Yemi Osinbajo, disclosed that the council will see to the growth of MSMEs in the country. Mr Akande said the council is chaired by the Vice President and has the Minister of Industry Trade and Investment, Mr Okechukwu Enelamah, as well as Minister of Finance, Mrs Kemi Adeosun as members. Others are Minister of State Industry, Trade and Investment; Minister of

Image
12-September-2023

FG Inaugurates Lagos-Ibadan Rail Corridor to Decongest Apapa Port

By Adedapo Adesanya The Minister of Transportation, Mr Saidu Alkali, inaugurated the first cargo movement from the Lagos-Ibadan rail corridor during his first official tour of the rail corridor on Tuesday. This effort is expected to decongest the Apapa port as shippers moved 92.28 per cent of Nigeria’s total exports and 60.77 per cent of imports through the facility in the first quarter of 2022 (Q1’22), according to the latest available data. The Minister kicked off the tour at the Ebute Meta station before proceeding to Apapa for the launch, then travelled to Ibadan using the 157 km rail corridor.

Image
04-May-2023

How Startups Can Integrate Artificial Intelligence to Aid Business Operations

By Otori Emmanuel Understanding Artificial Intelligence (AI) “Artificial intelligence” is a broad term that refers to any computer software that engages in humanlike activities – including learning, planning and problem-solving. Broadly speaking, AI can support three important business needs: automating business processes, gaining insight through data analysis, and engaging with customers and employees. How Startups Are Evolving With Artificial Intelligence Startups that use artificial intelligence (AI) for a variety of businesses and industries have seen significant growth as a result of the rise of this technology. Artificial intelligence is being used increasingly heavily by modern businesses. They are setting the

Ad
Ad
Recent Stories
Image
28-February-2024

Dangote Cement Wins Environmental Sustainability Award

By Aduragbemi Omiyale NatureNews has announced Dangote Cement Plc as the winner of the 2023 NatureNews Environmental Sustainability Award at its 3rd anniversary themed Climate Change and Energy Transition in Nigeria. At the Anniversary Lecture and Presentation of the Hero of Environmental Actions for Development (HEAD) held on Tuesday at the Shehu Musa Yar’Adua Centre, Abuja, the news platform said Dangote Cement was nominated for the category following a thorough screening by eminent professionals. The Publisher and Editor-in-Chief of NatureNews, Mr Aliyu Akoshile, disclosed that during the screening, it was discovered that the cement maker had deployed cutting-edge technology to

Image
28-February-2024

Nigeria’s Stock Market Stands Still to Honour Ogunbanjo’s Legacy

By Aduragbemi Omiyale The stock market in Nigeria stood still for the late former chairman of the Nigerian Exchange (NGX) Group Plc, Mr Abimbola Ogunbanjo, on Tuesday, February 27, 2024. The day was set aside to pay homage to the enduring legacy of the esteemed luminary, who died in a helicopter crash in the United States a few weeks ago along with the group chief executive of Access Holdings, Mr Herbert Wigwe, his wife and son. The NGX Group held an Afternoon of Tributes and Closing Gong Ceremony yesterday for him in collaboration with the Coronation Group. In a poignant

Image
28-February-2024

Fans Anticipate ‘Return of Maleeka (Atupa)’ by Mobolaji Samuel

By Modupe Gbadeyanka Some movie lovers are already calling on a movie producer in Nigeria, Ms Mobolaji Samuel, to release the sequel to her captivating film, Maleeka, Return of Meleeka (Atupa). The quest to see the second part of the flick is due to the exploits of the Nollywood filmmaker in the first part. However, she has called for calm, assuring her fans that the release date of her latest work of art would be announced very soon. Speaking recently on the Return of Maleeka (Atupa), the charming movie maker described the film as a story of faith and resilience,

Image
28-February-2024

FG Selects Learning Community Managers for 3MTT Initiative

By Modupe Gbadeyanka The federal government has selected Learning Community Managers for the 3MTT Initiative for all 36 states of the federation and the Federal Capital Territory (FCT). The managers were picked for the programme by the Federal Ministry of Communications, Innovation & Digital Economy, which is handling the initiative. Recall that the government secured N1 billion in partnership with IHS Nigeria to support the 3MTT Learning Community. The selection of Learning Community Managers marks a significant milestone in the government’s efforts to empower Nigeria’s tech talents. These individuals will play a crucial role in managing and assisting participants in

Image
28-February-2024

Renowned Embryologist Dr Marta Jansa Perez Visits Bridge Clinic Nigeria

By Modupe Gbadeyanka A renowned embryologist, Dr Marta Jansa Perez, has visited the Bridge Clinic Nigeria in Lagos, reinforcing its commitment to excellence in reproductive healthcare. Ms Perez is the Director of Embryology at Bridge Clinic London. Her visit to the Nigerian affiliate of the foremost healthcare organisation is a testament to the partnership between the two clinics, opening new avenues for the exchange of expertise and resources. The health practitioner arrived at Bridge Clinic Nigeria on Monday, February 19, 2024. Her week-long visit was meticulously structured around training, process and quality improvement, research and development, and guidance on best

Image
28-February-2024

Zero Routine Gas Flares and Delta Communities

By Jerome-Mario Utomi It is common knowledge that in pursuit of meeting the targets of 20 per cent (unconditional) and 47 per cent (conditional) greenhouse gas emission reduction as contained in the Nationally Determined Contribution under the Paris Accord reportedly signed by the President Bola Tinubu administration, the Nigerian National Petroleum Company Limited/TotalEnergies joint venture recently achieved zero routine gas flare in all its assets. While it is obvious that “the significance of this achievement is that the last routine flare volume of about 12MMscf/d (12 million standard cubic feet per day) of gas has now been eliminated giving rise

Image
28-February-2024

70 Active Stanbic IBTC Bank Customers Grab N7m in January Draws

By Aduragbemi Omiyale The sum of N7 million has been won by 70 active customers of Stanbic IBTC Bank in its ongoing Reward4Saving Promo. The money was won in the January 2024 draw, bringing the total number of beneficiaries since the inception of the promo in 2021 to 1,424 valued at N234 million, a statement from the company said. The Reward4Saving Promo was created to foster disciplined saving habits among Nigerians, offering them rewards for achieving specified savings targets. In the January draw, 10 winners were selected from each of the seven business regions operated by the bank in Nigeria,

Image
28-February-2024

Firms in Nigeria to Pay Annual Levy for Hiring Foreigners

By Aduragbemi Omiyale A new tax known as Expatriate Employment Levy (EEL) has been introduced by the federal government and it is to be paid by companies, which hire foreigners to work in Nigeria. The scheme was launched on Tuesday in Abuja by President Bola Tinubu and it is to close wage gaps between expatriates and Nigerian workers. The government explained that the policy aims to find a balance between leveraging foreign expertise and fostering local talent in Nigeria’s job market through the EEL, emphasising that it is not to discourage foreign investments. It was stressed that the level would

Image
28-February-2024

Senate Advocates Introduction of Food Stamps in Nigeria

By Adedapo Adesanya The Senate has urged the federal government to introduce the Nigerian version of the “food stamps programme” as an interim intervention to cushion the effects of food shortages in the country. This followed the adoption of a motion on the Introduction of Food Stamps in Nigeria as an Interim Measure to Address Imminent Food Insecurity in the country, by Mr Ali Ndume, the Senate Chief Whip at plenary on Tuesday. Presenting the motion, Mr Ndume said that in other countries, like the United States, food stamps were government-issued coupons that had been in use since 1939. “This is

Image
28-February-2024

Trucks Transit Parks Reflects Industry Impact, Future Opportunities

By Modupe Gbadeyanka A leading technology company specializing in mobility solutions, Trucks Transit Parks (TTP) Limited, is marking its third year of operations. As part of this, the firm is reflecting on the significant impact it has made in the maritime and logistics industry. TTP, since its inception to revolutionize the maritime and logistics sector in Nigeria through truck mobility solutions powered by technology, has emerged as a key player in driving port terminal efficiency, reducing traffic congestion, and creating new business opportunities within the Apapa port economic zone. “Our third anniversary of operations provides us an opportunity to reflect