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Commuters Stranded in Lagos as LAGBUS Operators Embark on Strike

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  • Commuters Stranded in Lagos as LAGBUS Operators Embark on Strike

Hundreds of commuters in Lagos were on Monday stranded at various bus stops in due to strike embarked on by operators of Lagbus Asset Management Ltd.(LAGBUS).

LAGBUS manages the Lagos State owned branded red luxury commercial buses on some routes in Lagos.

The News Agency of Nigeria (NAN) reports that some commuters, who were caught unawares by the strike, said they would return home as they could not afford the sudden hike in transport fares by other commercial buses.

Mr Amusa Johnson, a civil servant, told NAN that he was at the bus stop since 6.00 a.m waiting for the red buses before he later found out that they were on strike.

“Public transporters such as the “danfo” buses immediately increased their fares because of the number of commuters stranded at the bus stops,’’ Johnson said.

Mrs Omolara Akinjuyi, a trader at Idumota market, described the situation as “unfortunate and pathetic”.
Akinjuyi also said that other commercial buses took advantage of the situation to increase their fares by about 70 per cent which resulted to some people returning to their various homes.

“When I saw the magnitude of people stranded at the bus, I decided to go back home because I cannot afford the fares charged by other commercial buses,” Akinjuyi said.

Mr Alex Nwanko, an apprentice, said that he decided to go back home as the situation was unbearable.

“We have been standing here for two hours now, even the Blue buses that are on ground cannot be enough for all the passengers.
“Some passengers have been on the queue since early morning till now, waiting for the blue buses that have not gone,’’ he said.

Another commuter, Mrs Tokunbo Aladesomo, appealed to the state government to urgently find solution to the matter.
She said this would assist in easing the problems of commuters and also checking transport fares.

“We are begging the state government to come to our aid and end this situation as you know if price of anything goes up, it doesn’t come down,” she said.
When NAN visited the office of the company, a senior official of LAGBUS said that the management would soon resolve the issue, adding,

“ the situation is currently under control.’’
Banners with various inscriptions were displayed at the company’s premises.

Some of the banners read: “All LAGBUS will no longer use the dedicated BRT lane between Ikorodu and CMS because they are not paying the expected maintenance fees for the corridor.

“On-board sales of pax tickets will cease on all LAGBUS red buses, Ticket will be sold prior to passenger boarding.

“All LAGBUS red buses will not be allowed to drop or pick passengers on the road along Ikorodu Road/ Western Avenue.

“LAGBUS will only operate express service between Ikorodu and Oshodi and the first stop will be Anthony.

“LAGBUS will only operate express service between the Ikorodu, Ojubode and Obalende.

“LAGBUS will stop operation on the following routes, Owode -ijora, Mile 12-Yaba, Oyingbo –Mile 12 and Mile 12 to inner Marina.

“All LAGBUS red buses will stop operations on the following routes: Agric (Ikorodu)-Maryland Ketu-Ikorodu

“All LAGBUS red buses travelling from Berger to Oshodi will do so via Gbagada /Oworonshoki

“All LAGBUS red buses operating from Oshodi to Obalende will only travel via Third Mainland Bridge”.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

Crude Oil

Oil Dips Below $62 in New York Though Banks Say Rally Can Extend

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Oil Dips Below $62 in New York Though Banks Say Rally Can Extend

Oil retreated from an earlier rally with investment banks and traders predicting the market can go significantly higher in the months to come.

Futures in New York pared much of an earlier increase to $63 a barrel as the dollar climbed and equities slipped. Bank of America said prices could reach $70 at some point this year, while Socar Trading SA sees global benchmark Brent hitting $80 a barrel before the end of the year as the glut of inventories built up during the Covid-19 pandemic is drained by the summer.

The loss of oil output after the big freeze in the U.S. should help the market firm as much of the world emerges from lockdowns, according to Trafigura Group. Inventory data due later Tuesday from the American Petroleum Institute and more from the Energy Department on Wednesday will shed more light on how the Texas freeze disrupted U.S. oil supply last week.

Oil has surged this year after Saudi Arabia pledged to unilaterally cut 1 million barrels a day in February and March, with Goldman Sachs Group Inc. predicting the rally will accelerate as demand outpaces global supply. Russia and Riyadh, however, will next week once again head into an OPEC+ meeting with differing opinions about adding more crude to the market.

“The freeze in the U.S. has proved supportive as production was cut,” said Hans van Cleef, senior energy economist at ABN Amro. “We still expect that Russia will push for a significant rise in production,” which could soon weigh on prices, he said.

PRICES

  • West Texas Intermediate for April fell 27 cents to $61.43 a barrel at 9:20 a.m. New York time
  • Brent for April settlement fell 8 cents to $65.16

Brent’s prompt timespread firmed in a bullish backwardation structure to the widest in more than a year. The gap rose above $1 a barrel on Tuesday before easing to 87 cents. That compares with 25 cents at the start of the month.

JPMorgan Chase & Co. and oil trader Vitol Group shot down talk of a new oil supercycle, though they said a lack of supply response will keep prices for crude prices firm in the short term.

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Crude Oil

Oil Prices Rise With Storm-hit U.S. Output Set for Slow Return

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Oil Prices Rise With Storm-hit U.S. Output Set for Slow Return

Oil prices rose on Monday as the slow return of U.S. crude output cut by frigid conditions served as a reminder of the tight supply situation, just as demand recovers from the depths of the COVID-19 pandemic.

Brent crude was up $1.38, or 2.2%, at $64.29 per barrel. West Texas Intermediate gained $1.38, or 2.33%, to trade at $60.62 per barrel.

Abnormally cold weather in Texas and the Plains states forced the shutdown of up to 4 million barrels per day (bpd) of crude production along with 21 billion cubic feet of natural gas output, analysts estimated.

Shale oil producers in the region could take at least two weeks to restart the more than 2 million barrels per day (bpd) of crude output affected, sources said, as frozen pipes and power supply interruptions slow their recovery.

“With three-quarters of fracking crews standing down, the likelihood of a fast resumption is low,” ANZ Research said in a note.

For the first time since November, U.S. drilling companies cut the number of oil rigs operating due to the cold and snow enveloping Texas, New Mexico and other energy-producing centres.

OPEC+ oil producers are set to meet on March 4, with sources saying the group is likely to ease curbs on supply after April given a recovery in prices, although any increase in output will likely be modest given lingering uncertainty over the pandemic.

“Saudi Arabia is eager to pursue yet higher prices in order to cover its social break-even expenses at around $80 a barrel while Russia is strongly focused on unwinding current cuts and getting back to normal production,” said SEB chief commodity analyst Bjarne Schieldrop.

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Crude Oil

Crude Oil Rose Above $65 Per Barrel as US Production Drop Due to Texas Weather

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Crude Oil Rose Above $65 Per Barrel as US Production Drop Due to Texas Weather

Oil prices rose to $65.47 per barrel on Thursday as crude oil production dropped in the US due to frigid Texas weather.

The unusual weather has left millions in the dark and forced oil producers to shut down production. According to reports, at least the winter blast has claimed 24 lives.

Brent crude oil gained $2 to $65.47 on Thursday morning before pulling back to $64.62 per barrel around 11:00 am Nigerian time.

U.S. West Texas Intermediate (WTI) crude rose 2.3 percent to settle at $61.74 per barrel.

“This has just sent us to the next level,” said Bob Yawger, director of energy futures at Mizuho in New York. “Crude oil WTI will probably max out somewhere pretty close to $65.65, refinery utilization rate will probably slide to somewhere around 76%,” Yawger said.

However, the report that Saudi Arabia plans to increase production in the coming months weighed on crude oil as it can be seen in the chart below.

Prince Abdulaziz bin Salman, Saudi Arabian Energy Minister, warned that it was too early to declare victory against the COVID-19 virus and that oil producers must remain “extremely cautious”.

“We are in a much better place than we were a year ago, but I must warn, once again, against complacency. The uncertainty is very high, and we have to be extremely cautious,” he told an energy industry event.

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