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Fuel Scarcity Hits Port Harcourt

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Petrol - Investors King
  • Fuel Scarcity Hits Port Harcourt

Residents of Port Harcourt, the Rivers State capital, and its environs are currently experiencing fuel scarcity as long queues have returned to filling stations.

Our correspondent observed that the scarcity started around 3pm on Monday when fuel dealers decided to close majority of the filling stations in the state capital.

It was gathered that the fuel dealers closed shop due to speculations that the main depot in Port Harcourt was no longer distributing fuel.

The sudden closure of the filling stations caused a long queue at the popular Mobil filling station at Waterlines, along the Port Harcourt-Aba Expressway as motorists had a tough time before they could purchase Premium Motor Spirit.

Though the filling station was selling at the normal price of N145 per litre, some motorists had to wait for over an hour before they could purchase fuel.

One of them, who identified himself simply as Chinonyerem, said he could not find fuel at other filling stations inside town, adding that he had to join the queue when he noticed that the Mobil filling station was selling the commodity.

“I don’t know what the cause of the scarcity is, but it is good to notice that they did not increase the fuel price here (Mobil filling station). I have been here for over one hour. I know I will get fuel before I leave here,” Chinonyerem said.

As of 10am on Tuesday morning, most of the filling stations were still locked up as the owners refused to sell, hoping that the scarcity would force an increase in the pump price of petrol.

At the Karibi filling station on Iwofe Road in the Obio/Akpor Local Government Area, fuel was sold at the normal price as the queue continued to build up.

A commercial tricycle rider, who identified himself simply as James, told our correspondent that the scarcity was as a result of the rumour that the depot in Port Harcourt was no longer distributing fuel.

“Immediately the rumour got to these fuel dealers, they began to close their filling stations. The few ones that opened did not believe the rumour. That is what is causing this scarcity,” James stated.

When contacted, the Media Officer, Port Harcourt Refining and Petrochemical Company, Ikenna Okpani, said he was not aware of any fuel scarcity, adding that there was no reason for dealers to close their fuel stations.

“I am not aware that there is any fuel scarcity. There is no reason for such because from our end here, we are producing,” Okpani said.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

Economy

Nigeria’s Plan to Review Oil Companies’ Gas Flaring Strategies

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Oil

Nigeria is ramping up its efforts to address environmental concerns in the oil and gas sector with a comprehensive plan to review gas flaring strategies of international and indigenous oil companies.

The Minister of State for Environment, Dr. Iziaq Salako, announced this initiative during a national stakeholders engagement meeting on methane mitigation and reduction held in Abuja, Investors King reports.

Gas flaring, a common practice in the oil industry, releases methane—a potent greenhouse gas—into the atmosphere, contributing to climate change and posing health risks to communities near oil facilities.

Nigeria aims to end routine gas flaring by 2030, aligning with global climate goals and commitments.

Dr. Salako explained the importance of reducing methane emissions and highlighted the detrimental effects on public health, food security, and economic development.

He outlined practical steps being taken to tackle methane emissions, including the development of methane guidelines and the engagement of government institutions.

The ministry, through the National Oil Spill Detection and Response Agency, will conduct periodic reviews of oil companies’ plans to ensure compliance with the gas flaring deadline.

Deloitte management consultants will assist in conducting comprehensive forensic audits to scrutinize the legitimacy of forward-contracted transactions.

President Bola Tinubu’s commitment to environmental sustainability underscores the government’s dedication to addressing climate change and fulfilling its multilateral environmental agreements.

The engagement event served as a platform for stakeholders to discuss methane mitigation strategies, existing policies, and implementation challenges.

Collaboration and dialogue among diverse sectors are crucial in charting a unified course towards sustainable methane reduction in Nigeria’s oil and gas industry.

As the country navigates its environmental agenda, ensuring accountability and transparency in gas flaring practices remains paramount for achieving a greener and healthier future.

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Economy

Interest Rate Jumps to 24.75% as CBN Takes Aggressive Stance Against Inflation

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Dr. Olayemi Michael Cardoso

The Central Bank of Nigeria (CBN) has announced a significant increase in the monetary policy rate, known as the interest rate, to 24.75%.

This move disclosed by CBN Governor Olayemi Cardoso during the 294th Meeting of the Monetary Policy Committee press briefing in Abuja, represents a bold step by the apex bank to address the mounting inflationary pressures faced by the country.

With inflation soaring to 31.70% in February, the CBN aims to moderate this upward trend by tightening its monetary policy stance.

This decision follows the previous hike in the interest rate to 22.75% in February, showcasing the CBN’s commitment to combatting inflationary forces.

While the bank opted to maintain the Cash Reserve Ratio at 45%, the significant increase in the interest rate underscores the urgency of the situation and the need for decisive action.

Governor Cardoso emphasized that these measures are essential to stabilize the economy and safeguard the purchasing power of the Nigerian currency.

The 294th MPC marks the second meeting under Governor Cardoso’s leadership, indicating a proactive approach to addressing economic challenges.

The next MPC meeting is scheduled for May 20th and 21st, 2024, highlighting the ongoing commitment of the CBN to navigate Nigeria’s economic landscape amidst inflationary pressures.

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Economy

Nigeria Braces for 10th Consecutive Interest Rate Hike by Central Bank

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Central Bank of Nigeria (CBN)

As Nigeria grapples with persistently high inflation, the Central Bank of Nigeria (CBN) is gearing up to implement its tenth consecutive interest rate hike in a bid to curb the soaring prices and attract investment.

Analysts surveyed by Bloomberg are anticipating a substantial 125 basis-point increase in the key rate to 24%, marking one of the most significant adjustments in the current tightening cycle.

The decision, expected to be announced by Governor Olayemi Cardoso on Tuesday at 2 p.m. in Abuja, comes on the heels of inflation accelerating to 31.7% in February, far surpassing the central bank’s target range of 9%.

This surge has been primarily attributed to the sharp depreciation of the naira, prompting authorities to devalue the currency twice since June to narrow the gap with the unofficial market rate and encourage investor confidence.

While these measures have seen the naira strengthen in recent days and bolstered investment inflows, including a fourfold increase in overseas remittances and significant foreign investor portfolio asset purchases, there remains a palpable need for more decisive action.

Giulia Pellegrini, a senior portfolio manager at Allianz Global Investors, emphasized the necessity for the CBN to intensify its tightening efforts to regain foreign investors’ confidence in the local bond market.

While acknowledging the positive strides made by the central bank, Pellegrini stressed the importance of a more assertive approach to prevent the diversion of investor attention to other frontier markets.

As the Nigerian economy navigates through these challenging times, the impending interest rate hike signals the CBN’s determination to address inflation head-on and foster a more stable economic environment.

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