News
‘Fuel price hikes have killed our businesses’ — Transporters, artisans lament
Some traders, transport operators and artisans in Umuahia, Abia, have decried the recent hike in the price of the Premium Motor Spirit, PMS, otherwise called petrol.
Speaking in separate interviews with NAN in Umuahia on Thursday, they expressed the fear that the situation would “definitely kill many businesses.”
They said that the removal of the subsidy was already crippling their businesses and causing untold hardship.
A trader, Chidubem Okoye, said that the situation had caused an immediate lull in business.
Okoye said that the hike in petrol price has made life more difficult for both traders and customers alike.
He said the development would have a negative multiplier effect on other sectors of the economy.
“Yesterday, my supplier in the North called me and asked me to send him more money because the prices of the items I ordered had gone up.
“Once the goods get here by Friday, I will definitely adjust my price to reflect the current reality in the market,” he said.
A tricycle operator, Anayo Udensi, feared that the hike might compel him to quit the transport business.
“When the official pump price of fuel was N600 per litre, we were finding it difficult to cope.
“Now that it has gone up to about N1,000 per litre, I imagine what will happen.
“I operate a hire purchase and if fuel takes almost all the money I make daily, and I settle the owner of the tricycle, how much will be left for me?
“Besides, many people now trek in order to save the N250 or N300 transport fare, which is why we hardly have a full load.”
Also, a hair stylist, Mrs Nkiruka Ejiofor, said that the salon business was no longer attractive and profitable because of the cost of running the generator.
“I spend so much on fuel and when we tell customers our new price, some either go away or ask us to do simple style, like weaving rather than retouching,” she said.
A generator repairer, who identified himself simply as Andy, said that the hike in the price of fuel had dealt a serious blow to his business.
“Since the price hike due to the subsidy removal, many people stopped using generators, which drastically reduced the number of generators we fix daily.
“With the latest price hike, I’m worried because I know that we are in for worse times. In fact, if we get two customers or three per day, we should thank God,” Andy said.
A civil servant, Mrs Priscilla Onyemaechi, said that workers were the worst hit by the price hike, especially since the minimum wage had yet to be implemented.
“It has got to a point where civil servants can no longer go to work every day because of the increase in fares,” she said.
The respondents demanded the immediate reversal of the new price hike and urged President Bola Tinubu to quickly initiate policies to alleviate the suffering of the masses.
CREDIT: DAILY POST
Dangote Refinery has announced that it will need to export 95-97 percent of its Premium Motor Spirit (petrol) due to low interest from Nigerian marketers. The refinery, which processes 650,000 barrels per day, revealed that only 3 to 5 percent of petrol marketers are purchasing its fuel.
Devakumar Edwin, Vice President of Oil and Gas at Dangote Industries Limited, shared these details during an X Space session hosted by Nairametrics on Wednesday. He highlighted the challenges facing both the Dangote Refinery and Nigeria’s oil and gas sector.
Edwin explained, “I’m selling 2 to 3 percent to small traders who are willing to buy, while the remaining 95 to 97 percent has to be exported,” referring to the local sales of the refinery’s products.
This situation arises as the NNPCL’s deadline for adjusting the Dangote Refinery’s fuel distribution approaches without a clear plan in sight. It is worth noting that while Aliko Dangote, President of Dangote Group, has announced the refinery’s initial petrol rollout, its distribution to marketers is contingent upon NNPCL’s decisions.
The final sixteen teams for the 2024 FIFA U-20 Women’s World Cup in Colombia have been determined following the conclusion of the group stage.
In recent matches, Ghana triumphed over New Zealand with a score of 3-1, and Japan secured a 2-0 victory against Austria.
As a result, Japan has advanced to the Round of 16, joining the other 15 teams in this knockout stage.
The Round of 16 matches are scheduled for Wednesday, Thursday, and Friday.
The full lineup for the Round of 16 is as follows:
- Spain vs Canada
- Brazil vs Cameroon
- Colombia vs South Korea
- Mexico vs USA
- North Korea vs Austria
- Germany vs Argentina
- Netherlands vs France
- Japan vs Nigeria
The Nigerian Army has refuted claims of widespread resignations among its soldiers due to issues like corruption and low morale.
In a statement, Major General Onyema Nwachukwu, Director of Army Public Relations, dismissed these reports as unfounded.
A news outlet had alleged that numerous Nigerian soldiers were resigning because of corruption and low morale. However, the statement condemned these allegations as misleading and a deliberate attempt to create discontent and undermine the Nigerian Army’s reputation and the dedication of its personnel.
Major General Nwachukwu clarified that, similar to other military organizations worldwide, service in the Nigerian Army is voluntary rather than mandatory. This means that personnel have the freedom to resign following established procedures.
He explained that the resignation process allows personnel to prepare and manage their entitlements, including pensions and gratuities, as outlined in the Harmonized Terms and Conditions of Service (Officers/Soldiers).
Contrary to the report’s implications, the statement emphasized that Nigerian Army personnel are highly motivated, and their welfare is a priority under the leadership of Chief of Army Staff, Lieutenant General Taoreed Lagbaja.
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