Oando Plc Favour Ifeoluwa & Akinola Ajibade Oando Plc says it has completed and won the bid for the operatorship of oil block KON 13 in Angola. The firm which recently acquired Eni of Italy’s oil assets in Nigeria, said that the award of the oil block located in Angola’s onshore Kwanza Basin followed a competitive bidding process by the country’s oil and gas sector regulator. It further said hat the asset in which it owns 45 per cent participating interest, has estimated prospective resources of 770 to 1,100 million barrels of oil. Oando is handling its operations relating to the asset through its upstream subsidiary, Oando Energy Resources (OER). “Oando Plc, Africa’s leading indigenous energy solutions provider listed on both the Nigerian Exchange Limited and Johannesburg Stock Exchange is pleased to announce that its upstream subsidiary, Oando Energy Resources (OER), has been awarded operatorship of Block KON 13 in Angola’s Onshore Kwanza Basin, following a...
Fuel scarcity: Marketers threaten to hike price as s queues return to Ibadan
The Independent Petroleum Marketers Association of Nigeria (IPMAN), has said that it would order its members to increase petrol pump price to N180 per litre.
The South-West zone of IPMAN, said this recently, as scarcity of petroleum products bites harder in Ibadan, Oyo, Ogbomoso and other major parts of the region.
Precisely, areas such as Bodija, Sabo, Iyaganku, Mokola, Gates, Secretariat among others are hard it by fuel scarcity, as queues take over major roads of the city.
Others are Sango, Dugbe, Apete, Awotan, Ijokodo, Polythecnic Road and Adamasingba are experiencing short supply of fuel.
This follows inability of its members to buy petroleum products from any of the government depots, prompting them to get supplies from private depot owners, who had capitalised on the situation to exploit them.
According to IPMAN's zonal chairman, Alhaji Dele Tajudeen, all the depots in the zone had refused to load trucks belonging to its members since January 2022, adding that the development has made the private depot owners’to load the product at between N157 and N158.
This, Tajudeen said, is above the price that government depots would sell to the petroleum marketers.
He added:“So, by the time we add the cost of transportation to the purchasing amount, we will be arriving at a sum above N165, which is the government-approved pump dispensing price.But sad enough, the regulatory agency appeared incapacitated to control and compel these private depot owners to sell at the government’s approved price for us.
“As of today, the purchasing price of diesel has increased by 400%. Again, I want members of the general public to know that cost of transporting the product ranges between N6 to N8 and N10 depending on where the products are being transported to from the Lagos private depot where we make purchases.
“I wish to equally intimate you that making purchases from these private depot owners is not the ultimate end, we also have some overhead costs to bear like running an electricity generator to power our filling stations; paying the staff salaries, as well as servicing the bank loans among other costs.
“So, by the time we have to add the cost of transportation with the purchasing amount, this situation clearly implied that we as independent marketers will be left with no other option than to dispense the products for nothing lesser than N175 to N180 for customers in the Lagos to Ibadan axis, while those within the Ogbomoso and Ilorin axis may have to buy at a dispensing pump price of N200 per litre”.
Meanwhile, long queues have resurfaced in Ibadan, the Oyo state capital causing anxiety and hardship for residents .
Private cars, commercial vehicles and others were seen joining long queues in all the fuel stations visited.
Most filling stations within the metropolis that dispensed petrol on Wednesday and in the early hours of Thursday were greeted with long queues.
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