11 Jul

Daily Watch – Lagos may run out of petrol this week, Kerosene and diesel prices inch higher

  • The Punch is reporting that should the ongoing strike embarked upon by PENGASSAN continue until Wednesday, most petrol depots in Apapa, Lagos, will run out of fuel stock. Following the start of the strike last Thursday, loading at Apapa depots, where many marketers get petroleum products to other states, has been reduced due to the absence of workers of the Petroleum Equalisation Fund Board. PEF personnel usually certify marketers’ trucks to enable them to get bridging funds for fuel being transported to distant parts of the country. So far, marketers have only been loading to Lagos and other South-West states that require no payment of bridging fund by the PEF. The FG has said it would meet with the leadership of PENGASSAN today (Monday) in a bid to resolve the problem.
  • The Standards Organization of Nigeria in Ekiti State has blacklisted 23 companies for manufacturing of fake and substandard electrical products. The companies failed both the performance, safety, and parameter tests conducted by SON’s Electrical and Electronics Laboratory Department. The head of SON’s Ekiti Office, Sarah Idowu, gave names of the companies as Everest Wire Limited; Odic Wire & Cable; Rosa Wire & Cable; System Best Limited and Smart Cable; Cable City; Mack Wire & Cable; Tomas Cable; MNW Copper Plus; NSE Wire & Cable; New City; Nucon; Kingsmart; Chedo Wire, C- Divine Wire, Daily Star Wire & Cable; Devi Wire; Nacolight Wire & Cable; O.C Smart Nig; and Cabel. According to Idowu, only one out of the several companies whose products were examined passed the various laboratory tests carried out by SON. The only successful company is Nion Wire and Cable.
  • The Vanguard is reporting that prices of kerosene and diesel may climb higher following acute dearth of the products, as marketers are blaming the scarcity and hike prices of the products to unavailability of foreign exchange, unpaid debts by the FG, and other policies. The prices of the products have already gone up as kerosene is sold between ₦180 and ₦200, while diesel is sold between ₦150 and ₦187 depending on the retail outlet.