News
Queues At MRS As Marketers Increase Petrol Above ₦1,000 Per Litre
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The development followed a sharp surge in global crude oil prices above the $80 per barrel threshold earlier in the week.
Long queues are beginning to build up at MRS filling stations where Premium Motor Spirit (PMS) or petrol is sold below ₦1,000 per litre, as consumers hurry in search of cheaper products.
Market survey as of Saturday morning revealed that private car owners and commercial bus drivers are starting to form long lines at MRS stations, especially along the Ibadan/Lagos Expressway, for petrol currently sold at ₦937 per litre.
Other stations along the same axis, however, do not have as many queues as the MRS station at Alapere, as most have increased pump prices above ₦1,000.
While Eterna Plc has hiked price to ₦1,040, North West Capital Oil, and Fatgbems also adjusted their prices to ₦1,030 per litre, with Mobil Station’s a bit lower at ₦1,025 per litre.
Despite the rush for petrol, few stations, including the Nigerian National Petroleum Company (NNPC) Limited, have shut their gates against buyers.
The state oil company’s station at OPIC Estate remains shut as of 7:00 AM Saturday. It could not be ascertained whether the move was due to product shortages or otherwise.
Also, some of TotalEnergies stations along the Expressway were not selling product as of the time of filing this report, while others recorded just a few buyers lurking at their gates.
International Influence
The development followed a sharp surge in global crude oil prices above the $80 per barrel threshold earlier in the week.
Reports surfaced on Tuesday that Dangote Petroleum Refinery & Petrochemicals had increased the ex-depot price of petrol from ₦774 to ₦874 per litre, representing a ₦100 hike.
Dangote’s price hike was after an economist, Paul Alaje, on Monday, warned that petrol prices in Nigeria could climb to about ₦1,000 per litre if the ongoing conflict involving the United States, Israel, and Iran was not effectively managed.
Alaje, who is the Chief Economist at SPM Professionals, appeared on Channels Television’s Politics Today, against the backdrop of escalating geopolitical tensions in the Middle East.
According to him, increases in crude oil prices typically translate into higher costs for refined petroleum products such as petrol, diesel, and aviation fuel, with broad implications for businesses and households.
“While crude oil goes up, we all need to check the impact on our economy. The first thing you see is high inflation, because as crude oil goes up, the cost of PMS, diesel, and Jet-A1 will also follow.
“As that is going on, about nine per cent has already attracted more cost for PMS in Nigeria, and by the end of April, we project that if the war is not properly managed, it might get to ₦1,000 plus for PMS in Nigeria.
“If PMS is ₦1,000, you can imagine what diesel will be; you can imagine what flight tickets will be. It will affect the poor, the middle class, and, of course, the rich,” the economist said.
Oil Extends Gains As Iran Conflict Spreads
Oil prices shot up during the week as investors kept tabs on the Middle East as the United States and Israel continued to bombard Iran, while Tehran launched further strikes on neighbours.
The attacks on the Islamic state have upended regional energy flows, with the crucial Strait of Hormuz — through which about a fifth of global oil transits — effectively closed off. The conflicts have also fuelled fears of a fresh energy crisis that could ramp up inflation.
Market moves have been comparatively mild amid hopes that the crisis will be short-lived and not cause a major problem for the global economy.
But analysts warned that the longer it goes on, the more painful it would be on the global economy as supply chains are hit and prices surge.
Iran has responded by unleashing missiles and drones across the Middle East, including Lebanon, Saudi Arabia, Qatar, and Dubai, while explicitly threatening to drive up global energy costs.
That sent oil prices soaring nearly 14 per cent Monday before slightly easing, while European natural gas prices spiked almost 40 per cent after Qatar’s state-run energy firm said it had halted liquefied natural gas production.
Meanwhile, a general in Iran’s Revolutionary Guards threatened to “burn any ship” seeking to navigate the Strait of Hormuz.
“We will also attack oil pipelines and will not allow a single drop of oil to leave the region. Oil price will reach $200 in the coming days,” he warned.
Crude rose at least two percent on Tuesday, as analysts say the rise in energy costs could give most central bankers a headache as they look to bring down inflation while also cutting interest rates to support their economies.
News
Reps Gives MREIF Boss Final One-Week Reprieve Over Housing Fund Probe
By Gloria Ikibah
The House of Representatives Committee on Housing and Habitat has granted the management of the MOFI Real Estate Investment Fund (MREIF) a one-week extension to appear before lawmakers as part of an ongoing investigation into the fund’s operations, performance and administration.
The committee had initially summoned MREIF Managing Director and Chief Executive Officer, Dr Armstrong Ume Takang, alongside members of the fund’s management team, to appear on Tuesday, 2 June 2026, for a comprehensive review of the initiative and several petitions submitted against it.
The Committee Chairman, Rep. Abdulmumin Jibrin, said the investigation was aimed at ensuring the fund was operating in line with the objectives set by President Bola Tinubu and delivering on its mandate.
According to him, the exercise seeks to determine whether the administration and performance of MREIF are meeting public expectations while also addressing concerns raised in petitions before the committee.
However, in a letter addressed to lawmakers, Dr Takang acknowledged receipt of the summons and expressed the fund’s willingness to cooperate fully with the National Assembly’s oversight responsibilities.
He explained that he was outside Abuja on an official engagement that had been scheduled before the committee’s invitation was received and requested a new date for the hearing.
The MREIF chief also assured lawmakers of the organisation’s readiness to engage constructively with the committee.
Responding to the request, Jibrin said the committee had agreed to postpone the hearing by one week in the interest of fairness and cooperation.
He stated that the session had now been rescheduled for Tuesday, 9 June 2026, stressing that the extension was granted specifically to allow the managing director to appear in person.
The committee maintained that Dr Takang’s personal appearance was crucial to its inquiry and could not be delegated.
Jibrin reiterated the committee’s determination to conduct a thorough and impartial investigation into the management of the fund, which was established to expand access to affordable home ownership for Nigerians.
He said the committee remained committed to addressing all issues raised in the petitions before it while ensuring transparency, accountability and effective implementation of the housing initiative in line with the vision of the Tinubu administration.
The lawmaker further stated that the committee expects Dr Takang and the entire MREIF management team to appear before it on the new date without fail.
News
FG stops three-month Pre-retirement leave for civil servants
The Federal Government abolished the three-month preretirement leave for civil servants.
This was contained in a circular titled “Correct Interpretation of Public Service Rule 120243 on Pre-Retirement Activities,” issued by the Head of the Civil Service of the Federation, Didi Walson-Jack, and addressed to top government officials, including ministers, permanent secretaries, service chiefs, heads of agencies, and other senior public sector administrators.
According to the circular, FG directed Ministries, Departments, and Agencies to immediately discontinue the practice of placing civil servants on what is commonly referred to as a mandatory three-month preretirement leave.
Walson-Jack argued that such a provision does not exist in the Public Service Rules, adding that several MDAs had wrongly interpreted the retirement notice period as an automatic leave period, leading to the premature withdrawal of officers from active service.
The Public Service Rule, according to her, only requires officers due for retirement to give three months’ notice before their exit date, attend a one-month pre-retirement workshop or seminar, and use the remaining period to regularise service records and pension documentation.
Nigeria’s federal civil service retirement framework is governed by the Public Service Rules and the Pension Reform Act.
Under the rules, civil servants retire upon attaining 60 years of age or after 35 years in service, whichever comes first.
The Head of Service’s directive seeks to standardise the implementation of the Public Service Rules across government institutions and to prevent manpower losses resulting from the early disengagement of experienced officers
“The so-called ‘mandatory three-month pre-retirement leave’ has no basis in the Public Service Rules,” Walson-Jack stated.
She explained that Rule 120243 establishes three distinct requirements: a notice obligation, attendance at a pre-retirement seminar during the first month, and completion of retirement-related documentation during the remaining two months.
“A retiring officer must give three months’ notice before their effective date of retirement. This is a notice requirement, not a leave entitlement,” the circular stated.
Civil Service Commission
She stressed that retiring officers remain public servants throughout the notice period and are expected to continue performing their official duties unless they are attending approved retirement workshops or have been granted leave under existing regulations.
“PSR 120243 does not exempt retiring officers from official duties during the notice period, except where they are attending an approved pre-retirement workshop or seminar, or are otherwise authorised to be absent under extant leave rules,” the circular added.
In view of the above, all MDAs have been directed to stop compelling retiring officers to vacate their posts before their official retirement dates.
Under the new directive, ministries and agencies must ensure that retiring officers continue to discharge their responsibilities, participate in approved pre-retirement programmes, and complete all pension and service record reconciliations before leaving service.
The latest circular seeks to end that ambiguity by affirming that the three-month period is primarily a notice and administrative preparation window, rather than an automatic absence from duty.
The circular further instructed permanent secretaries, directors-general, executive secretaries, chairpersons of statutory agencies, and chief executives of government organisations to bring the directive to the attention of all staff and ensure strict compliance.
The government said it believes the measure could improve service delivery by ensuring that retiring officers continue contributing their expertise until their official exit dates while simultaneously completing documentation required for pension processing.
News
Six members of same family shot dead during domestic dispute in US
Six people were killed in the US state of Iowa after a series of shootings that appeared to stem from a domestic dispute, police said.
The suspected shooter also was found dead with a self-inflicted gunshot wound, according to the Muscatine Police Department.
The victims are believed to be family members of the suspect, identified as Ryan Willis McFarland, 52, of Muscatine, the department said.
Muscatine Police Chief Anthony Kies called the shooting an “act of evil”.
The shootings took place on Monday at multiple locations within the city of Muscatine.
Police received a report of a shooting just after noon on Monday. When officers responded to a home, they found four people with gunshot wounds, police said.
All four victims were pronounced dead at the scene.
McFarland had left the residence before officers arrived, but officials found him shortly after on a riverfront trail near a pedestrian bridge.
He had a self‑inflicted gunshot wound, police said, and received medical aid, but was pronounced dead at the scene.
Detectives later found another man dead from an apparent gunshot wound in a different residence. A further search led officers to a business, where they found another victim, also dead of an apparent gunshot wound.
Online maps show a metal workshop at the address provided by police.
“Preliminary findings indicate the shootings stemmed from a domestic‑related dispute,” McFarland police said in a statement. “All victims are believed to be family members of the deceased suspect.”
Kies did not give the names or ages of the victims and noted that the investigation is ongoing.
He confirmed the suspect had an existing criminal record but did not share any further details.
Muscatine, in the southwest of Iowa, sits on the Mississippi River and has a population of approximately 23,500 people, according to US government data published last year.
Mayor Brad Bark wrote in a post on Facebook: “Our hearts are heavy tonight after the tragic shootings that claimed innocent lives.”
Source: BBC
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