Business

Fresh Fuel Scarcity Looms As PENGASSAN Threatens To Shut Down Installations Over Oil Theft

Published

4 years ago

September 7, 2022

Nigeria may witness yet another fuel scarcity as members of the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) on Wednesday threatened to pull out its entire workforce from oil and gas installations nationwide in protest of the increasing oil theft and vandalism.

Festus Osifo, the President of PENGASSAN, made the intentions of the association known at a press conference held in Abuja, lamenting that crude oil theft had crumbled the nation’s economy.

He, however, declared that oil workers are ready to withdraw their services if the government pays lip service to their demands of fighting the menace with sincerity and sense of purpose.

According to him, in other climes governments deploy high technology to fight such heinous crimes of sabotage, but upon all the hues and cries and the damage oil theft and pipeline vandalism are doing to the nation’s economy, the Federal Government appears to be helpless.

Osifo, who described the growing incidents of oil theft menace as a real time challenge, urged government to develop the muscle and the political will to chase out oil thieves vandalising the nation’s pipelines.

According to him, some cartels are responsible for the menace and are feeding fat on the nation’s wealth, as well as sabotaging the economy.

The PENGASSAN boss noted that crude oil theft had crumbled the economy and the union could no longer hold its breath, stressing that ‘beginning today across four states in Abuja, Lagos, Warri and Port Harcourt, all members of PENGASSAN will embark on rally across strategic locations to sensitise the nation on the dangers and economic losses inherent in crude oil theft and pipeline vandalism.

He lamented that due to oil theft, Nigeria could no longer meet up with OPEC quota of 1.8 million barrels of crude oil, even as the country is struggling to produce a million barrels, because the products are stolen, while companies are shutting down production.

Osifo said the union had engaged and dialogued with critical stakeholders, agencies of government and service chiefs on how to curb oil theft, stating that despite all meetings, none had yielded the desired result, due to the cartels that are largely feasting on it and crumbling the economy.

To this end, he said the union could not take it anymore, rather than embark on a national rally to sensitise Nigerians on what is going on in the sector and the reason the economy is not growing abysmally.

He said if at the end, no justification for the exercise, the union will pull out the entire workforce in all oil and gas installations across the country, for a total showdown.

According to him, this is the first time crude oil price is hitting the roof of $100 per barrel in the international market.

“This is a menace that is leapfrogging the country. This is the reason Nigeria keeps borrowing to finance the national budget. Enouis enough. We have to add our voice to the current struggle. It is not going to be a one-off thing. Companies are shutting down, our members are losing their jobs in services and producing companies.

“The business is that bad now because companies are struggling to sustain the workforce. This is a real crisis that government of the day must develop the muscle and political will to chase out the oil thieves. What is happening is beyond blame game. This is the time to practicalise what we have been saying. The earlier government acts fact, the better for the economy,” he said.

Business

Why We Sited Our Multi-Billion Naira Automobile Firm Branch in Benin – Skyewise Group CEO

Published

23 hours ago

May 4, 2026

Editor

Dr. Elvis Abuyere, Chief Executive Officer and Managing Director of Skyewise Group, an automobile firm, has explained the reason for establishing a branch of the company in Benin City, the Edo State capital, describing the ancient city as “a growing economy full of enormous potential for vibrant youth.”

He added that the company considers Edo State one of the most interesting states, noting that the decision aligns with its long-term vision.

Abuyere, who spoke in Benin on Monday while taking journalists on a tour of the new automobile facility, said:
“We started very small — from Abuja to Lagos and now Benin. It is a joy and privilege for us to have completed this amazing regional office with Skyewise Group.”

According to him, beyond the automobile business, Skyewise Group is in Benin to invest in real estate, logistics, youth empowerment, and credit management. “Aand also to lend our support to what the Edo State Government is doing, knowing the fact that there is an agenda,” he added.

The young CEO urged youths in Nigeria, particularly those in Edo State, to embrace entrepreneurship, stressing that “we believe it is the future of Africa,” especially Nigeria.

He said Nigeria stands as the giant of Africa and that its youth must take bold steps in the entrepreneurship landscape.

According to Abuyere, to ensure Edo youths actualise their entrepreneurial potential, the company has prepared soft loans to help them start businesses, adding that Skyewise Group is not limited to automobile operations.

He said: “More importantly to us is youth empowerment. We want our youth to be empowered, and this is where the Skyewise Foundation comes in.

“We believe the future of Africa is entrepreneurship, and that future lies in the hands of the young people of Nigeria. We want to empower them to stand the test of time, build something meaningful, and reduce unemployment and insecurity in our land.

“I believe we need to begin taking bold steps by refining the mindset of our young people. We need to give them a sense of belonging and direction.

“We have been addressing the liquidity gap in society by providing microloans to support businesses in our environment and in Benin City.”

When asked why he chose Benin City for the multi-billion naira automobile firm, Abuyere noted: “I think this is the first automobile showroom in Edo State where you can see a car lifted from the ground floor to the first floor and beyond.”

Business

JUST IN: Nigerian Filling Stations Reduce Fuel Price After Hike

Published

3 days ago

May 2, 2026

Editor

Nigerian filling stations reduced their Premium Motor Spirit price on Saturday, barely 24 hours after the hike.

Checks by DAILY POST showed that Ranoil, Empire Energy, and other filling stations in Abuja adjusted their petrol pumps to N1,365 and N1,375 per litre respectively, down from N1,440 per litre on Friday.

This means that petroleum marketers dropped their fuel price by N65 and N75 per litre. DAILY POST reports that the move was to attract patronage from customers.

Recall that three days ago, Nigerian filling stations had raised their petrol pump price to between N1,365 and N1,440 nationwide after Dangote Refinery and depot owners increased ex-depot prices to around N1,275 and N1,290 per litre.

According to DAILY POST, while the Nigerian National Petroleum Company Limited and MRS Bovas filling stations raised their petrol price to around N1,365 per litre, others adjusted theirs above N1,440 per litre.

However, with the latest fuel price reduction by Ranoil and Empire Energy, the majority of filling station outlets now dispense petrol between N1,365 and N1,375 per litre.

This development comes as the ripple effect of crude oil prices continues to impact Nigeria’s domestic fuel price.

Brent and West Texas Intermediate crude rose to $114 and $105 per barrel before dropping to $108 and $101 after the filing of this report.

Business

Dangote Refinery Hikes Petrol Price

Published

6 days ago

April 29, 2026

Editor

Dangote Refinery has increased the ex-depot price of petrol by N75.

The refinery announced the increase on Wednesday, hiking the the price from N1,200 to N1,275 per litre.
In the same way, coastal prices have gone up to N1,215 per litre.

This adjustment amid Brent crude trading at $114.80 per barrel marks a 3.15% increase.

DAILY POST reports that Brent crude has increased to $115 per barrel, while West Texas Intermediate rose to $103 per barrel on Wednesday.