…Product sells above N900/ltr

By Sodiq Adelakun

Lagos commuters faced a difficult Monday as the lingering petrol scarcity continued to bite, leaving many stranded at bus stops across the city.

The crisis deepened as motorists scrambled to fill-up at dispensing stations, leading to a hike in fares.

With many filling stations shut and others selling the scarce commodity at exorbitant prices, tricycles and buses – the lifeline for daily commutes – were scarce, struggling to access fuel.

Some motorists revealed to NewsDirect that they purchased petrol at N900 and N1,000 per litre at filling stations, while roadside dealers sold the product for as high as N1,200 and N1,300 per litre.

The situation worsened as many filling stations stopped selling fuel altogether, exacerbating the woes of commuters who were forced to pay inflated fares or trek long distances to their destinations.

In most of the bus stops visited by NewsDirect on Monday, survival of the fittest was the prevailing philosophy as hordes of commuters were seen running after a few commercial buses.

However, chaos erupted at bus stops across Lagos on Monday as observed by our correspondent when desperate commuters scrambled to secure a spot on the few available commercial buses.

The transportation system has been thrown into disarray, leaving many wondering when the situation will improve.

Recall the crisis began after President Bola Tinubu announced the end of the petrol subsidy regime on May 29, 2023, aiming to allow market forces to determine pump prices, boost government revenue, and reduce disruptions in the value chain.

However, the move has triggered severe petrol scarcity, leading to a hike in fares across Lagos.

Commuters are feeling the pinch, with fares skyrocketing by as much as 50 percent.

For example, the journey from Kola roundabout to Agege, which previously cost N400 or N300, now costs N800. Similarly, the trip from Agege to Alausa in Ikeja has increased from N300 to N400.

According to one of the commuters, Temitope, he said, “Oh my goodness, I can totally relate to this! I was at the bus stop yesterday and it was like a war zone! People were pushing and shoving, trying to get on the few buses available.

“I was lucky to get on one, but I had to pay N800 for a journey that normally costs N400! It’s like they’re taking advantage of our desperation. And to think it’s all because of the petrol scarcity caused by the removal of the subsidy.

“I understand the government’s intention, but they should have had a better plan in place to mitigate the effects on commuters like us. This is really tough, and I hope they find a solution soon!”

Also, a female marketer, Promise, has lamented the devastating impact of the ongoing petrol scarcity on her business, echoing the plight of many others in the sector.

She said, “This petrol scarcity is affecting my business so much! I sell perishable goods at the market, and I need to transport them daily from one place to another.

“But with this scarcity, the few buses available are hiking their fares and it’s eating into my profit. I used to pay N400 or N300 from Kola roundabout to Agege, but now they’re asking for N800! And from Agege to Alausa, it’s now N400 instead of N300.

“How am I supposed to make a living like this? The government should do something to help us, we’re suffering! I’m a widow with three children to feed, and this is really affecting my family. Please, something needs to be done urgently!”

…Urges FG to follow suit

By Elvis Omoregie, Benin

The Edo State governor, Mr. Godwin Obaseki has announced a 90 percent increase in workers salary, instead of N40,000 the least worker in the state will now go home with N70,000 as a result of the increment effective May 1.

He disclosed this on Monday during the Commissioning of the newly built Labour House, an edifice that would house the Nigeria Labour Congress (NLC) and Trade Union Congress (TUC)  secretariat in Edo State

The Governor said workers have continued to be challenged due to devaluation and inflation which, according to him, has made the workers wages insignificant.

Obaseki also urged the Federal government to increase workers salaries more than what his administration was offering and vowed to also adjust the State workforce wage.

According to him, “I am one of those governors advocating that we must adjust the minimum wage of workers in Nigeria.”

Obaseki also put aside partisan politics and named the edifice after  his predecessor, Senator Adams Oshiomhole.

The Governor was joined in the exercise by Comrade Joe Ajero and Festus Uwaifo, National presidents of Nigeria Labour Congress (NLC) and Trade Union Congress (TUC) respectively.

The Naira on Monday gained 5.93 percent on the parallel market, popularly called the black market.

The local currency exchanged with the US dollar at the rate of N1,350 on Monday, as against N1,430 exchanged on Friday on the black market.

According to currency traders, the naira appreciation followed a moderation in the demand for the greenback, which was scarce on Friday due to scarcity of dollars.

At the Nigerian Autonomous Foreign Exchange Market (NAFEM), the naira depreciated by 2.24 percent as the dollar was quoted at N1,339.23 on Friday compared to N1,309.88/$1 quoted on Thursday last week, according the data released by the FMDQ Securities Exchange.

The intraday high closed at N1,410 per dollar on Friday, stronger than N1,435 closed on Thursday. The intraday low also appreciated to N1,051 per dollar on Friday, from the low of N1,100/$1 quoted on the spot trading on Thursday.

Dollar supplied by the willing buyers and willing sellers declined marginally by 2.85 percent to $309.01 million on Friday from $318.08 million recorded on Thursday.