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UK Fuel Crisis Threatens To Disrupt Health Services And Companies

UK fuel crisis threatens to disrupt health services and companies; Brent crude hits $80 – business live

Petrol retailers have warned that ‘panic buying’ of petrol is continuing today, with some filling stations still dry and others seeing heavy queues. The chairman of the Petrol Retailers Association (PRA), Brian Madderson, told the Today Programme that social media is helping people track down where fuel is available.Madderson says:

“Disappointingly the messages I’m getting this morning from our retailers are that panic buying does continue.

One of the reasons for this is social media. As soon as the tanker arrives at a filling station people on social media are advising that a tanker has arrived and then it’s like bees to a honeypot.

“Everyone flocks there and within a few hours it is out again.”

Q: But it’s not panic buying if you have a job to do, a sick or elderly relative to care for, or must get the family shopping in, is it? That’s entirely rational.

Madderson says people are panic buying by filling their tanks to the brim. Normally, the average ‘fill’ is about £25 – but petrol stations have seen fills over £100.

Q – So why not bring in £30 limits? (as EG Group has done at its petrol stations)

Madderson says this can be confrontational for staff, who have to decide if someone has genuine need for more than £30.

Q: Have you discussed with the government the possibility of a special initiative to allow essential workers to get access to petrol? (as groups such as the British Medical Association have called for)

Madderson says that under the national emergency plan for fuel, around 50% of sites are Designated Fuel Stations (DFS) for emergency workers.

But he argues that this is also a “very complex situation” for forecourt staff, who would have to decide who is an emergency worker and who isn’t, and what sort of credentials they need to present.

It’s a last resort situation, and hopefully we’re not there yet.

Ben Riley-Smith(@benrileysmith)

This is the Government’s national emergency plan for fuel, published last year.

Lots of the levers already pulled – changes to drivers’ hours and competition rules, soldiers called.

All eyes on the second set – prioritising petrol stations for key workers, filling up cap. pic.twitter.com/H4UkGBDDjw

September 28, 2021

The government’s national emergency plan (online here) says that in the event of a severe national fuel supply shortage, emergency and critical service vehicles would be given priority access to road fuel from filling stations.

University Hospitals Birmingham’s fuel plan (online here) explains that essential users are identified by vehicle type and agency logos, while temporary logos would be available for essential health workers who don’t have a logoed vehicle, such as GPs, community nurses and midwifes.

 

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Business

NBS Says Price Of Kerosene Hit N1, 041 per Litre In October

The National Bureau of Statistics (NBS), has disclosed that the average retail price of Household Kerosene (HHK) paid by consumers in October was N1, 041.05 per litre.

The NBS stated in its “National Household Kerosene Price Watch” for October 2022 that the average price was a 9.90 per cent increase over the N947.30 per litre recorded in September 2022.

“On a year-on-year basis, the average retail price per litre of the product increased by 145.87 per cent from N423.42 recorded in October 2021.”

On state profile analysis, the report showed that the highest average price per litre of kerosene in October 2022 was recorded in Cross River at N1,304.17, followed by Enugu at N1,300.00 and Lagos at N1,294.44.

Conversely, it said the lowest price was recorded in Borno at N783.33, followed by Rivers at N804.17 and Bayelsa at N805.67.

The NBS said that analysis by zone showed that the South-East recorded the highest average retail price per litre of Kerosene at N1,191.14, followed by the South-West at N1,142.60.

It said the North-East recorded the lowest average retail price per litre of kerosene at N905.18.

The report said the average retail price per gallon of kerosene paid by consumers in October 2022 was N3,516.87, indicating an 8.67 per cent increase from N3,236.27 recorded in September 2022.

”On a year-on-year basis, the average price per gallon of kerosene increased by 126.46 per cent from N1,552.96 recorded in October 2021.”

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No Plan To Introduce N5,000 Note- CBN

The Central Bank of Nigeria (CBN) says it has no plan to introduce N5,000 denominated banknote as being speculated by some sections of the society.

Ahmed Umar, the Director, Currency Operations of CBN clarified this at a three-day workshop organised by the Nigeria Deposit Insurance Corporation (NDIC), for members of the Financial Correspondents Association of Nigeria (FICAN) and Business Editors.

The News Agency of Nigeria (NAN) reports that the workshop, which opened on Monday in Port Harcourt, has as its theme: “Building Depositors Confidence Amidst Emerging Issues and Challenges in the Banking Industry.”

Umar who spoke on the topic, “Redesign of the Naira: Benefits to the financial system and the Nigerian economy”, said the apex bank was not carrying out note restructuring.

“We are not introducing any new note because there was noise, some people have seen one N5000 note that we don’t know about,” he said.

Umar was represented by Amina Halidu-Giwa, the Head, of the Policy Development Division, Currency Operations Department of the bank.

He explained that if the apex bank wanted to carry out note restructuring, it would need to coin the lower bills, like the N100 note for example.

He also said that the apex bank had not made any provision for exchange in the redesigned note, adding that what it was printing would only replace the currencies withdrawn.

“What we are printing is going to be very limited because we want other means of settling transactions to be used.

“Because of Nigerians and cash, there seems to be a problem. And it will give us enhanced visibility and control of the currency.

“We will also be able to control the number of banknotes outside,” he said.

The News Agency of Nigeria (NAN) reports that videos of some bundles of new N5,000 notes with the name of the Central Bank of Nigeria clearly printed on them, circulated on WhatsApp immediately after the apex bank announced plans to redesign the N200, N500, and N1,000 notes in October.

(NAN)

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Business

Jaiz Bank Relocates Head Office To Abuja

Jaiz Bank Plc has relocated its Head Office to its own building, Jaiz Bank House, in Garki, Abuja.

A statement by the company on Tuesday said the movement coincides with the 10th anniversary of the bank.

The bank commenced operations in 2012, with three branches in Abuja, Kano and Kaduna.

It currently has 46 branches across Nigeria.

The statement said the new Head Office would provide the bank with more visibility, enlarged space and enhanced capacity to deliver excellent service to its stakeholders.

“The management is thankful to its esteemed customers and shareholders who have continued to support the bank all along and appreciates the hardworking staff for their dedication to duty.

“In the non-interest banking space in Nigeria, Jaiz Bank controls over 62% assets, which is supported by its robust gross income of N23.74 billion as at end of September 2022 from N18.78 billion at the end of September 2021, representing “26.34% increment.”

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