Business
Fuel Queues Emerge in Abuja as Depot Prices Rise to N710/litre
Queues for Premium Motor Spirit (PMS), commonly known as petrol, emerged in Abuja and parts of Niger and Nasarawa States on Friday. This development followed the closure of numerous filling stations run by independent marketers, who cited an inability to access petrol due to a hike in the ex-depot price to N710/litre set by private depot owners.
Motorists flocked to the few stations dispensing petrol, particularly those operated by the Nigerian National Petroleum Company Limited (NNPC) and some major oil marketers. This led to long queues at outlets like the NNPC mega station on the Gwarimpa axis of the Zuba-Kubwa Expressway, Conoil and Total filling stations near the NNPC headquarters in Abuja, and Salbas filling station at the Dei-Dei end of the Zuba-Kubwa expressway.
Abubakar Maigandi, National President of the Independent Petroleum Marketers Association of Nigeria (IPMAN), stated that private depot owners had increased the ex-depot price to N710/litre, while NNPC retail stations maintained a pump price of N617/litre.
Maigandi explained that independent marketers were unable to sell at competitive prices after purchasing from private depots and incurring additional transportation costs, leading to higher pump prices compared to NNPC outlets. He noted that the extensive network of IPMAN-operated stations exacerbates fuel queues when supply issues arise.
Despite these challenges, officials at the Federal Ministry of Petroleum Resources assured that there was sufficient product available in the country and attributed the queues to market dynamics in the deregulated downstream oil sector.
Business
Iceland Demands Supermarket Rivals Stop Selling Prawn Rings
Supermarket chain Iceland has filed a trademark application for its well-known “King Prawn Rings,” urging rival supermarkets to stop selling similar products. Iceland, headquartered in Flintshire, claims it has faced increasing imitation since introducing its prawn rings in 1991.
In a bold open letter shared on social media platform X (formerly Twitter), Iceland called out major competitors Aldi, Tesco, Lidl, and Asda, accusing them of selling “copy crustaceans.” The letter cheekily asserted, “The King Prawn Ring is ours, and we won’t be letting you off the hook.”
Lidl humorously responded, “Here was us thinking it was a classic 1970s party dish.”
Iceland’s letter, signed by “Iceland Foods,” warned other retailers to cease selling prawn rings, especially ahead of Christmas. The chain emphasized its intent to pursue legal action if competitors don’t comply, declaring, “Our lawyers are more than ready to dive into legal waters.”
The prawn ring battle has sparked social media buzz, with consumers eagerly watching how rival supermarkets will respond to Iceland’s trademark claim.
Business
Boeing Workers Reject Latest Pay Offer Despite 30% Rise, Union Says
The union representing striking Boeing workers has stated that its members are not interested in the company’s latest pay proposal, which includes a 30% raise over four years. According to the International Association of Machinists and Aerospace Workers (IAM), a survey revealed overwhelming dissatisfaction with the offer, labeling it as “inadequate.”
This rejection follows Boeing’s new “best and final” offer, which also included a performance bonus reinstatement, improved retirement benefits, and a one-time $6,000 signing bonus. The company set a deadline for the deal to be ratified by union members by midnight on September 27.
However, IAM criticized Boeing for sending the offer directly to workers and the media without consulting union leaders and stated that the time frame was insufficient to organize a proper vote. Boeing has denied the union’s claims and said it would allow more time and provide support to facilitate the vote.
Business
China Unveils Bold Measures to Revive Economy Amid Growth Concerns
China’s central bank, the People’s Bank of China (PBOC), has launched a significant package of measures aimed at revitalizing its struggling economy. PBOC Governor Pan Gongsheng announced plans to lower borrowing costs and allow banks to expand lending to stimulate economic activity.
With recent economic data raising concerns that China may miss its 5% growth target this year, the central bank will cut the reserve requirement ratio (RRR)—the amount of cash banks must hold in reserve—by half a percentage point, releasing around 1 trillion yuan ($142 billion) into the economy. Additional cuts may follow later in the year.
The package also addresses China’s property market crisis by cutting interest rates for existing mortgages and reducing minimum down payments for all homes to 15%.
Asian stock markets responded positively to the news, seeing a boost after Mr. Pan’s announcement, which came during a rare joint press conference with officials from two other financial regulators.
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