Oil workers
Oil workers

CAPITAL Oil and Gas has
announced plans to load about
13 million litres of product,
approximately 400 trucks of
petroleum products, to ease the
scarcity being experienced in the
This was disclosed in a
statement yesterday by the
Managing Director/CEO, Capital
Oil and Gas, Dr. Patrick Ifeanyi
Ubah. He said that its facility
has the capacity to load over 13
million litres of product before
He said that this comes to
approximately 400 trucks of
petroleum products, noting that
with this, our citizens will begin
to smile, return to normal family
and work life.
He called on other petroleum
marketers to follow suit and save
Capital Market
which accounted for 6.7 percent
and telecommunication 8.7 percent
while entertainment accounted for
1.2 percent of the GDP.
The BoI boss also noted that the
weakening contribution of the oil
sector since June 2014 was a major
setback to the overall growth of
the nation’s economy as oil prices
dropped sharply to $52 per barrel
while production remained on an
average of 1.9m barrel per day,
As a result of the drop in oil
production, he said, the Central
Bank of Nigeria, CBN, took a
decisive to devalue the Naira
by 8 percent from N155 to N168
to a dollar, thus pushing the
benchmark interest rate upwards
by 1 percent to 13 percent in order
the nation from the impending
economic and social crisis.
According to him, “We are
constrained at this point and
have decided that two wrongs
cannot make a right. We will not
be part of this sabotage against
our fatherland. Therefore from
this minute, we shall take the
risk of opening our facilities
and commence swift loading
and distribution of products
As we brief you this moment,
our truck park, port reception
facilities and our depot complex
have been ordered opened. We are
ordering and resuming discharge
of products from vessels at our
berths. We have ordered our
trucks to commence loading of
products and move overnight to
every state of the Federation.
“This is a period that requires
patriotism and service to fatherland. Let’s join hands
to help our fellow citizens
and save Nigeria. We also call
on striking bodies to call off
the strike action. Let us work
together for the betterment of
our people.
“On Saturday 16th May 2015,
we received an SMS ordering
the suspension of loading
activities in all depots from
Monday 18th May 2015. We
later realized that this directive
was as a result of unpaid funds
owed to transporters by oil
marketers who in turn are owed
by the Federal Government.
This development has resulted
in immense hardship to our
fellow country men and women.
We believe that a better solution
can be pursued towards solving
this problem in a way that does
not adversely affect our dear
“Capital Oil and Gas has
watched with so much pain, the
suffering and hardship our citizens
have been subjected to as a result
of scarcity of petrol, diesel, aviation
fuel and house hold kerosene.
We are deeply pained to hear
that hospitals cannot perform
surgeries, laboratories are unable
to carry out much needed tests
especially for emergency patients
leaving such patients at risk of
dying, radio stations are shutting
down, communication is being
affected as MTN and other
telecommunications company
have announced an impending
shut down while homes, offices
and key facilities nationwide are
experiencing blackouts.
“In some parts of the country,
petrol is already selling at an alltime
high of N1,000 per litre. Our
citizens have left their homes and
are now sleeping in fuel stations,
facing the risk of robbery attacks
and other attendant risk.

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