Latest Petrol Price Hike News, Update On Fuel Scarcity For December 1st, 2024

As Nigerians continue to groan over the increase in fuel prices by the Nigerian National Petroleum Company (NNPC) Limited, Naijaonpoint brings you the latest update on petrol scarcity, fuel price increase and Govt/citizens’ reactions.

The Petroleum Products Retail Outlet Owners Association of Nigeria (PETROAN) has announced that the Nigerian National Petroleum Company Limited (NNPCL) has reduced the price of Premium Motor Spirit (PMS) for marketers from ₦1,045 to ₦1,030 per litre.

This development was revealed by PETROAN’s National President, Dr. Billy Harry, during a strategic meeting and award presentation held in Abuja.

“Today, NNPCL has reduced their price to ₦1,030,” Dr. Harry stated, while expressing optimism for further reductions.

“We are still hoping and pushing that it will come down even lower,” he added.

Dr. Harry highlighted the competitive pricing in the market, noting that Dangote Refinery and Petrochemicals sells petrol to marketers at ₦970 per litre.

However, Dangote enforces a minimum purchase limit of two million litres, whereas NNPCL does not impose such restrictions, allowing marketers greater flexibility.

Despite NNPCL’s higher price, Harry explained that its lack of volume restrictions facilitates quicker turnover for marketers.

The Petroleum Products Retail Outlet Owners Association of Nigeria (PETROAN) has disclosed that petrol from the recently refurbished Port Harcourt Refinery will sell at ₦1,030 per litre.

According to a statement released Thursday night by PETROAN spokesman Joseph Obele, the Nigerian National Petroleum Company Limited (NNPCL) officially communicated the price to the association, confirming the refinery’s operational status.

“NNPC Retail Ltd has officially announced the PMS price at the Port Harcourt refinery as ₦1,030 per litre. It was also communicated to PETROAN that the product request portal was open for booking/request.” Obele said.

Obele noted that PETROAN’s strategic pricing team is currently analyzing the most favourable pricing options for its members and expressed openness to sourcing products from all refineries in Nigeria.

“We are open to patronizing all the refineries in Nigeria,” he added.

PETROAN has called on NNPC Retail to reduce the price further to ease Nigerians’ financial burden during the festive season.