Latest Petrol Price Hike News, Update On Fuel Scarcity For November 13th, 2024

As Nigerians continue to groan over the recent 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.

Oil marketers in the country have demanded a reduction in the price of petrol coming from Dangote Refinery.

According to the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), the cost of production is now less than ₦600, so petrol from Dangote Refinery should also reflect the new price.

Speaking on Tuesday during a broadcast by Nigeria Info FM 99.3, the spokesperson for PETROAN, Joseph Obele, explained that the reduction in the cost of production is a result of the crude for Naira concession given to Dangote Refinery by the Federal Government.

He, therefore, insisted that it is wrong for Dangote Refinery to insist its products will be sold at the prevailing international market price when they enjoy so much concessions from the government.

Dr Obele said the refinery should consider reducing its price in line with the new cost of production in order to ease the current hardships in Nigeria.

The Dangote Refinery management is preparing for discussions with the Petroleum Products Retail Outlet Owners Association of Nigeria (PETROAN) to explore a direct fuel supply partnership.

Naijaonpoint reports that this development follows the Independent Petroleum Marketers Association of Nigeria’s (IPMAN) announcement of a direct purchase agreement with Dangote Refinery, eliminating intermediaries in the process.

Speaking on Tuesday, PETROAN’s Publicity Secretary, Joseph Obele, confirmed that Dangote Refinery had recently emailed PETROAN President, Dr. Billy Harry, proposing a meeting to solidify business arrangements in the coming days.

Dr. Harry has since established a seven-member delegation, headed by himself, to represent PETROAN at this meeting.

Obele said, “The Head of Commercial at Dangote Refinery has sent an email to the National President of PETROAN, Dr. Billy Harry, regarding an upcoming strategic business meeting.

“At this proposed meeting, PETROAN’s primary objective will be to ensure affordable, high-quality products for consumers while adhering to all regulatory standards and industry best practices.”

There are indications that the price of fuel may drop following an agreement between Independent Petroleum Marketers Association of Nigeria (IPMAN) and the Dangote Petroleum Refinery.

The agreement allows IPMAN to lift products directly from the Refinery.

This, according to the Association, will ensure the availability of petroleum to Nigerians at a cheaper rate.

IPMAN’s National President, Abubakar Garima, announced this at a press briefing on Monday in Abuja, following a meeting of the National Working Committee of the association.

He explained that Dangote refinery had obliged IPMAN to lift PMS, AGO and DPK directly for onward supply to IPMAN depots and retail outlets. This new arrangement with the Dangote refinery would ensure a steady and ceaseless supply of PMS products all over Nigeria at an affordable rate.