Latest Petrol Price Hike News, Update On Fuel Scarcity For November 19th, 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.

The deregulation of Nigeria’s downstream oil sector has triggered a gradual reduction in petrol prices, according to the Independent Petroleum Marketers Association of Nigeria (IPMAN) and major oil marketers.

Naijaonpoint understands that competition among oil marketers, fueled by deregulation, has started lowering pump prices.

This development comes as the Nigerian National Petroleum Company Limited (NNPCL) and other operators imported over 2 billion litres of Premium Motor Spirit (PMS) within 42 days.

Speaking to The PUNCH, IPMAN National Publicity Secretary, Chinedu Ukadike, explained that the recent agreement between IPMAN and Dangote Petroleum Refinery is playing a significant role in reducing petrol costs.

The Dangote Petroleum Refinery has entered an agreement with the Independent Petroleum Marketers Association of Nigeria (IPMAN) to supply 60 million litres of Premium Motor Spirit (PMS), commonly known as petrol, weekly.

Naijaonpoint understands that this arrangement equates to a total supply of 240 million litres per month.

According to IPMAN, the refinery’s offer to provide 60 million litres weekly will depend on the association’s demand and patronage.

The $20 billion Lekki-based refinery is also reportedly seeking to raise substantial funds to facilitate crude oil imports and expand its production capacity.

In addition, oil marketers noted on Sunday that petrol prices have begun to decline due to increased competition following the deregulation of the sector.

This comes as the Nigerian National Petroleum Company Limited (NNPCL) and other marketers imported over two billion litres of PMS within a span of 42 days.

Organised Labour has called on President Bola Ahmed Tinubu to reverse policies on the floating of the national currency and rising energy costs, citing the need to reduce the economic hardship faced by Nigerians and businesses.

Naijaonpoint reports that the appeal was made in Ibadan, Oyo State, during the 6th Quadrennial and 13th National Delegates Conference of the National Union of Shop and Distributive Employees (NUSDE).

Speaking at the event, NUSDE President, Aminu Megbontowon, highlighted the significant challenges posed by the current economic policies.

“Nigerian workers and businesses are experiencing tough times due to some of the policies implemented by this government. The high cost of energy has severely impacted production, services, and workers’ welfare,” he stated.

Megbontowon criticized the soaring prices of petroleum products, which now exceed N1,000 per liter, and the increased electricity tariffs, which have risen from N68 to N227.

He emphasized that these costs are unsustainable for an oil-producing nation like Nigeria, especially when the purchasing power of its citizens remains alarmingly low.