Latest Petrol Price Hike News, Update On Fuel Scarcity For November 1st, 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.

Organised Labour has raised concerns over the recent hike in petrol prices, cautioning the Federal Government against potential public unrest as Nigerians grapple with rising living costs.

Speaking on Wednesday, Labour leaders warned that the ongoing increases in fuel prices are “pushing Nigerians to the limit,” and urged the government to heed the silent frustration permeating the nation.

According to a Labour representative present at an October 16 meeting with government officials, the continuous price hikes have created an atmosphere of “excruciating hardship and misery.”

In a stark metaphor, the representative added, “Even a goat can bite when pushed to the wall,” underscoring the potential for civil discontent if relief is not provided.

Meanwhile, the Chemical and Non-Metallic Products Employers’ Federation (CANMPEF) noted that the subsidy removal, which led to increased petrol prices, has intensified transportation and production costs, significantly reducing household incomes and consumer purchasing power.

Labour’s concerns were echoed by the Independent Petroleum Marketers Association of Nigeria (IPMAN), which reported challenges in accessing petrol from the Dangote Refinery.

Oil marketers have renewed their interest in purchasing refined petroleum products from the Dangote Petroleum Refinery, a $20 billion facility, following a recent statement by Aliko Dangote, President of Dangote Group.

Naijaonpoint reports that Dangote had highlighted that despite the refinery’s production, oil marketers and the Nigerian National Petroleum Company Limited (NNPCL) were continuing to import fuel rather than sourcing it locally.

Expressing his concerns after a meeting with President Bola Tinubu, Dangote called on NNPCL and marketers to stop importing and start purchasing directly from his refinery. “We have the products they need,” he emphasized, urging them to step forward.

In response, representatives from the Petroleum Retail Outlet Owners Association of Nigeria (PETROAN) and the Independent Petroleum Marketers Association of Nigeria (IPMAN) have stated their willingness to purchase directly from Dangote’s refinery.

PETROAN President, Billy Gillis-Harry, mentioned that the association had reached out to the refinery, seeking a business meeting to establish buying terms and logistics.

The Nigerian National Petroleum Company Limited (NNPCL) has adjusted the price of Premium Motor Spirit (PMS), commonly known as petrol, to ₦1,025 per litre in Lagos and ₦1,060 per litre in Abuja.

This marks the third price adjustment within two months.

The latest price hike comes as Nigeria’s Bonny Light crude fell from $75 to $72 per barrel, falling short of the 2024 budget benchmark of $77.96 per barrel by 8.2 percent.

This shift in crude pricing has contributed to further increases in the pump price of petrol as the country continues to adapt to the deregulation policy implemented by the Federal Government.

In response, filling stations across Lagos swiftly adjusted their prices, with motorists rushing to outlets yet to implement the new rates.

In Abuja, many major marketers paused operations briefly to update their meters, while independent outlets like Ardova Plc continued selling at the previous price of N1,125 per litre.

NNPCL raised the pump price from ₦897 to ₦1,030 earlier this month following the government’s deregulation measures.