Latest Petrol Price Hike News, Update On Fuel Scarcity For November 8th, 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 Nigeria National Petroleum Company Limited (NNPCL) has said the video of dark petrol in bottles and jerrycans, reportedly bought at one of its filling stations in Keffi, Nasarawa State, was false.

The Chief Corporate Communications Officer of NNPCL, Olufemi Soneye, said its investigation showed that the petrol was not bought from any of its filling stations.

Soneye maintained that NNPCL does not sell adulterated products, as it adheres to rigorous standards and quality control measures at every stage of its operations.

The Nigerian Coalition of Civil Society Organizations (NICOCSO) has urged President Bola Tinubu’s government to investigate a reported move by a ‘powerful group’ allegedly undermining local refineries and advocating for the importation of Premium Motor Spirit (PMS).

According to NICOCSO, the group’s activities could plunge Nigeria into economic turmoil.

The group’s activities are said to be depleting Nigeria’s resources, weakening the Naira, and jeopardizing local businesses.

Naijaonpoint reports that the ongoing dependence on PMS imports limits job creation and obstructs the growth potential of the refining sector.

During a press conference held in Abuja, NICOCSO Executive, Solomon Chinemerem, demanded a thorough investigation into the group’s operations.

He also advocated for a policy that mandates the sale of Nigerian crude oil to local refineries in Naira.

Oil prices turned upward yesterday after initially dropping over $2 per barrel, despite a report of unexpected growth in U.S. crude stockpiles, as released by the Energy Information Administration (EIA).

Brent crude futures rose 38 cents, or 0.5%, reaching $75.91 per barrel, while U.S. West Texas Intermediate (WTI) crude increased by 57 cents, or 0.79%, to settle at $72.56.

According to the EIA, U.S. crude, gasoline, and distillate inventories saw a rise last week, with crude stocks up by 2.1 million barrels to 427.7 million barrels as of November 1, surpassing analysts’ expectations of a 1.1 million-barrel increase.

Initially, Donald Trump’s re-election triggered a significant sell-off, with the U.S. dollar experiencing its largest one-day gain since March 2020, pressuring oil prices downward.

John Kilduff, partner at Again Capital said, “There was an over-reaction to the election results, and that a Trump victory could have caused the U.S. industry to sort of drill itself into oblivion and cause a glut.”

However, Kilduff added that “Cooler heads have prevailed and this market has a lot of problems on its hand,” citing ongoing war in the Middle East as a supportive factor.