Latest Petrol Price Hike News, Update On Fuel Scarcity For Oct. 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 National Bureau of Statistics (NBS) has reported a significant rise in the average retail price of Premium Motor Spirit (PMS), commonly known as petrol, which surged to ₦1,030.46 per litre in September 2024.

In its publication, titled ‘Premium Motor Spirit (Petrol) Price Watch (September 2024)’, released on October 17, the NBS noted a 64.5 percent increase from the ₦626.21 recorded in September 2023.

The report also highlighted a 24.08% jump from August 2024, where the price averaged ₦830.46 per litre.

In the state-by-state analysis, Katsina led with the highest average retail price at ₦1,096.15, followed by Ebonyi (₦1,090.94) and Akwa Ibom (₦1,085.71).

On the lower end, Yobe, Sokoto, and Kebbi states recorded the lowest prices, at ₦939.38, ₦961.67, and ₦986.67, respectively.

Regionally, the North-West Zone had the highest average price at ₦1,036.52, while the North-East Zone posted the lowest at ₦1,014.55.

This increase follows an earlier move by the Nigerian National Petroleum Company (NNPC) on October 9, where petrol prices were raised to ₦998 per litre in Lagos and ₦1,003 per litre in Abuja.

The Nigeria Labour Congress (NLC) criticized the hike, calling it harmful to the recently approved ₦70,000 minimum wage.

The Minister of State for Labour and Employment, Nkeiruka Onyejeocha, has defended the decision of President Bola Tinubu’s administration to halt subsidy payments for fuel, asserting that it is in the best interest of Nigerians.

Speaking on Thursday in her hometown of Isuochi, Umunneochi Local Government Area of Abia State, Onyejeocha stated that the Federal Government could no longer afford to pay for services that were not rendered.

She highlighted that the Nigerian National Petroleum Company Limited (NNPCL) did not contribute any funds to the national budget for 2024, reinforcing her argument for the subsidy’s removal.

“Nigerians will soon reap the benefits of the fuel subsidy removal, despite the present economic challenges,” she noted.

Onyejeocha also emphasized the ongoing dialogue between the Federal Government and organized labour to avert potential strikes, expressing optimism that the discussions would yield satisfactory results for all parties involved.

The federal government of Nigeria has declared a total end to the regime of fuel and foreign exchange subsidies in the country.

According to the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, who made the declaration during the presentation of the Nigeria Development Update by the World Bank in Abuja on Thursday, October 17, both subsidies have been extinguished.

Edun revealed that the subsidy removal was necessary because it was costing the country too much and had become unsustainable.

According to him, these subsidies had drained the country’s economy, costing over N10 trillion, which amounts to five percent of Nigeria’s Gross Domestic Product (GDP).

He commended the administration of President Bola Tinubu for ending the subsidy regime, which had lingered for over 40 years.

The Minister acknowledged the difficulties and pain that come with such bold reforms the Tinubu administration is embarking upon, but emphasized the benefits that would accrue to the country over the long run.