Fuel Scarcity And Latest Petrol Price Hike News For October 31, 2024

Fuel Scarcity And Latest Petrol Price Hike News For October 31, 2024As Nigerians continue to express frustration over the recent fuel price hikes by the Nigerian National Petroleum Company (NNPC) Limited, Naija News provides the latest updates on petrol scarcity, price increases, and government and citizen reactions.

Dangote: Fuel Queues Will Disappear with Local Supply

Aliko Dangote, President of the Dangote Refinery, has stated that fuel queues will vanish across Nigeria when oil marketers begin sourcing fuel from his refinery. Following a meeting with President Bola Ahmed Tinubu, Dangote asserted that his refinery can solve the ongoing fuel queue problem.

He urged NNPC and marketers nationwide to cease fuel imports, claiming that at full capacity, his refinery can meet national consumption needs. “Our estimated daily consumption is about 30-32 million liters, which we can start producing as early as next week,” he said. “Currently, we have 500 million liters in storage, enough to supply the country for over 12 days without any new production or imports.”

NNPC Addresses Fuel Price Increase Speculation

The NNPC has denied rumors of an impending increase in Premium Motor Spirit (PMS) prices at its retail outlets. Olufemi Soneye, spokesperson for NNPC, stated in an interview that he is not aware of any hike in fuel prices, countering speculation that the cost per liter had risen from ₦1,030 to ₦1,060 in Abuja. “There is no increase in gasoline price that I am aware of,” he affirmed.

Chinedu Ukadike, spokesperson for the Independent Petroleum Marketers Association of Nigeria (IPMAN), supported this claim, noting that the NNPC’s ex-depot price remains stable. “For independent marketers, we have experienced a fresh price hike as of now. NNPC still sells to us at the same price,” he explained, with Port Harcourt prices at ₦1,040 per liter and Abuja and Lagos around ₦990.

President Tinubu’s Meeting with Dangote and Stakeholders

On Tuesday, President Bola Tinubu met with the Implementation Committee on Naira-based sales of crude oil at the Aso Rock Villa in Abuja. Attendees included Aliko Dangote, Minister of Finance Wale Edun, and other government officials and stakeholders.

During the meeting, Tinubu tasked the committee with addressing any challenges related to the implementation of the Naira-based sales policy. He emphasized that Nigeria would not revert to previous practices in the oil sector. Presidential spokesperson Bayo Onanuga reported that Tinubu highlighted the adoption of Naira for crude oil sales to eliminate exchange rate issues.

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