Fuel Scarcity Update: Latest News On Petrol Price Hikes As Of November 4, 2024

Fuel Scarcity Update: Latest News On Petrol Price Hikes As Of November 4, 2024As Nigerians 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 reactions from the government and citizens.

Fuel Price Increase: Frustration as Petrol Stations Exploit Consumers

With petrol prices soaring, many filling stations in Nigeria are reportedly engaging in under-dispensing by tampering with pump meters, causing customers to pay more for less fuel. This manipulation, which predates the latest price increases, exacerbates the financial strain on Nigerians already facing high living costs.

The official petrol price now stands at N1,030 per liter, while independent marketers charge between N1,200 and N1,300, depending on the region. Since October, the price of petrol has risen three times, significantly affecting the cost of living. Many Nigerians have voiced their frustrations, particularly about filling stations outside major towns that are seen as the worst offenders, adjusting their pumps to deliver less fuel.

Recent checks by Sunday Vanguard indicate that the multiplier effects of these price hikes have been intensified by the exploitation at petrol stations. Many consumers lack trust in filling stations, suspecting that some have altered their meters to cheat customers, leading to widespread discontent and prompting some to adopt strategies to avoid being shortchanged.

NSCDC Arrests Tanker Driver for Fuel Diversion

The Osun State Command of the Nigeria Security and Civil Defence Corps (NSCDC) has arrested a tanker driver for allegedly diverting fuel meant for the NNPC mega station in Osogbo. The suspect, 47-year-old Afeez Adegbola, was caught attempting to offload the fuel into the tank of an independent filling station outside the state capital. Initially loaded with 40,000 liters for delivery, Adegbola reportedly delivered only 30,000 liters to the NNPC station, diverting the remaining 10,000 liters.

The NSCDC stated that this arrest underscores its commitment to combatting fuel diversion and hoarding, which contribute to artificial fuel shortages.

Dangote Refinery Denies Claims of High Petrol Prices

Dangote Refinery has refuted claims that it is selling Premium Motor Spirit (PMS), or petrol, at prices of N1,015 and N1,028 per liter, labeling the allegations as false. Oil marketers had suggested that these prices would make it more feasible to import petrol from the international market, where the landing cost was reported at N978.01 per liter as of October 31, 2024.

Marketers are considering importing petrol and selling it at lower prices than those set by Dangote and NNPC. According to data from the Major Oil Marketers Association of Nigeria, the landing costs for diesel and aviation fuel were N1,069.97 and N1,119.67 per liter, respectively, representing the unit prices of imported fuels upon arrival in Nigeria.

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