Fuel Scarcity Deepens As Petrol Prices Surge: Latest Update For November 15, 2024

Fuel Scarcity Deepens As Petrol Prices Surge: Latest Update For November 15, 2024As Nigerians continue to feel the effects of recent fuel price hikes implemented by the Nigerian National Petroleum Company (NNPC) Limited, the country is grappling with petrol scarcity and widespread discontent. Below is the latest update on fuel prices, the ongoing scarcity, and reactions from both the government and the public.....KINDLY READ THE FULL STORY HERE▶

NNPC Achieves 1.8mbpd Production, Aims for 2mbpd by Year-End

The Nigerian National Petroleum Company Limited (NNPCL) has reported a significant increase in crude oil and gas production, with daily output reaching 1.8 million barrels per day (mbpd) and 7.4 standard cubic feet per day (scfd), respectively. This achievement aligns with President Bola Tinubu’s mandate to boost production.

During a press briefing on Thursday, NNPC’s Group Chief Executive Officer, Mele Kyari, commended the efforts of the Production War Room Team for its role in driving the recovery and growth in production. Kyari highlighted the team’s success in reaching the short- and long-term production targets set by the government and shareholders.

Lawal Musa, the Chief War Room Coordinator, credited the success to collaborative efforts with Joint Venture and Production Sharing Contract partners, as well as government and private security agencies, which have helped stabilize the production process.

NNPC Signs Gas Supply Agreement with Dangote Refinery

In a separate development, the Nigerian National Petroleum Company Gas Marketing Limited (NGML) has entered into a Gas Sale and Purchase Agreement with Dangote Petroleum Refinery and Petrochemicals in Lagos. The agreement, signed on Tuesday at Dangote Group’s corporate headquarters, aims to provide a steady supply of natural gas to the refinery for power generation and feedstock.

The deal was officially signed by Justin Ezeala, Managing Director of NGML, and Aliko Dangote, President and CEO of the Dangote Group. This partnership is part of President Tinubu’s policy to harness Nigeria’s vast gas resources to stimulate industrial growth and economic prosperity.

Under the agreement, NGML will supply 100 million standard cubic feet of gas per day to Dangote Refinery for an initial period of 10 years, with options for renewal and expansion.

Ogun Government Responds to IPMAN Harassment Claims and Fuel Meter Tampering

Meanwhile, the Ogun State Government has addressed accusations of harassment made by the Independent Petroleum Marketers Association of Nigeria (IPMAN). The state’s Commissioner for Transportation, Olugbenga Dairo, refuted the claims, stating that a special task force had been set up to address fuel meter tampering and other unethical practices in the petroleum sector.

The government’s intervention follows growing concerns over fuel price manipulation and rising transportation costs. According to Dairo, the task force has identified several irregularities, including tampered dispensers at some filling stations. A review of stations like Bugatee Filling Station in Idi-Aba revealed discrepancies, such as a shortage of 0.71 litres per 10-litre purchase, resulting in losses of around ₦700 per transaction.

In response to these findings, the Ogun State Government has committed to enforcing regulations to ensure fair practices within the petroleum sector and curb fraudulent activities that exploit consumers.

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