Fuel Scarcity: Petrol Prices Surge Again, Impacting Nigerian Consumers – November 26, 2024

Fuel Scarcity: Petrol Prices Surge Again, Impacting Nigerian Consumers – November 26, 2024As Nigerians continue to express frustration over the recent hike in fuel prices by the Nigerian National Petroleum Corporation (NNPC) Limited, Naija News provides the latest updates on fuel scarcity, price increases, and reactions from both the government and citizens.....KINDLY READ THE FULL STORY HERE▶

Dangote Refinery Announces Fuel Price Reduction

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has welcomed the recent price reduction for petroleum products purchased from the Dangote Refinery, calling it a positive development for the competitive market.

Naija News reports that Dangote Petroleum Refinery announced a decrease in the price of Premium Motor Spirit (PMS), or petrol, to ₦970 per litre for oil marketers, effective Sunday. This reduction represents a ₦20 drop from the refinery’s previous ex-depot price of ₦990 per litre, which was set earlier this month.

In a statement, Anthony Chiejina, the Chief Branding and Communications Officer for Dangote Petroleum Refinery, described the price cut as a gesture of gratitude to Nigerians for their unwavering support in realizing the vision of the refinery.

Clarifying the Discrepancy in Crude Oil Production Figures

The Nigerian National Petroleum Company Limited (NNPCL) has addressed the apparent discrepancy between its reported crude oil production figures and those published by the Nigerian Upstream Petroleum Regulatory Company (NUPRC).

In a statement released on Monday by the company’s Chief Corporate Communications Officer, Olufemi Soneye, NNPCL explained that the different timeframes used by both organizations to compute the data led to the confusion.

Soneye clarified that while NUPRC’s figure of 1.54 million barrels per day (bpd) for September was the average production for that month, NNPCL’s figure of 1.8 million bpd for November represented the peak production for October 2024. He emphasized that there is no discrepancy between the two organizations’ figures, as the figures were based on different reporting periods.

The clarification comes after reports raised concerns over the variance in production data from both bodies, which had caused confusion in some media circles.

For more information on this article and other related posts from Bushradiogist, please join our WhatsApp channel by clicking this link https://whatsapp.com/channel/0029VaUumOODTkK7AZL1Fw3o. For advertisement inquiries only, kindly send a message to 090 1907 0863 on WhatsApp.