Fuel Scarcity Update: New Petrol Prices Announced On October 18, 2024

Fuel Scarcity Update: New Petrol Prices Announced On October 18, 2024As Nigerians express their frustration over the recent rise in fuel prices by the Nigerian National Petroleum Company (NNPC) Limited, Naija News provides updates on petrol shortages, price hikes, and reactions from both the government and the public.....KINDLY READ THE FULL STORY HERE▶

IPMAN Updates on Dangote Agreement

Abubakar Maigandi, the National President of the Independent Petroleum Marketers Association of Nigeria (IPMAN), has assured citizens that discussions with Dangote Refinery regarding direct petrol supply are progressing and nearing completion.

Maigandi confirmed that negotiations are ongoing to finalize arrangements for lifting petrol directly from the 650,000-barrel-per-day refinery. At the inauguration of a task force focused on monitoring oil theft and pipeline vandalism in Abuja, he announced that IPMAN has settled its pricing disputes with NNPC and is now concentrating on establishing a partnership with Dangote. “We are close to finalizing arrangements for direct petrol sourcing from Dangote Refinery. Our funds have been returned from NNPC, and we are negotiating with Dangote and other partners,” he stated. These discussions were initiated following an intervention by the Director-General of the Department of State Services (DSS). The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has been directed to provide IPMAN with the necessary import and off-take licenses.

Ongoing Fuel Scarcity

Fuel queues are worsening in Lagos and other states due to a significant shortage of Premium Motor Spirit (PMS), commonly known as petrol. Many filling stations have been out of fuel for weeks, leading to increased pressure on the few that remain open. This has resulted in severe traffic congestion as motorists wait in long lines for petrol.

Anonymous sources from various fuel marketers have indicated that the supply from Dangote is inadequate to meet local demand. This is consistent with earlier statements from NNPC. Since Dangote refinery began supplying PMS to domestic marketers on September 15, only 16.8 million liters have been loaded, far below the promised 25 million liters per day. One source remarked, “Dangote’s daily output is under 15 million liters, which is far below the 40 million liters needed domestically.”

NNPC Remains Sole Off-Taker

Despite recent federal government directives allowing other oil marketers to load petrol from Dangote Refinery, NNPC continues to operate as the sole off-taker of PMS from the facility. Oil marketers confirmed that NNPC will retain its exclusive status until its current agreement with Dangote concludes, though details regarding the duration of this agreement remain unclear, as neither NNPC nor Dangote refinery officials have provided specific timelines.

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