Latest Fuel Price Hike And Shortage News For November 20, 2024

Latest Fuel Price Hike And Shortage News For November 20, 2024As Nigerians continue to voice their frustrations over the recent increase in fuel prices by the Nigerian National Petroleum Company Limited (NNPCL), Naija News provides the latest updates on the ongoing petrol scarcity, fuel price hikes, and reactions from both the government and citizens.....KINDLY READ THE FULL STORY HERE▶

NBS Reports Sharp Rise in Petrol Prices for October 2024

The National Bureau of Statistics (NBS) has revealed that the average retail price of Premium Motor Spirit (petrol) in October 2024 reached N1,184.83 per litre. This represents an 87.88% increase compared to the N630.63 per litre recorded in October 2023.

On a month-to-month basis, the report shows a 14.98% increase from September 2024, where the average price stood at N1,030.46.

Regionally, Ebonyi State recorded the highest petrol price at N1,292.86 per litre, followed closely by Jigawa at N1,288.18 and Borno at N1,283.79. Conversely, Delta, Nasarawa, and Lagos States reported the lowest prices, with averages of N1,050.00, N1,063.68, and N1,080.95 respectively.

The South East Zone also had the highest regional price at N1,256.76, while the North-Central Zone recorded the lowest at N1,132.94.

NNPCL Addresses Delays in Port Harcourt Refinery Rehabilitation

The Nigerian National Petroleum Corporation Limited (NNPCL) has explained the delay in completing the rehabilitation of the Port Harcourt Refinery, which missed its September 2024 completion deadline.

In a recent interview with Punch, NNPCL’s Chief Corporate Communications Officer, Olufemi Soneye, attributed the delay to unforeseen risks and challenges faced during the rehabilitation of the brownfield project. While mechanical completion was achieved months ago, Soneye clarified that the commissioning of critical equipment and process units had been delayed due to the complexities of brownfield projects. However, he reassured that these issues have now been resolved.

Dangote Refinery Seeks Funding to Boost Production and Crude Supply

The Dangote Petroleum Refinery is actively seeking financial support to secure billions of dollars to import crude oil and increase production capacity. Despite a recent naira-for-crude agreement facilitating the supply of four cargoes, the refinery still needs substantial funding to operate at full capacity.

According to a report by Financial Times, Dangote Group Chairman Aliko Dangote is in talks with commercial banks, development lenders, oil traders, and other stakeholders to raise funds. Insiders estimate that about $2 billion will be needed every 90 days to sustain a supply of 300,000 barrels per day (bpd) at the refinery.

The Dangote Refinery, with a maximum capacity of 650,000 bpd, is also negotiating with crude oil producers from regions such as the U.S., Brazil, Libya, and Angola to secure additional supplies. In a significant development, the refinery recently signed an off-take agreement with the Independent Petroleum Marketers Association of Nigeria (IPMAN) to distribute refined products, including petrol and diesel, directly from the plant.

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