Latest News On Petrol Price Increase And Fuel Shortages For November 19, 2024

Latest News On Petrol Price Increase And Fuel Shortages For November 19, 2024As Nigerians continue to grapple with the recent fuel price hike by the Nigerian National Petroleum Corporation (NNPC) Limited, there are updates on the ongoing petrol scarcity, the price increase, and the reactions from both the government and citizens.

Petrol Prices Drop Amid Increased Competition – IPMAN

The deregulation of Nigeria’s downstream oil sector is starting to show signs of a gradual reduction in petrol prices, according to the Independent Petroleum Marketers Association of Nigeria (IPMAN) and major oil marketers. Competition among oil marketers, driven by deregulation, has begun to push pump prices down.

Reports suggest that over 2 billion litres of Premium Motor Spirit (PMS) have been imported by the Nigerian National Petroleum Corporation Limited (NNPCL) and other operators within a span of 42 days.

In an interview with The PUNCH, IPMAN’s National Publicity Secretary, Chinedu Ukadike, explained that a recent agreement between IPMAN and Dangote Petroleum Refinery is playing a key role in lowering fuel prices. This collaboration is expected to help stabilize supply and prices in the market.

Dangote Refinery and IPMAN Seal Deal for 60 Million Litres of Petrol Weekly

In a significant move to address the fuel supply challenges, Dangote Petroleum Refinery has entered into an agreement with IPMAN to supply 60 million litres of petrol weekly. This partnership will provide a total of 240 million litres per month, significantly boosting the availability of petrol in the country.

According to IPMAN, the amount of petrol supplied will depend on the demand and patronage from its members. The $20 billion refinery, located in Lekki, is also in the process of raising funds to expand its production capacity and facilitate crude oil imports. The growing competition in the market, coupled with this deal, has already begun to bring down petrol prices, following the deregulation of the sector.

Labour Unions Urge President Tinubu to Reverse Economic Policies

Amid these developments, organized labour has called on President Bola Ahmed Tinubu to reconsider recent policies, particularly the floating of the naira and the increases in electricity tariffs and fuel prices. The National Union of Shop and Distributive Employees (NUSDE) made this call during its 6th Quadrennial and 13th National Delegates Conference in Ibadan, Oyo State.

NUSDE President, Aminu Megbontowon, highlighted the growing economic hardship faced by Nigerian workers and businesses. He emphasized that the high cost of energy, including petrol prices that have now exceeded N1,000 per litre and electricity tariffs that have surged from N68 to N227, are unsustainable for the average Nigerian, especially when the purchasing power of citizens remains alarmingly low.

Megbontowon criticized the current government’s economic policies, which he said are exacerbating the difficulties for Nigerians. He urged the government to reverse these measures to reduce the financial strain on the populace.

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