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Latest News: Petrol Price Hike And Fuel Scarcity Update For October 22, 2024

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Latest News: Petrol Price Hike And Fuel Scarcity Update For October 22, 2024As Nigerians voice their frustrations over the recent fuel price hikes by the Nigerian National Petroleum Company (NNPC) Limited, Naija News provides the latest updates on petrol scarcity, the price increases, and reactions from both the government and citizens.....KINDLY READ THE FULL STORY HEREā–¶

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On Monday night, Dangote Refinery addressed reports regarding its legal case against NNPC and five other companies related to the importation of petroleum products.

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According to Naija News, the other companies involved are Aym Shafa Limited, A.A. Rano Limited, T. Time Petroleum Limited, 2015 Petroleum Limited, and Matrix Petroleum Services Limited. The suit, filed under case number FHC/ABJ/CS/1324/2024 by Ogwu Onoja, SAN, is before Justice Inyang Ekwo and names the Nigeria Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) and NNPC as the first and second defendants.

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The five companies are listed as defendants in the originating summons dated September 6. Dangote Refinery is seeking N100 billion in damages from the NMDPRA for allegedly continuing to issue import licenses to NNPC and the five other companies for importing petroleum products.

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Decline in Petrol Consumption

In related news, Nigeria has experienced a dramatic 92% drop in daily consumption of Premium Motor Spirit (PMS), commonly known as petrol, since President Bola Tinubu took office on May 29, 2023.

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