Politics
November 1, 2024: Current Updates On Petrol Prices And Fuel Shortages
November 1, 2024: Current Updates On Petrol Prices And Fuel ShortagesAs Nigerians express frustration over the recent fuel price hikes by the Nigerian National Petroleum Company (NNPC) Limited, Naija News provides an update on the ongoing petrol scarcity, rising prices, and reactions from both the government and citizens.....KINDLY READ THE FULL STORY HERE▶
Labour Voices Concern Over Petrol Price Increase, Warns of Public Backlash
Organized Labour has expressed alarm over the latest petrol price hike, warning the Federal Government of potential public unrest amid rising living costs. Labour leaders cautioned that the continuous increases are “pushing Nigerians to the limit” and urged the government to acknowledge the growing frustration among citizens.
During a meeting with government officials on October 16, a Labour representative described the situation as one of “excruciating hardship,” emphasizing the risk of civil discontent. He remarked, “Even a goat can bite when pushed to the wall,” highlighting the urgency for government action.
The Chemical and Non-Metallic Products Employers’ Federation (CANMPEF) pointed out that the removal of subsidies has exacerbated transportation and production costs, thereby diminishing household incomes and consumer purchasing power. This sentiment was echoed by the Independent Petroleum Marketers Association of Nigeria (IPMAN), which reported difficulties in sourcing petrol from the Dangote Refinery.
Oil Marketers Eager to Source Petrol from Dangote Refinery
In light of the recent developments, oil marketers are keen to purchase refined petroleum products from the $20 billion Dangote Petroleum Refinery. Aliko Dangote, President of Dangote Group, urged both oil marketers and NNPC to prioritize local sourcing instead of relying on imports. Following a meeting with President Bola Tinubu, he emphasized, “We have the products they need,” calling for a collaborative effort.
Representatives from the Petroleum Retail Outlet Owners Association of Nigeria (PETROAN) and IPMAN have expressed readiness to engage directly with Dangote’s refinery. PETROAN President Billy Gillis-Harry stated that the association has initiated contact with the refinery to discuss potential purchasing terms.
Third Price Increase in Two Months
The NNPC has raised the price of Premium Motor Spirit (PMS), commonly known as petrol, to ₦1,025 per litre in Lagos and ₦1,060 per litre in Abuja, marking the third price adjustment in 60 days. This increase follows a drop in Nigeria’s Bonny Light crude price from $75 to $72 per barrel, which is below the 2024 budget benchmark of $77.96 per barrel. As a result, filling stations in Lagos quickly adjusted their prices, leading to a rush from motorists at outlets yet to update their rates.
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.
Good Governance In Action: Nddc Md Hails Momoh’s Leadership Performance
“Controversy Erupts: Seun Kuti Accuses Obidients of Threats During Jail Stay
Makinde Under Pressure As Oyo Assembly Resumes With Impeachment Allegations Brewing
Breaking: ADC Youths Accuse Amupitan Of Bias, Call Him ‘Compromised’ In INEC Protest
More Trouble In Paradise: Peter Okoye’s Birth Date Change Sparks Fresh Reactions In Family Drama
Breaking: Federal Government Of Nigeria Bans Cement Importation, Releases Full List Of Restricted Goods
Supreme Court Shocks Kano Emirate Case, Adjourns Hearing Till 2027
Here’s What Happened” — Ex-Army Chief Buratai Speaks On Borno Airstrike Tragedy
Succession Buzz: Olusi Reveals Who May Replace Sanwo-Olu In 2027
