November 3, 2024: Key Updates On Petrol Price Increases And Fuel Scarcity

November 3, 2024: Key Updates On Petrol Price Increases And Fuel ScarcityAs Nigerians grapple with the recent fuel price hikes imposed by the Nigerian National Petroleum Company (NNPC) Limited, Naija News provides the latest updates on petrol scarcity, price increases, and the reactions from both the government and citizens.....KINDLY READ THE FULL STORY HERE▶

IPMAN: Dangote Fuel Prices Exceed Competitors

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has reported that fuel prices from Dangote Refinery were higher last week compared to other sources. The association noted that its members are compelled to seek lower prices for profitability. National Assistant Secretary Yakubu Suleiman discussed this on Arise News, emphasizing that it’s important for Dangote to communicate his pricing plans regularly.

Suleiman stated, “Prices are influenced by international rates. Dangote should announce daily pricing for his products. However, we cannot simply instruct our members to exclusively purchase from his refinery.” He highlighted that, in a deregulated market, marketers must prioritize cost-effectiveness. “If Dangote sells at N1,000 and other sources offer N900, we cannot choose the higher price for the sake of partnership—it’s not sustainable for our business.”

Petrol Prices Surge Amid Scarcity

Major oil marketers in Nigeria have increased the price of Premium Motor Spirit (PMS) from N1,010 to N1,050 per litre, marking a 4% rise in Lagos and surrounding areas. Independent marketers have also adjusted their prices, now ranging from N1,100 to N1,200 per litre, up from approximately N1,060. Investigations reveal that, in this deregulated environment, petrol prices vary significantly across filling stations, although some maintain consistent rates.

In response to claims by IPMAN regarding difficulties in loading refined products from Dangote, the refinery labeled these statements as misleading, clarifying that there are no direct dealings with IPMAN and no payments have been made to them for fuel purchases.

NPA Reports Arrival of Petroleum Vessels

The Nigerian Ports Authority (NPA) has announced that seven vessels carrying various petroleum products are set to arrive at Lagos ports on Friday. According to the NPA’s “Daily Shipping Position,” these ships will deliver diesel, crude oil, bulk urea, petrol, and aviation fuel. Additionally, two other vessels are expected to arrive with assorted goods.

The vessels will dock at multiple terminals, including Sifax, ENL Consortium Terminals, and Apapa Bulk Terminal (ABT) in Lagos. The NPA confirmed, “The nine expected vessels will berth at Sifax, ENL Consortium Terminals, and ABT, among other terminals in Lagos.

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.