October 19, 2024: Current Updates On Fuel Prices And Scarcity

October 19, 2024: Current Updates On Fuel Prices And ScarcityAs Nigerians grapple with the recent fuel price hikes by the Nigerian National Petroleum Company (NNPC) Limited, here’s the latest on petrol scarcity, price increases, and reactions from the government and citizens.....KINDLY READ THE FULL STORY HERE▶

Petrol Prices Jump 64% in a Year — NBS Report

The National Bureau of Statistics (NBS) has reported a significant rise in the average retail price of Premium Motor Spirit (PMS), reaching ₦1,030.46 per litre in September 2024. This marks a 64.5% increase from ₦626.21 in September 2023 and a 24.08% rise from August 2024’s average of ₦830.46.

In a state-by-state breakdown, Katsina recorded the highest average price at ₦1,096.15, followed closely by Ebonyi at ₦1,090.94 and Akwa Ibom at ₦1,085.71. Conversely, Yobe, Sokoto, and Kebbi had the lowest prices, at ₦939.38, ₦961.67, and ₦986.67, respectively. Regionally, the North-West Zone had the highest average price at ₦1,036.52, while the North-East Zone posted the lowest at ₦1,014.55.

This increase follows the NNPC’s earlier announcement on October 9, raising prices to ₦998 per litre in Lagos and ₦1,003 in Abuja. The Nigeria Labour Congress (NLC) has condemned the hike, stating it undermines the recently approved minimum wage of ₦70,000.

Minister Onyejeocha Defends Fuel Subsidy Removal

Minister of State for Labour and Employment, Nkeiruka Onyejeocha, has defended the decision to remove fuel subsidies under President Bola Tinubu’s administration, arguing it serves the best interests of Nigerians. Speaking in her hometown of Isuochi, Abia State, she emphasized that the Federal Government could no longer fund services that were not being delivered.

Onyejeocha noted that the NNPC did not contribute to the national budget for 2024, supporting her call for subsidy removal. She assured Nigerians that they would eventually benefit from this policy, despite current economic difficulties.

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