October 25, 2024: Latest Updates On Petrol Prices And Fuel Shortages

October 25, 2024: Latest Updates On Petrol Prices And Fuel ShortagesAs Nigerians continue to express frustration over the recent fuel price increases by the Nigerian National Petroleum Company (NNPC) Limited, Naija News provides the latest updates on petrol scarcity, price hikes, and reactions from both the government and citizens.....KINDLY READ THE FULL STORY HERE▶

Aigbe Calls for Strong Leadership in Petroleum Sector

Following President Bola Tinubu’s recent cabinet reshuffle, Austin Aigbe, Regional Advocacy Lead and ECOWAS Liaison Officer for the West Africa Democracy Solidarity Network, has underscored the urgent need for a dedicated minister to oversee Nigeria’s struggling petroleum sector. In an interview with ARISE NEWS on Thursday, Aigbe discussed the potential implications of the cabinet changes on the vital energy sector.

He praised the president’s initiative to review and adjust the cabinet structure, stating, “It’s good when you interrogate the system. You have to look at where the pitfalls are.” Aigbe emphasized that the petroleum sector, a critical part of Nigeria’s economy, is in dire need of focused leadership to address its ongoing challenges and drive necessary reforms.

Fuel Price Hike: Direct Purchases from Dangote Refinery

In a notable development, the Dangote Petroleum Refinery has started supplying Premium Motor Spirit (PMS), or petrol, directly to certain oil marketers, circumventing the NNPC. Reports indicate that more marketers are looking to source PMS directly from the refinery, while others continue to import the product. Hundreds of millions of liters of imported petrol are expected to arrive in Nigeria in the coming weeks.

Earlier reports from The PUNCH revealed that at least four vessels carrying imported PMS had docked at Nigerian ports between October 18 and October 20, unloading approximately 123.4 million liters at two seaports to help stabilize the national fuel supply. This direct purchasing arrangement from the $20 billion Dangote refinery represents a significant shift in Nigeria’s fuel supply chain. According to a senior refinery official, this process operates on a willing-buyer, willing-seller basis, enabling marketers to engage directly with the refinery without third-party intermediaries.

NNPCL Initiates $6 Billion Debt Repayment Process

The Nigerian National Petroleum Company Limited (NNPCL) has begun addressing its outstanding debt of $6 billion. This development was confirmed by the Nigerian government through the Ministry of Finance. During a recent meeting with investors in Washington, DC, Nigeria’s Minister of Finance and Coordinating Minister for the Economy, Wale Edun, announced that NNPCL has initiated the process to repay its suppliers.

The NNPCL has acknowledged its financial difficulties stemming from the costs of maintaining supply and its liabilities to oil suppliers, which exceed $6 billion.

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