October 28, 2024: Current Updates On Petrol Price Increases And Fuel Scarcity

October 28, 2024: Current Updates On Petrol Price Increases And Fuel Scarcity
As 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, fuel price increases, and reactions from both the government and citizens.....KINDLY READ THE FULL STORY HERE▶

Oil Marketers Consider Shutdown Amid Declining Fuel Consumption

Oil marketers in Nigeria are facing severe challenges, with around 10,000 dealers on the verge of shutting down due to a dramatic decline in fuel consumption. Recent data from the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) shows that daily fuel consumption plummeted to 4.5 million litres in August 2024, a staggering drop of 92% from 60 million litres per day in May 2023. Furthermore, only 16 out of Nigeria’s 36 states received fuel from NNPC in August, worsening the shortages nationwide.

This crisis follows the removal of the fuel subsidy by President Bola Tinubu in May 2023, which has resulted in petrol prices soaring by 488%, increasing from N175 to over N1,000 by October 2024. The economic repercussions have driven up transport costs, exacerbated inflation, and forced many Nigerians to rely on public transportation instead of personal vehicles.

Dr. Joseph Obele, the National Public Relations Officer of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), confirmed that this steep decline in fuel consumption is leading to significant financial losses for retailers, putting about 10,000 retail outlets at risk of closure. He noted that the cost of a truckload of petrol has surged from N7 million to N47 million in just 16 months.

NLC Blames IMF for Economic Struggles

The Nigeria Labour Congress (NLC) has criticized the International Monetary Fund (IMF), accusing it of facilitating the removal of the fuel subsidy and implementing anti-people economic policies under the Tinubu administration. NLC President Joel Ajaero stated that the IMF has played a significant role in Nigeria’s current economic challenges.

The labor union claims that both the IMF and the World Bank have a history of recommending harsh and unworkable economic strategies to developing nations. They urged these institutions to cease their detrimental influence, stating, “It is too late to deny complicity,” emphasizing that they had previously warned the government about the consequences of adopting IMF and World Bank-driven policies.

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