October 29, 2024: Latest Updates On Petrol Prices And Fuel Shortages

October 29, 2024: Latest Updates On Petrol Prices And Fuel ShortagesAs Nigerians express frustration over the recent fuel price hikes implemented by the Nigerian National Petroleum Company (NNPC) Limited, Naija News provides the latest updates on petrol scarcity, price increases, and public reactions.....KINDLY READ THE FULL STORY HERE▶

Filling Stations Become “Ghost Places” as Fuel Sales Plummet

With petrol prices exceeding ₦1,000 per litre at many filling stations, fuel marketers are experiencing a sharp decline in customer traffic across the country.

In response to the high prices and decreased sales, many marketers have been forced to lay off workers and reduce their operational hours. On Channels Television’s “The Morning Brief,” Billy Gillis-Harry, National President of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), highlighted the industry’s struggles. He was joined by Ukadike Chinedu from the Independent Petroleum Marketers Association of Nigeria (IPMAN).

Gillis-Harry stated, “Marketers and retail outlet owners are finding it increasingly difficult to cope. A few months ago, we could purchase 45,000 litres of fuel for less than ₦8.5 million, but now we need around ₦49 million for the same amount.” He also criticized financial institutions for their lack of support, noting that high borrowing costs and low consumer purchasing power are further complicating the situation.

Presidency Responds to Fuel Crisis

President Bola Tinubu’s Special Adviser on Information and Strategy, Bayo Onanuga, indicated that the President is addressing mistakes made by former President Olusegun Obasanjo. Onanuga clarified in an interview on Channels Television’s “Politics Today” that Tinubu does not claim the title of Minister of Petroleum, acknowledging Obasanjo’s past admissions of error in this regard. He added that the Petroleum Ministry is now overseen by two ministers under President Tinubu’s supervision.

Rising Rice Prices Amid Fuel Subsidy Removal

Nigerians are now facing steep increases in the price of locally produced parboiled rice, with a 50kg bag costing around ₦105,000—surpassing the new minimum wage of ₦70,000. This surge follows the removal of the petrol subsidy and the devaluation of the naira, resulting in a 123% increase in local rice prices over the past year.

Imported rice has also seen significant price hikes, with a 50kg bag now reaching ₦130,000, according to a recent market survey by BusinessDay. The drastic rise in rice prices underscores the difficulties faced by smallholder farmers in meeting local demand, compounded by issues such as insecurity, high input costs, and logistical challenges.

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