Petrol Price Hike: Latest Update On Fuel Scarcity For November 28, 2024

Petrol Price Hike: Latest Update On Fuel Scarcity For November 28, 2024As Nigerians continue to express frustration over the recent fuel price hike by the Nigerian National Petroleum Company (NNPC) Limited, here is the latest update on fuel scarcity, rising prices, and the reactions from both the government and citizens.....KINDLY READ THE FULL STORY HERE▶

NMDPRA CEO Confirms Petrol Prices Will Drop Soon as Refineries Resume Operation

The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has reassured Nigerians that petrol prices will decrease in the near future. NMDPRA CEO, Farouk Ahmed, made the announcement on Tuesday, confirming that the resumption of operations at the Port Harcourt Refinery would play a significant role in reducing fuel costs.

Ahmed explained that the combined operations of the Port Harcourt Refinery and the Dangote Refinery would improve the availability of petroleum products and, as a result, bring down fuel prices. With the two refineries now operational and the hope that Warri and Kaduna refineries will soon follow, Nigeria is expected to transition from being a net importer of petroleum to a net exporter.

NNPC Begins Distribution of Petroleum Products From Port Harcourt Refinery

The Nigerian National Petroleum Company (NNPC) Ltd. has followed through on its promise to restart the Port Harcourt Refining Company (PHRC). This move marks a significant milestone in the country’s oil production efforts, as trucks began loading and distributing various petroleum products, including Premium Motor Spirit (PMS), Automotive Gas Oil (AGO), and Household Kerosene (HHK).

NNPC’s Chief Corporate Communications Officer, Olufemi Soneye, confirmed this development on Tuesday. During a ceremony to mark the start of product dispatch at the refinery, NNPC Group CEO Mele Kyari described the achievement as a “monumental” moment for Nigeria, signaling a new era of energy independence and economic growth for the country.

Petrol Price Could Fall by December as Dangote Refinery Intervenes

Petroleum marketers in Nigeria have suggested that the price of petrol could drop to between ₦900 and ₦1,000 per litre by December, thanks to interventions by the Dangote Refinery. This projection follows Dangote Refinery’s recent decision to reduce its ex-depot price by ₦20, lowering it from ₦990 to ₦970 per litre.

The President of the Petroleum Products Retail Outlet Owners Association of Nigeria (PETROAN), Billy Gillis-Harry, and the spokesperson for the Independent Petroleum Marketers Association of Nigeria (IPMAN), Chinedu Ukadike, both expressed optimism about further price reductions in the coming weeks. Gillis-Harry noted that the price drop could have a cascading effect on the downstream market, potentially leading to more significant reductions as the holiday season approaches.

These developments indicate a possible easing of fuel scarcity and price pressures, offering hope for Nigerians as the year-end approaches.

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