Petrol Price Increase And Fuel Scarcity Update For November 30th, 2024

Petrol Price Increase And Fuel Scarcity Update For November 30th, 2024As Nigerians continue to express frustration over the recent fuel price hikes by the Nigerian National Petroleum Company (NNPC) Limited, Naija News brings you the latest updates on petrol scarcity, the fuel price increase, and reactions from both the government and citizens.....KINDLY READ THE FULL STORY HERE▶

Petrol Production Controversy: Questions Surround Port Harcourt Refinery Operations

The operational capacity of the newly rehabilitated Port Harcourt Refining Company has come under intense scrutiny. Allegations emerged on Thursday that petroleum products loaded from the facility on Tuesday were not freshly refined but were instead products that had been stored in its tanks for over three years. This claim has rekindled doubts about the refinery’s actual capacity and its operational readiness, especially given its history of delays and missed deadlines.

Timothy Mgbere, Secretary of the Alesa community stakeholders in Eleme, Rivers State, where the refinery is located, stated during an interview on Thursday that the refinery’s supposed capacity of refining 60,000 barrels per day is far from fully operational. This directly contradicts claims made by the Nigerian National Petroleum Company Limited (NNPCL). Mgbere also alleged that only six trucks of petroleum products were loaded on Tuesday, despite NNPCL’s earlier assertion that 200 trucks would be dispatched daily. He further described the ceremony marking the plant’s reopening as largely symbolic, noting that full-scale operations have not yet commenced.

Oil Marketers Threaten Boycott Over Fuel Price Discrepancies

Oil marketers have set conditions for engaging with the Port Harcourt Refinery, managed by NNPCL. They have made it clear that for them to buy refined petroleum products from the facility, the prices must be lower than those from the Dangote Refinery.

Following reports that NNPCL was selling petrol at ₦1,045 per litre, NNPCL clarified on Wednesday that it had not officially set a price yet, and that products from the Port Harcourt Refinery are currently only being supplied to NNPCL-owned stations. According to NNPCL spokesperson Olufemi Soneye, the company is still reviewing pricing, and the purchasing portal remains closed for bulk sales. Meanwhile, oil marketers have imported a total of 105.67 million litres of petrol between November 23 and 28 to meet local demand. Some marketers have expressed concern that if NNPCL’s price remains at ₦1,045 per litre, they may be forced to rely more heavily on imported fuel.

PETROAN Raises Concerns Over Petrol Price from Port Harcourt Refinery

The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has raised concerns regarding the price of Premium Motor Spirit (PMS) produced by the Port Harcourt Refinery. According to PETROAN, the refinery is selling petrol ₦75 per litre higher than the price offered by Dangote Refinery, which is creating a pricing disparity in the market.

Dr. Joseph Obele, PETROAN’s Public Relations Officer, highlighted this issue during the reopening ceremony of the refinery on Tuesday. While acknowledging the significance of the Port Harcourt Refinery’s revitalization, now operating at 60,000 barrels per day, Dr. Obele pointed out that the high pricing could discourage oil marketers from sourcing petrol locally. Despite this, he commended the federal government for the restoration of the refinery, emphasizing that pricing issues need to be addressed to ensure its success in the long run.

The ongoing developments surrounding the Port Harcourt Refinery, pricing discrepancies, and the broader fuel crisis have added to the mounting concerns of Nigerians, who are grappling with rising fuel costs and a strained supply chain. It remains to be seen how these issues will be resolved in the coming months.

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