Petrol Price Increase: What You Need To Know About Fuel Scarcity On October 24, 2024

Petrol Price Increase: What You Need To Know About Fuel Scarcity On October 24, 2024As Nigerians face challenges from the recent fuel price hikes implemented by the Nigerian National Petroleum Company (NNPC) Limited, Naija News provides updates on petrol scarcity, the price increase, and reactions from both the government and citizens.....KINDLY READ THE FULL STORY HERE▶

Tinubu Offers New Fuel Pricing Options

President Bola Tinubu has presented new fuel pricing alternatives for motorists, allowing them to buy petrol at ₦1,000 per litre or opt for Compressed Natural Gas (CNG) at ₦200 per Standard Cubic Meter. This announcement was made during a meeting with executives from the Nigerian Independent Petroleum Company (NIPCO) at the State House in Abuja. Tinubu acknowledged NIPCO’s significant role in Nigeria’s energy sector, particularly its support for the Presidential Compressed Natural Gas Initiative (PCNGI), and emphasized the need for public-private partnerships to facilitate a transition to cleaner and more affordable energy sources.

Dangote Refinery Receives Crude Oil Shipments

In related developments, the Dangote Petroleum Refinery has received four cargoes of crude oil from the NNPC, part of a naira-for-crude agreement. This marks the beginning of local crude sales in naira to domestic refineries, with further shipments anticipated in the coming weeks. The $20 billion refinery is preparing to sell refined petroleum products, including Premium Motor Spirit (PMS), to local marketers, with the initial phase of the agreement expected to last six months, potentially extending based on government decisions.

Petrol Stations in Rivers State Threaten Shutdown

Petrol station owners in Rivers State have threatened to shut down operations following the alleged seizure of their tankers by the Nigerian Army. Francis Dimkpa, Chairman of the Petroleum Retail Outlet Owners Association of Nigeria (PETROAN) in Rivers, reported that two tankers carrying 130,000 litres of diesel were intercepted by army personnel while leaving the Onne Depot. The tankers were reportedly taken to the army’s division headquarters in Port Harcourt, prompting concerns among local operators.

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