Petrol Price Surge: What To Expect Amid Fuel Scarcity On November 13, 2024

Petrol Price Surge: What To Expect Amid Fuel Scarcity On November 13, 2024As Nigerians continue to grapple with the recent hike in fuel prices by the Nigerian National Petroleum Company (NNPC) Limited, there are fresh developments regarding fuel scarcity, price increases, and reactions from both the government and citizens. Here’s the latest update on the situation.....KINDLY READ THE FULL STORY HERE▶

Oil Marketers Demand Petrol Price Reduction from Dangote Refinery

Oil marketers in Nigeria are calling for a reduction in the price of petrol supplied by Dangote Refinery. The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has argued that the cost of production has dropped to less than ₦600 per litre, and therefore, petrol from Dangote Refinery should reflect these new lower costs.

In a statement on Tuesday during a broadcast on Nigeria Info FM 99.3, PETROAN’s spokesperson, Joseph Obele, pointed out that the reduction in production costs was due to a crude-for-naira concession granted to Dangote Refinery by the federal government. He insisted that it was unreasonable for the refinery to continue selling its products at international market prices when it benefits from such government concessions. Obele stressed that Dangote Refinery should pass on the savings to consumers to alleviate the financial strain on Nigerians.

Dangote Refinery Plans Direct Fuel Supply Talks with PETROAN

In another development, Dangote Refinery is set to engage PETROAN in discussions to establish a direct fuel supply arrangement. This comes after the Independent Petroleum Marketers Association of Nigeria (IPMAN) signed a direct purchase agreement with the refinery, effectively cutting out intermediaries in the supply chain.

PETROAN’s Publicity Secretary, Joseph Obele, confirmed that Dangote Refinery had sent an email to PETROAN President, Dr. Billy Harry, proposing a meeting to finalize a direct fuel supply partnership. Dr. Harry has since formed a seven-member delegation to represent PETROAN in the talks.

Obele explained, “The Head of Commercial at Dangote Refinery has contacted our National President, Dr. Billy Harry, to arrange a strategic business meeting. PETROAN’s main goal in these discussions will be to ensure that fuel is available at affordable prices, while maintaining high standards and regulatory compliance.”

Fuel Prices May Drop Following IPMAN, Dangote Refinery Agreement

There are promising signs that fuel prices could decrease as a result of a new agreement between IPMAN and Dangote Refinery. Under the agreement, IPMAN will now be able to purchase petroleum products directly from the Dangote Refinery, bypassing middlemen. This arrangement is expected to ensure a steady supply of fuel at more affordable prices for Nigerians.

IPMAN’s National President, Abubakar Garima, confirmed the agreement at a press briefing in Abuja on Monday. He explained that the Dangote Refinery had agreed to supply petrol (PMS), diesel (AGO), and kerosene (DPK) directly to IPMAN’s depots and retail outlets. This new partnership is expected to result in a consistent, nationwide supply of fuel at more competitive rates, benefiting consumers across the country.

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