Latest Petrol Price Hike News, Update On Fuel Scarcity For Oct. 31st, 2024

As Nigerians continue to groan over the recent increase in fuel prices by the Nigerian National Petroleum Company (NNPC) Limited, Naija News brings you the latest update on petrol scarcity, fuel price increase and Govt/citizens’ reactions.

How To Make Fuel Queues Disappear – Dangote

The President of the Dangote Refinery, Aliko Dangote, has revealed that fuel queues will disappear across Nigeria when oil marketers start patronising his refinery.

Speaking with State House Correspondents after meeting with President Bola Ahmed Tinubu, Dangote said his refinery is the solution to the lingering fuel queues.

He urged the Nigeria National Petroleum Company Limited (NNPCL) and marketers across the country to stop importation of fuel, boasting that at full capacity his refinery can supply whatever is being consumed.

Dangote said: “What I estimated as our consumption daily is about 30-32 million litters, that one we can even start producing that by next week. That is not really an issue because as we speak today, we have 500 million liters in our tanks. With that even if there is no production anywhere or no import, that will take the country more than 12 days.”

NNPCL Speaks On Fuel Price Increase Across Nigeria

The Nigerian National Petroleum Company Limited (NNPCL) has denied rumours of a new increase in Premium Motor Spirit (PMS) prices across its retail outlets.

Olufemi Soneye, NNPCL’s spokesperson, clarified in an interview with Daily Post on Tuesday that he is unaware of any hike in fuel pump prices, countering speculation that the cost per litre had risen from ₦1,030 to ₦1,060 in Abuja.

“There is no increase in gasoline price that I am aware of,” Soneye affirmed, dispelling concerns of another price adjustment by the state-owned oil company.

Echoing this stance, Chinedu Ukadike, spokesperson for the Independent Petroleum Marketers Association of Nigeria (IPMAN), confirmed that the NNPCL’s ex-depot price remains unchanged.

He stated on Tuesday, “For independent marketers, we have experienced a fresh price hike as I am speaking with you. NNPCL still sells to us at the same price.

“For Port Harcourt, it is ₦1040 per litre; Abuja and Lagos are around ₦990 per litre.”

Full Details: What President Tinubu Discussed With Dangote, Others About Petrol In Nigeria

President Bola Tinubu on Tuesday, met with the Implementation Committee on the Naira-based sales of crude oil at the Aso Rock Villa in Abuja.

Naija News reports the meeting was attended by serial businessman and owner of Dangote Refinery, Aliko Dangote, the Minister of Finance, Wale Edun, as well as other government officials and stakeholders.

During the meeting, President Tinubu charged the committee to resolve any teething problems regarding the implementation of the policy on Naira-based sales of crude oil and refined products.

He also assured that Nigeria would not go back to the old way of doing things in the oil sector.

Sharing details of what transpired at the meeting, presidential spokesperson, Bayo Onanuga, quoted Tinubu to have said using the Naira for crude oil sale was adopted to remove the exchange rate hurdle.