Latest Petrol Price Hike News, Update On Fuel Scarcity For November 26th, 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.

Dangote Refinery: Petrol Marketers To Reduce Fuel Price Across Nigeria

The Independent Petroleum Marketers Association of Nigeria (IPMAN) have welcomed the reduction in the price for purchasing petroleum product from the Dangote Refinery, highlighting its significance in a competitive market.

Naija News recalls that Dangote Petroleum Refinery had on Sunday announced a reduction in the price of Premium Motor Spirit (PMS), commonly known as petrol, to ₦970 per litre for oil marketers.

In a statement, the company’s Chief Branding and Communications Officer, Anthony Chiejina, highlighted the reduction as a gesture of appreciation to Nigerians for their steadfast support in bringing the refinery’s vision to life.

This new price marks a ₦20 decrease from the refinery’s earlier ex-depot price of ₦990 per litre, introduced earlier this month.

‘Why There’s A Difference Between NNPC And NUPRC Released Figures On Crude Oil Production’

The Nigerian National Petroleum Company Limited (NNPCL) has clarified the reason for the seeming discrepancy between its figures on crude oil production and those released by the Nigerian Upstream Petroleum Regulatory Company (NUPRC).

The NNPCL, in a statement on Monday by its Chief Corporate Communications Officer, Olufemi Soneye, explained that the period of coverage used in computing the final figures were different for both organizations.

The company gave the clarification against the backdrop of reports in a section of the media that the 1.54 million barrels per day for September cited by the NUPRC was far below the one point eight million (1.8 m) barrels per day for November cited by the NNPC Ltd.

However, Soneye explained that whereas the NNPC Ltd.’s figure was the peak production for October 2024, the NUPRC’s figure was the average production for September 2024.

He, therefore, insisted that there is no discrepancy between the NNPCL’s crude oil production figures and those supplied by the NUPRC.