Latest Petrol Price Hike News, Update On Fuel Scarcity For November 3rd, 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.

Price Of Dangote Fuel Higher Than Other Places, We Have To Pity Nigerians – IPMAN

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has claimed that the price of fuel from Dangote Refinery as of last week, was higher than the price of the product from other sources.

The Association explained that it is only fair for its members to go to where the price is lower and where they can get profit.

The National Assistant Secretary of IPMAN, Yakubu Suleiman, disclosed this on Friday during an appearance on Arise News.

He opined that Dangote is supposed to disclose the amount he plans on selling his product.

Suleiman explained that the body can only advise its members to buy from where the product is cheaper.

He said, “Prices are determined by international pricing. Dangote is supposed to be saying like every day, ‘This is the price I’m going to sell this product’.

“But he cannot be able to do that unless he (Dangote) engages the stakeholders. And you cannot just say okay, we must only buy in his own depot.

“IPMAN cannot just sit down and say ‘We will tell our members, all of you go to Dangote Refinery and buy your product and load’. We cannot just do that. This is a deregulated system.

“We have to source where products are much cheaper. Then we would inform our members to go and load product in any depot that the product is cheaper.

“If Dangote has a product and is selling N1000, let’s assume, and there are other places that are selling N900. We can’t just say because for the sake we are doing business with Dangote, ‘Okay go and do it’. It’s not profitable to us. We must go where the price is lower; where we get profit. That is it.”

Fuel Scarcity: Oil Marketers Increase Petrol Pump Price

Major oil marketers across Nigeria have raised the price of Premium Motor Spirit (PMS), commonly referred to as petrol, from N1,010 to N1,050 per litre, reflecting a 4% increase in Lagos and surrounding regions.

Independent marketers have also adjusted their prices, now ranging between N1,100 and N1,200 per litre, up from approximately N1,060 per litre, with prices varying by location.

An investigation by Vanguard reveals that in the deregulated market, petrol prices are not standardized, leading to minor price differences across various filling stations, although some stations maintain similar rates.

Meanwhile, Dangote Refinery has described the claim by the Independent Petroleum Marketers Association of Nigeria (IPMAN) that its members are experiencing difficulties loading refined products from its facility as misleading.

The refinery, in a statement on Thursday, clarified that there is no direct dealing with IPMAN, neither has it accepted any money from it for petroleum purchases.

7 Vessels Carrying Petroleum Products To Arrive At Lagos Ports – NPA

The Nigerian Ports Authority (NPA) has announced that seven ships are scheduled to arrive at Lagos ports on Friday, carrying various petroleum products.

NPA’s “Daily Shipping Position” reports that these seven vessels, out of a total of nine expected, will bring in diesel, crude oil, bulk urea, petrol, and aviation fuel.

According to the the News Agency of Nigeria, the remaining two vessels are expected to arrive with containers of assorted goods.

The NPA stated that these vessels will dock at multiple terminals, including Sifax, ENL Consortium Terminals, and Apapa Bulk Terminal (ABT) in Lagos.

“The remaining two vessels will berth with containers carrying different goods.

“The nine expected vessels will berth at Sifax, ENL Consortium Terminals, Apapa Bulk Terminal (ABT), among other terminals in Lagos,” it said.