Latest Petrol Price Hike News, Update On Fuel Scarcity For November 4th, 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.

Fuel Price Increase: Frustration, Anger As Petrol Stations Deploy Tactics To Cheat Nigerians

Amid skyrocketing petrol prices, filling stations across Nigeria are reportedly engaging in under-dispensing practices by tampering with pump meters, resulting in customers paying more for less fuel.

This manipulation, which has existed prior to recent price hikes, worsens the burden on Nigerians already struggling with elevated living costs.

The official petrol price now stands at N1,030 per liter, with independent marketers charging between N1,200 and N1,300, depending on the area.

Since October, the price of petrol has risen three times, significantly impacting the cost of living. Many Nigerians have shared stories of frustration, claiming filling stations outside the main towns are the worst offenders, adjusting pumps to dispense less fuel per transaction.

Checks by Sunday Vanguard showed that the crippling multiplier effects the price hike has on consumers have been worsened by the exploitation being experienced at filling stations.

Apart from NNPCL facilities, it was learnt that people do not have trust in other petrol stations as some are believed to have adjusted their metres to shortchange buyers. The situation has left unsuspecting customers with sad experiences, making some devise different measures to avoid being cheated.

NSCDC Nabs Tanker Driver For Diverting Fuel Meant For Osun NNPC Mega Station

Operatives of the Osun State Command of the Nigeria Security and Civil Defence Corps (NSCDC) have arrested a tanker driver for allegedly diverting Premium Motor Spirit (PMS) intended for the NNPC mega station in Osogbo, Osun State.

The suspect, Afeez Adegbola, 47, was apprehended on Friday night in Ikirun while attempting to offload the fuel into the reserve tank of an independent filling station on the outskirts of the state capital.

According to the Osun State NSCDC Commandant, Sotiyo Igbalawole, Adegbola had initially loaded 40,000 litres of petrol for delivery to the NNPC mega station.

However, he allegedly delivered only 30,000 litres to the intended destination, diverting the remaining 10,000 litres to the other station.

The NSCDC stated that the arrest demonstrates its commitment to curbing fuel diversion and hoarding, which contribute to artificial fuel scarcity.

Dangote Refinery Debunks Allegation Of High Petrol Price

Dangote Refinery has described the allegation of selling Premium Motor Spirit, PMS, also known as petrol, at N1,015 and N1,028/litre, as fake news.

Naija News recalled that Oil marketers had on Friday said the price of petrol produced by the Dangote Petroleum Refinery stood between N1, 015 and N1, 028/litre, stressing it would be reasonable to import the product from the international market as the landing cost stood at N978.01/litre as of October 31, 2024.

Marketers expressed plans to import petrol and sell it below Dangote’s refinery prices as well as those of the Nigerian National Petroleum Company Limited (NNPCL).

Data from the Major Oil Marketers Association of Nigeria revealed that as of October 31, 2024, the landing cost of petrol stood at N978.01 per litre. Diesel and aviation fuel had landing costs of N1,069.97 and N1,119.67 per litre, respectively. Landing costs represent the unit prices of imported fuels upon arrival in Nigeria.