Latest Petrol Price Hike News, Update On Fuel Scarcity For Oct. 23rd, 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.

The Only Thing Your Govt Is Known For Is To Increase Fuel Price – NLC President Fires Tinubu

The president of the Nigeria Labour Congress (NLC), Joe Ajaero, has called for an immediate reversal of the latest fuel price increase in the country.

Ajaero, in a statement on Tuesday, urged President Bola Tinubu to reverse the fuel price hike, noting that the increases initiated by the current administration since coming to power have not produced any positive result or impact on the citizens.

The NLC President also called out President Tinubu, noting that his government is becoming notorious for only fuel price increases without commensurate capacity of Nigerians or mitigatory measures.

He said the policies of the Tinubu government have only made Nigerians poorer.

Ajaero went further to question why the Nigeria National Petroleum Company Limited (NNPCL) is the one fixing fuel prices in the country when the government has already declared that the sector has been deregulated and it is the interaction of market forces that would determine petrol prices in the country.

Deregulation: Oil Marketer Advises Nigerians To Brace For Market-Driven Petrol Prices

The Group Managing Director of Rainoil Ltd, Gabriel Ogbechie, has alerted Nigerians to prepare for market-based pricing of petroleum products following the federal government’s complete deregulation of the downstream sector.

Speaking on Channels Television’s Business Morning on Tuesday, Ogbechie commended President Bola Tinubu for his decision to eliminate the fuel subsidy, stating that this move promotes healthy competition within the industry.

His comments come amid the recent surge in the price of Premium Motor Spirit (PMS), which has skyrocketed from ₦175 per litre as of May 29, 2023, to ₦1,300 per litre.

“President Tinubu did the right thing by saying the subsidy was gone. He removed the subsidy and then we saw the price of petrol slide upwards.

“At some point, I think the government had to intervene to calm things down and then NNPCL went back to fixing the prices of petroleum products.

“But in October, we saw the government now saying such would not be allowed anymore, directing marketers to source their products and fix prices.

“I also don’t believe that the exchange rate has been floated. Every day you go to the market, it is now a willing buyer, willing seller situation,” he noted.

FG Unveils Strategy To Boost Oil Output By One Million Barrels Per Day In Two Years

The Federal Government has announced an ambitious plan to increase Nigeria’s crude oil production by an additional one million barrels per day within the next 12 to 24 months.

This initiative is designed to address long-standing issues in the oil sector, including theft, pipeline damage, outdated infrastructure, and the need for fresh investments.

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) reported a slight dip in production, with output falling from 1.571 million barrels per day in August to 1.544 million in September, a 1.68% decline.

Despite this setback, the government’s new plan promises to reverse the trend by implementing targeted measures aimed at increasing output.

During the unveiling of the “Project 1MMBPD” initiative, marking NUPRC’s third anniversary, President Bola Ahmed Tinubu, represented by Senator George Akume, the Secretary to the Government of the Federation, emphasized the importance of ramping up oil production for national economic growth.