Latest Petrol Price Hike News, Update On Fuel Scarcity For Oct. 24th, 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.

Buy Petrol At ₦1000 Per Litre Or CNG At ₦200 – Tinubu Tells Nigerians

President Bola Tinubu has offered Nigerian motorists new fuel pricing options, enabling them to purchase petrol at ₦1,000 per litre or its gas equivalent at ₦200 per Standard Cubic Meter.

The announcement came during a Tuesday meeting with executives from the Nigerian Independent Petroleum Company (NIPCO) at the State House in Abuja.

During this strategic session, President Tinubu highlighted NIPCO’s vital contributions to Nigeria’s energy sector, particularly its role in supporting the Presidential Compressed Natural Gas Initiative (PCNGI).

He recognized the company’s efforts in promoting the adoption of Compressed Natural Gas (CNG) as a pivotal element of the nation’s energy transition and economic diversification strategies.

The President emphasized the importance of public-private partnerships in fostering a shift to cleaner, more affordable energy solutions.

Fuel Crisis: Crude Oil Supply Challenges Ease As Dangote Refinery Receives Four Cargoes

The Dangote Petroleum Refinery has taken delivery of four crude oil cargoes from the Nigerian National Petroleum Company Limited (NNPCL) as part of the naira-for-crude agreement, according to officials from both the refinery and the Federal Government on Tuesday.

The deliveries occurred over the past three weeks, marking the commencement of the crude sale to local refineries using the local currency.

Officials familiar with the deal confirmed that more crude oil shipments are expected in the coming weeks.

A source close to the Technical Subcommittee on Domestic Sale of Crude Oil disclosed to The PUNCH that “more cargoes will be delivered to the Dangote refinery soon.”

The refinery, which cost $20 billion, is preparing to begin selling refined petroleum products, including Premium Motor Spirit (PMS), directly to local marketers.

According to refinery officials, the first phase of the naira-for-crude arrangement will last six months, though it may be extended depending on the government’s decision.

Rivers Petrol Stations Threaten Shutdown Over Alleged Tanker Seizure By Army

Petrol station owners in Rivers State have issued a threat to halt operations following the alleged seizure and emptying of their tankers, carrying 130,000 litres of diesel, by the Nigerian Army.

The Chairman of the Petroleum Retail Outlet Owners Association of Nigeria (PETROAN) in Rivers State, Francis Dimkpa, made this declaration while speaking to journalists in Port Harcourt.

According to Dimkpa, two tankers loaded with Automotive Gas Oil (AGO) were leaving the Onne Depot in Eleme Local Government Area when they were allegedly intercepted by personnel from the 6 Division of the Nigerian Army.

The tankers were reportedly taken to the division’s headquarters in Port Harcourt.

After the interception, PETROAN met with the Army, and an agreement was reached for the Nigerian Upstream Petroleum Regulatory Commission to take samples from the tankers for further investigation.

However, a few days later, the Army informed PETROAN to retrieve the tankers from Ahoada, about 40 kilometres from Port Harcourt. Upon arrival, they found the tankers had been emptied, with the 130,000 litres of diesel discharged.