Latest Petrol Price Hike News, Update On Fuel Scarcity For Oct. 25th, 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.

‘Petroleum Sector Not Doing Well, Tinubu Can Not Be Petroleum Minister’ – Aigbe

Following the recent reshuffle of President Bola Tinubu‘s cabinet, Austin Aigbe, Regional Advocacy Lead and ECOWAS Liaison Officer for the West Africa Democracy Solidarity Network, has emphasized the critical need for the appointment of a substantive minister to lead Nigeria’s floundering petroleum sector.

In an interview with ARISE NEWS on Thursday, Aigbe discussed the implications of the cabinet changes, particularly for the vital energy sector.

Aigbe commended the president’s initiative to scrutinize and modify the cabinet structure, noting, “It’s good when you interrogate the system. You have to look at where the pitfalls are.”

He pointed out that the petroleum sector, a crucial component of Nigeria’s economy, currently lacks a dedicated minister to guide and rejuvenate its operations amidst ongoing challenges.

The advocacy leader stressed the importance of having a focused and competent leader at the helm of the petroleum ministry to navigate the complexities of the industry and spearhead necessary reforms.

Fuel Price Hike: Marketers Begin Direct Purchase Of Petrol From Dangote Refinery

The Dangote Petroleum Refinery has begun supplying Premium Motor Spirit (PMS), commonly known as petrol, directly to some oil marketers, bypassing the Nigerian National Petroleum Company Limited (NNPC).

Reports indicate that more marketers are seeking to purchase PMS directly from the refinery, while others continue importing the product, with hundreds of millions of liters of imported petrol expected to arrive in Nigeria in the coming weeks.

Earlier, The PUNCH reported that at least four vessels carrying imported PMS had docked at Nigerian ports between October 18 and October 20, with around 123.4 million liters of PMS unloaded at two seaports to help stabilize nationwide fuel supply.

This move by marketers comes in addition to the $20 billion Dangote refinery’s output, providing further support to the market.

Marketers have now begun lifting PMS directly from the Dangote plant in Lekki, Lagos, signaling a significant change in Nigeria’s fuel supply chain.

According to a senior refinery official, this direct purchase arrangement operates on a willing-buyer, willing-seller basis, allowing oil marketers to bypass third-party suppliers and engage directly with the refinery.

NNPCL Begins Process Of Repaying $6 Billion Debt – FG Confirms

The Nigerian National Petroleum Company Limited (NNPCL) has begun the process of addressing its outstanding debt to the tune of $6 billion.

The Nigerian government confirmed this development through the Ministry of Finance.

Speaking during a meeting with investors in Washington, DC on Wednesday, Nigeria’s Minister of Finance and Coordinating Minister for the Economy, Wale Edun, noted that the NNPCL has started the procedure to repay the $6 billion it owes to its suppliers.

It is worth noting that the NNPCL has acknowledged facing financial challenges due to the expenses associated with maintaining supply and its liabilities to oil suppliers, which exceed $6 billion.