Latest Petrol Price Hike News, Update On Fuel Scarcity For Oct. 26th, 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.

IMF Denies Involvement In Fuel Subsidy Removal

The International Monetary Fund (IMF) has officially stated that it did not influence Nigeria’s decision to remove fuel subsidies, emphasizing that the move was independently decided by the Nigerian government.

This clarification came amid widespread criticisms linking the IMF to recent economic policies in Nigeria, which have resulted in increased inflation and hardship for the populace.

During a press conference at the IMF and World Bank Annual Meetings in Washington DC, the IMF’s Director for the African Region, Mr. Abebe Selassie, addressed these concerns.

“The decision was a domestic one. We don’t have programs in Nigeria. Our role is limited to regular dialogue, as we have with other nations like Japan or the UK,” explained Selassie.

The Director acknowledged the IMF’s advisory role on public resource management but reiterated that the subsidy removal was part of Nigeria’s broader economic strategy aimed at ensuring long-term sustainable growth.

He highlighted that such decisions are deeply rooted in domestic and political contexts and are essential for greater efficiency in public resource utilization.

Scooping Fuel From Fallen Tankers Is Suicidal – Atiku Warns

Former Vice President Atiku Abubakar has warned Nigerians against collecting fuel from overturned tankers, labeling the act as dangerously life-threatening.

In response to a viral video showing residents in Cross River State retrieving petrol from a fallen tanker in Akamkpa Local Government Area, Atiku emphasized the severe risks involved.

The footage shows dozens of locals with buckets and containers, collecting fuel without apparent regard for safety.

This caution comes shortly after a tragic incident on October 16, where over 180 people lost their lives and many others sustained injuries in Jigawa’s Majiya town.

The tanker, loaded with petrol, had veered off the road along the Kano-Hadejia expressway, and many victims were attempting to scoop fuel when an explosion occurred.

Reflecting on this, Atiku shared his thoughts, stating: “I know that the times are tough for Nigerians. However, your lives are the most precious things that should never be mortgaged.

“This is why it is pertinent that the concerned government MDAs should commence a robust campaign to educate citizens on the dangers of scooping fuel from fallen petroleum tankers.”

‘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.