“Current Updates on Petrol Price Increase and Fuel Scarcity as of October 29, 2024”

As Nigerians express their frustrations over the recent hike in fuel prices by the Nigerian National Petroleum Company (NNPC) Limited, Naija News provides updates on petrol shortages, rising fuel costs, and the reactions from both the government and citizens.‘Filling Stations Now Ghost Towns’ – Petrol Marketers Lay Off Workers as Nigerians Avoid Fuel Purchases With petrol prices exceeding ₦1,000 per litre at many filling stations, fuel marketers are experiencing a sharp decline in customer traffic across the country....CONTINUE READING>>>

Due to high prices and diminishing returns, many marketers have been compelled to reduce their workforce and cut back on operational shifts. On Channels Television’s “The Morning Brief,” Billy Gillis-Harry, the National President of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), discussed the industry’s difficulties.

He was joined by Ukadike Chinedu, a representative from the Independent Petroleum Marketers Association of Nigeria (IPMAN). Gillis-Harry highlighted that “Marketers and retail outlet owners are struggling to manage the current situation. A few months ago, we could purchase 45,000 litres of fuel for under 8.5 million naira, but now it costs about 49 million naira.

He also pointed out that financial institutions have not been helpful, and the combination of high borrowing costs and low consumer purchasing power is further stressing the sector.Tinubu Is Correcting Obasanjo’s Error; He Is Not the Petroleum Minister – Presidency Bayo Onanuga, President Bola Tinubu’s Special Adviser on Information and Strategy, stated that Tinubu is addressing the mistakes made by former President Olusegun Obasanjo.

Onanuga made this remark during an appearance on Channels Television’s Politics Today. He clarified that Tinubu has never claimed the title of Minister of Petroleum, acknowledging that Obasanjo recognized this mistake during his administration.The presidential aide added that the Petroleum Ministry is now managed by two ministers under the supervision of President Tinubu.

Fuel Subsidy Removal: Nigerians Face Rice Price Surge of 123%, 50kg Now Costs ₦130,000 Nigerians are now paying around ₦105,000 for a 50kg bag of locally-produced parboiled rice, which exceeds the new minimum wage of ₦70,000. This increase follows the removal of the petrol subsidy and the naira’s devaluation, resulting in a 123% rise in local rice prices over the past year.

Imported rice has also become expensive, with a 50kg bag now costing ₦130,000, as reported by a recent market survey from BusinessDay. This significant rise in rice prices underscores the challenges smallholder farmers face in meeting local demand, including issues like insecurity, high production costs, and logistical obstacles.