Latest Updates on Petrol Price Increase and Fuel Scarcity as of November 2, 2024.

As Nigerians grapple with the recent spike in fuel prices imposed by the Nigerian National Petroleum Company (NNPC) Limited, there are ongoing concerns regarding petrol scarcity and government and citizen reactions....CONTINUE READING>>>

Dangote Refinery has responded to claims made by the Independent Petroleum Marketers Association of Nigeria (IPMAN) that its members are struggling to load refined products from the facility. The refinery refuted these claims, stating that it has no direct dealings with IPMAN and has not received any payments from the association for petroleum purchases.

IPMAN President Abubakar Garima had earlier stated that his members had paid ₦40 billion to NNPC but were facing significant challenges in accessing petrol from the Dangote Refinery in Lagos. However, Dangote’s Group Chief Branding and Communication Officer, Anthony Chiejina, clarified that the petroleum marketers have not registered or engaged directly with the refinery, which is capable of loading 2,900 trucks of fuel daily and can also ship products by sea. Chiejina encouraged IPMAN to follow the proper processes, insisting that there is ample fuel supply.

During a meeting of the 36 state governors, the issue of Nigeria’s reliance on imported petroleum products was condemned. Imo State Governor Hope Uzodinma, speaking on behalf of the governors, emphasized that it is unacceptable for an oil-producing country like Nigeria to depend on imports for its fuel needs. He called for the rehabilitation of local refineries to ensure greater availability and affordability of petroleum products for Nigerians and to alleviate the hardships caused by the current situation.

Uzodinma stressed the importance of supporting the Dangote Refinery and restoring the Port Harcourt, Warri, and Kaduna refineries to promote local production. He pointed out that while other OPEC nations refine their crude oil domestically, Nigeria’s reliance on imports is misguided.

Tensions have risen between Dangote Refinery and the marketers following statements from Alhaji Aliko Dangote, who noted that marketers have not approached his refinery for purchases. Confusion in the sector grew in September with the distribution of petrol from Dangote, resulting in disputes involving NNPC and various petroleum marketers.

Consumers had hoped that the introduction of Dangote’s refinery would lead to lower fuel prices, but instead, prices have surged, causing frustration among the public. Many have expressed dissatisfaction with the ongoing disputes between stakeholders and have called for affordable and readily available fuel rather than public disagreements.

Dangote has mentioned that lower prices may be challenging to achieve due to what he termed “apathy” from the marketers. After a recent meeting with President Bola Tinubu regarding a naira-for-crude policy, he stated that his refinery could supply over 30 million liters of fuel daily and has sufficient reserves to meet national demands.