Petrol price hike and fuel scarcity update for November 21st, 2024
As Nigerians grapple with the recent fuel price hike by the Nigerian National Petroleum Company Limited (NNPCL), Gistreel provides the latest updates on petrol scarcity, government actions, and public reactions.
A coalition of Civil Society Organizations (CSOs), under the Nigerian Coalition of Civil Society Organisations (NICOCSO), has condemned NNPCL’s decision to import 1.6 billion litres of Premium Motor Spirit (PMS).
During a press briefing in Abuja, spokesperson Tabuko Kennedy described the move as a calculated attempt to weaken local refining capabilities, strain the economy, and exacerbate hardships for citizens.
Petrol hike
NICOCSO emphasized that the large-scale importation would place undue pressure on Nigeria’s foreign exchange reserves, urging Nigerians to demand accountability, transparency, and pro-local industry policies.
The group issued demands to the government and warned of nationwide protests if their concerns are not addressed.
The Dangote Petroleum Refinery has commenced exporting refined petroleum products to neighboring West African countries, marking a significant shift in the regional fuel market.
According to a Bloomberg report, a shipment of over 300,000 barrels of gasoline was recently delivered near Togo by the vessel CL Jane Austen.
This development aligns with remarks by Ghana’s National Petroleum Authority Chairman, Mustapha Abdul-Hamid, who noted that sourcing fuel from Nigeria instead of Europe could save Ghana $400 million monthly and lower freight costs, reducing the prices of goods and services.
NNPCL has started selling its newly developed crude oil grade, the Utapate blend, to international refiners. The announcement was made by Olufemi Soneye, NNPCL’s Chief Corporate Communications Officer, during the ongoing Argus European Crude Conference in London.
This milestone follows a six-month exploration phase and represents a strategic boost for Nigeria’s crude oil production, revenue generation, and economic growth initiatives.
European crude marketers were among the first to receive the new product, highlighting its potential to enhance Nigeria’s global market presence.
