Latest Petrol Price Hike News, Update On Fuel Scarcity For November 29th, 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.
The former presidential candidate of the Labour Party (LP) in the 2023 election, Peter Obi, has called on the federal government to provide clarity and accountability regarding the management of the nation’s vital oil resources.
Naija News reports that the former Anambra State governor said this while reacting to the commencement of oil production at the Port Harcourt Refinery.
In a statement on his X handle on Wednesday, Peter Obi commended the Nigerian National Petroleum Corporation (NNPC) for revamping the old refinery.
He, however, noted that Nigerians now await the corresponding impact and benefits on pump prices and the overall economy.
The Board and Management of the Nigerian National Petroleum Company Limited (NNPCL) have confirmed the resumption of operations at the Port Harcourt Refinery, marking a key milestone in Nigeria’s bid for self-sufficiency in petroleum refining.
In a statement released on Tuesday, NNPCL expressed gratitude to Nigerians for their support, describing the successful restart of the 60,000 barrels-per-day Old Port Harcourt Refinery as a “significant milestone.”
However, speaking on the development in a chat with Daily Trust, the Chairman of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Abubakar Maigandi, revealed that only NNPCL trucks are currently loading products from the refinery.
He said, “We are excited about the development but we have not been invited as of this time. We are currently getting products from the Dangote refinery.
“We currently have no information about pricing, but we will get a clearer indication as we monitor the prices at the NNPCL retail stations.”
Meanwhile, marketers have speculated that the resumption of operations at the refinery will bring about competition which may lead to a reduction in the price of petrol.
The National Public Relations Officer of IPMAN, Olanrewaju Okanlawon, said while the price of PMS had not changed, the development would eventually bring about price reduction.
The roll-out of Premium Motor Spirit (PMS) from the Port Harcourt Refinery has been welcomed by marketers, who believe it will deepen competition, ensure product availability, and lead to price reductions.
Eleven months after the mechanical completion of the old Port Harcourt Refinery, the facility has begun loading petroleum products, signalling the commencement of crude oil processing and delivery into the market.
On Thursday, about 100 trucks lined up to load petrol from the refinery, according to reports.
The Nigerian National Petroleum Company Limited (NNPCL) announced that it has commenced loading PMS (petrol), Automotive Gas Oil (AGO or diesel), and Household Kerosene (HHK), among other products.
Speaking during a ceremony to mark the refinery’s operational restart, NNPCL Group CEO Mele Kyari described the development as a “monumental achievement for Nigeria” and a sign of progress toward energy independence.
Full Story: https://www.naijanews.com/2024/11/29/latest-petrol-price-hike-news-update-on-fuel-scarcity-for-november-29th-2024/
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