Petrol price hike and fuel scarcity update: November 5, 2024

As Nigerians continue to feel the impact of the recent fuel price hike by the Nigerian National Petroleum Company (NNPC) Limited, Gistreel provides the latest updates on petrol scarcity, price increases, and reactions from both the government and the public.

On Monday in Abuja, hundreds of Nigerians staged a large-scale protest to express their frustration over rising fuel prices, ongoing shortages, and worsening economic conditions.

The protest was led by Abdullahi Bilal of the Two Million Man March Against Oil Scam Cabal, along with Barrister Napoleon Otache and Olayemi Isaac from the Citizens and Economic Freedom Rights Activists in Nigeria (CEFRAN). Protesters demanded urgent reforms in the oil sector, criticizing what they described as a leadership failure in managing Nigeria’s oil resources responsibly.

The crowd highlighted the crippling effects of skyrocketing fuel prices and long-standing fuel queues, which they claim are fueling inflation and pushing more Nigerians into poverty.

They criticized the current fuel subsidy, arguing it has benefited only a privileged few while leaving millions of citizens grappling with high costs.

The protesters demanded full deregulation of the oil sector to promote transparency, competition, and fairer pricing.

The management of Dangote Refinery on Sunday, revealed the price it is selling petrol per litre from its refinery to marketers.

According to Dangote, petrol from its refinery is sold to trucks at the rate of ₦990 per litre, while it is sold to ships at the rate of ₦960 per litre.

The statement from the company, signed by its Group Chief Branding and Communications Officer, Anthony Chiejina, said the clarification became necessary following disinformation from certain stakeholders.

Specifically, Dangote said the claim by the Independent Petroleum Marketers Association of Nigeria (IPMAN) and the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) that imported fuel is cheaper than the one from its refinery is false.

It added that anyone who claims to be importing cheaper Petrol Motor Spirit (PMS), commonly known as petrol might be bringing in sub-standard products into the country and conniving with international traders to dump low-quality products in Nigeria.

The 6th Division of the Nigerian Army, located in Port Harcourt, Rivers State, has seized 700,000 litres of stolen petroleum products.

The Division’s Public Relations Officer, Lt. Col. Danjuma Jonah, made this known, revealing that the products were seized in a series of operations conducted between October 28 and November 3, 2024.

He added that the troops also deactivated 29 illegal refining sites, arrested 24 suspected oil thieves, and destroyed 14 boats involved in crude oil theft during the operations.

Jonah disclosed that in Rivers State, troops intercepted a large wooden boat carrying over 150,000 litres of stolen crude oil in the Kula area of Akuku-Toru Local Government Area.

The operations were carried out in Rivers State, Bayelsa State, Akwa Ibom State, and Delta State.