Petrol price hike and fuel scarcity update for November 26th, 2024
As Nigerians continue to voice their concerns over the recent hike in fuel prices by the Nigerian National Petroleum Company (NNPC) Limited, Gistreel provides the latest updates on fuel scarcity, rising petrol costs, and reactions from the government and citizens.
The Independent Petroleum Marketers Association of Nigeria (IPMAN) has applauded the recent reduction in the price of petroleum products at the Dangote Refinery, emphasizing its importance in fostering market competition.
Recall that on Sunday, the Dangote Petroleum Refinery announced a decrease in the ex-depot price of Premium Motor Spirit (PMS), also known as petrol, setting it at ₦970 per litre for oil marketers.
In a statement, the refinery’s Chief Branding and Communications Officer, Anthony Chiejina, described the price cut as a gesture of gratitude to Nigerians for their unwavering support in realizing the refinery’s vision.
This new pricing represents a ₦20 reduction from the earlier ex-depot rate of ₦990 per litre announced earlier this month.
The Nigerian National Petroleum Company Limited (NNPCL) has addressed the apparent mismatch between its crude oil production data and figures published by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
In a statement issued on Monday by NNPCL’s Chief Corporate Communications Officer, Olufemi Soneye, the company clarified that the discrepancy arises from differences in the periods used for calculating the figures.
The clarification follows media reports highlighting a contrast between the NUPRC’s September average production figure of 1.54 million barrels per day and the NNPCL’s November peak production figure of 1.8 million barrels per day.
Soneye explained that the NNPCL figure reflects the peak output for October 2024, while the NUPRC data represents the average production for September 2024. He further emphasized that there is no inconsistency in the reported figures, as both are based on different methodologies.
