Petrol price hike and fuel scarcity update for November 28th, 2024
As Nigerians express dissatisfaction over the recent fuel price hike by the Nigerian National Petroleum Company (NNPC) Limited, Gistreel provides an update on petrol scarcity, price changes, and the reactions of both the government and citizens.
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has announced that petrol prices in Nigeria are expected to decline soon.
This projection follows the resumption of operations at the Port Harcourt Refinery and the anticipated contributions from the Dangote Refinery. These developments are expected to boost the availability of petroleum products and stabilize prices.
The NMDPRA Chief Executive, Ahmed, stated that with these refineries now operational and plans underway for Warri and Kaduna refineries to join, Nigeria is on track to become a net exporter of petroleum products rather than relying on imports.
The NNPC Ltd. has fulfilled its commitment to recommission the Port Harcourt Refining Company (PHRC), signaling the plant’s return to crude oil processing and the distribution of petroleum products.
This milestone was highlighted in a statement by NNPC’s Chief Corporate Communications Officer, Olufemi Soneye, on Tuesday. The refinery began dispatching petroleum products, including Premium Motor Spirit (PMS/petrol), Automotive Gas Oil (AGO/diesel), and Household Kerosene (HHK). Other products will also follow shortly.
During a ceremony to mark the start of product loading, NNPC Group CEO Mele Kyari described the event as a landmark achievement, marking the beginning of a new era of energy independence and economic growth for Nigeria.
Petroleum marketers in Nigeria have forecasted a potential reduction in petrol prices to between ₦900 and ₦1,000 per litre by the festive season. This anticipated decrease is linked to the operational capacity of the Dangote Refinery and ongoing interventions in the sector.
