Petrol price hike and fuel scarcity update for December 1st, 2024
As Nigerians express frustration over rising fuel prices imposed by the Nigerian National Petroleum Company (NNPC) Limited, Gistreel shares the latest updates on petrol scarcity, fuel price hikes, and reactions from the government and citizens.
The Petroleum Products Retail Outlet Owners Association of Nigeria (PETROAN) has announced a price reduction for Premium Motor Spirit (PMS) by the Nigerian National Petroleum Company Limited (NNPCL). The price has been lowered from ₦1,045 to ₦1,030 per litre.
This update was disclosed by PETROAN’s National President, Dr. Billy Harry, during a strategic meeting and award ceremony in Abuja.
“Today, NNPCL reduced the price to ₦1,030,” Dr. Harry announced, expressing hope for further price cuts.
“We remain optimistic and are advocating for additional reductions,” he added.
Dr. Harry also emphasized market competitiveness, pointing out that Dangote Refinery and Petrochemicals offers petrol to marketers at ₦970 per litre. However, Dangote enforces a minimum purchase of two million litres, while NNPCL imposes no such restrictions, providing marketers with greater operational flexibility.
Although NNPCL’s price is slightly higher, its absence of volume limits allows for faster stock turnover, Harry explained.
PETROAN has confirmed that petrol from the recently refurbished Port Harcourt Refinery will be sold at ₦1,030 per litre.
In a statement released Thursday night, PETROAN spokesman Joseph Obele revealed that NNPCL officially communicated this price to the association, confirming the refinery is now operational.
“NNPC Retail Ltd has officially announced the PMS price at the Port Harcourt refinery as ₦1,030 per litre. It was also communicated to PETROAN that the product request portal was open for booking/request.” Obele said.
Obele noted that PETROAN’s strategic pricing team is currently analyzing the most favourable pricing options for its members and expressed openness to sourcing products from all refineries in Nigeria.
“We are open to patronizing all the refineries in Nigeria,” he added.
PETROAN has called on NNPC Retail to reduce the price further to ease Nigerians’ financial burden during the festive season.
