Petrol price hike and fuel scarcity update for November 14th, 2024

As Nigerians continue to grapple with the recent surge in fuel prices imposed by the Nigerian National Petroleum Company (NNPC) Limited, Gistreel provides the latest updates on fuel shortages, rising costs, and reactions from both the government and the public.

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has revealed a planned reduction of ₦50 per litre in the price of Premium Motor Spirit (petrol) for consumers. This price cut follows a new agreement between IPMAN and Dangote Refinery, as confirmed by IPMAN’s National President, Abubakar Maigandi, during an interview with Channels Television on Tuesday.

Maigandi disclosed that Dangote Refinery has established a price template of ₦940 per litre for depot purchases and ₦990 per litre for truck purchases specifically for IPMAN members—a measure intended to reduce petrol prices nationwide.

Under this arrangement, IPMAN members currently selling petrol between ₦1,150 and ₦1,200 per litre will lower the price by ₦50, depending on the region.

This reduction aims to bring some relief to Nigerian consumers who have been burdened by volatile fuel prices.

The Independent Petroleum Marketers Association (IPMAN) has said members of the organization are ready to lift petrol from Dangote Refinery.

The National Assistant Secretary of the IPMAN, Yakubu Suleiman, said the controveries over the time was IPMAN’s insistence that they would want to purchase petrol directly from Dangote refinery and not through middle men.

Speaking with Arise TV on Tuesday morning (today), Suleiman stated that the asociation would continue its meeting with Dangote refinery team today to agree of pricing.

He disclosed that by Wednesday, a new petrol price would be annouced to Nigerians.

“Dangote called us and he sat with Mr. President (IPMAN president) and they had a very fruitful discussion, which at the end of the day make now build a good synergy between the Independent Petroleum Marketers Association of Nigeria and Dangote Refinery.

“We are Nigerians, we are as well happy with Dangote Refinery, we prayed for him, for his success, but it’s just the synergy. What we had been calling on was how the synergy can be built, and it’s all for the sake of patriotism. How can we serve Nigeria and Nigerians? And we are happy that with that meeting with Dangote now, we have already resolved all the nitty-gritty issues, and by the grace of God, very soon, maybe within the next coming days, Nigerians will really feel the impact.

“And the whole thing revolves around how do we have cheaper petroleum price? Like I said earlier in my former interview that it really bothers us that Nigerians are buying at a higher rate. But I want to assure you, like what Mr President has stated yesterday, their discussion with Dangote is still ongoing, I believe between today or tomorrow, we are going to finish on the issue of pricing. Then, by then, when we start lifting, Nigerians definitely will appreciate,” Suleiman said.

Nigerian human rights activist and convener of the #RevolutionNow movement, Omoyele Sowore, has criticized former Edo State governor and ex-president of the Nigerian Labour Congress (NLC), Adams Oshiomhole, describing him as an “Agaracha” labour leader who, according to Sowore, was never a true activist.

Sowore made these remarks during a recent podcast with Glitch Africa Studios posted on YouTube.

Sowore, a former presidential candidate of the African Action Congress (AAC), claimed that Oshiomhole had previously collaborated with Nigeria’s former military head of state, Ibrahim Badamasi Babangida, to implement Nigeria’s first fuel price increase in 1992.

According to Sowore, this move revealed Oshiomhole’s lack of genuine activism.

Sowore argued that Oshiomhole’s actions had consistently contradicted the principles of true activism, despite his image as a labour leader.

He claimed that the former NLC president’s support for fuel price increases showed he prioritized alliances with government leaders over the interests of the Nigerian people.