Petrol price hike and fuel scarcity update for November 24th, 2024
As Nigerians continue to express frustration over the recent hike in fuel prices by the Nigerian National Petroleum Company (NNPC) Limited, Gistreel provides updates on petrol scarcity, fuel price adjustments, and reactions from the government and citizens.
The Dangote Petroleum Refinery has criticized the Federal Government for failing to meet its commitment to supply crude oil under the naira-for-crude arrangement.
Devakumar Edwin, Vice President of Dangote Industries Limited, revealed that the Nigerian National Petroleum Company Limited (NNPCL) has delivered only a fraction of the agreed crude volume, which is insufficient to ramp up refined product output.
In a Reuters report, Edwin stated that while NNPCL had committed to supplying at least 385,000 barrels per day (bpd) since the program’s launch in October, actual deliveries have fallen significantly short of this target.
“We require 650,000 bpd. NNPCL promised a minimum of 385,000 bpd, yet even that is not being fulfilled,” he said.
Nigerians can expect a slight reduction in petrol prices following a decrease in the landing cost of petroleum products.
According to data from major marketers, including the NNPCL, the landing cost has dropped to ₦935.94 per litre from the previous ₦977. This reduction is expected to lead to corresponding price adjustments at filling stations nationwide.
The Major Energy Marketers Association of Nigeria (MEMAN) also reported a drop in the landing cost of diesel, which now stands at ₦1,071.8 per litre, calculated at an exchange rate of ₦1,659.37 per dollar.
MEMAN’s report, published on Tuesday, lists the ex-depot prices in Lagos as follows:
- Petrol: ₦1,029 per litre
- Diesel: ₦1,120 per litre
- Aviation fuel: ₦1,040 per litre
- LPG: ₦1,125 per litre
Compressed Natural Gas (CNG) prices range between ₦230 and ₦450 per standard cubic meter (scm).
The recent stabilization of the exchange rate is cited as a key factor behind the drop in landing costs for petroleum products in Nigeria.
