Latest Petrol Price Hike News, Update On Fuel Scarcity For Oct. 16th, 2024
As Nigerians continue to groan over the recent increase in fuel prices by the Nigerian National Petroleum Company (NNPC) Limited, Naija News brings you the latest update on petrol scarcity, fuel price increase and Govt/citizens’ reactions.
Delay In IPMAN-Dangote Meeting Extends Uncertainty Over Fuel Pricing
The anticipated meeting between the Independent Petroleum Marketers Association of Nigeria (IPMAN) and the management of Dangote Refinery to discuss fuel pricing remains in limbo, leaving many Nigerians disappointed.
Originally scheduled for Tuesday, the meeting aimed to finalize arrangements for the direct purchase of Premium Motor Spirit (PMS) from the Dangote Refinery.
This follows the decision by the Nigerian National Petroleum Company Limited (NNPCL) to withdraw from its intermediary role in the distribution of PMS from the 650,000-barrel-per-day refinery.
Earlier, the Minister of Finance and Coordinating Minister for the Economy, Wale Edun, had announced that marketers could now directly buy fuel from the Dangote Refinery, a move expected to lower pump prices.
IPMAN had expressed optimism about securing more affordable fuel for the market and initiated discussions with Dangote’s management.
Price Of Petrol Set To Reduce In Nigeria – IPMAN, Others Speak
Petroleum marketers in Nigeria have hinted at a reduction in the price of petrol in the coming days once they begin to receive the product directly from Dangote Refinery.
The marketers said once they begin to get a direct supply of petrol from Dangote, all the costs associated with lifting petrol with the Nigerian National Petroleum Company Limited (NNPCL) as the middleman would be eliminated, and they can sell at a cheaper price to Nigerians.
Naija News recalls the federal government has given approval for the marketers to source petroleum products directly from Dangote.
Speaking on the development, the spokesperson of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Chinedu Ukadike, confirmed to Daily Post during an interview on Monday that once members of the association get fuel directly from Dangote, they would be able to sell cheaper than what the NNPC is offering to Nigerians.
He said with IPMAN controlling about 70 percent of filling stations nationwide, their price will drop below NNPCL’s current fuel price of ₦1030 per litre in Abuja.
NNPC Sells PMS To IPMAN At ₦995/Litre
The Nigerian National Petroleum Company Limited (NNPCL) has reached an agreement to sell Premium Motor Spirit (petrol) to members of the Independent Petroleum Marketers Association of Nigeria (IPMAN) at ₦995 per litre.
This development follows the intervention of the Department of State Services (DSS) in the ongoing controversy between the two parties.
In an interview with Punch, the National Vice President of IPMAN, Hammed Fashola, expressed gratitude for the DSS’s involvement, stating that their intervention has significantly alleviated many of the challenges faced by marketers.
Additionally, Fashola confirmed that through the DSS’s efforts, the Nigerian Midstream and Downstream Petroleum Regulatory Authority has agreed to settle IPMAN’s outstanding ₦10 billion, while also addressing issues related to the direct purchase of petrol from the Dangote refinery.
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