Latest Petrol Price Hike News, Update On Fuel Scarcity For November 28th, 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.

‘Petrol Prices In Nigeria Will Come Down’ – NMDPRA Boss Confirms As Port Harcourt Refinery Resumes Operation

The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has confirmed that the price of petrol in Nigeria will crash in the coming days.

The NMDPRA Chief Executive Officer, Farouk Ahmed confirmed this on Tuesday while speaking to newsmen on the resumed operation of the Port Harcourt Refinery.

According to him, the operations of the Port Harcourt Refinery and the Dangote Refinery would ensure the availability of petroleum products and lead to a reduction in prices.

Ahmed added that with the refineries now functioning and the hope that Warri and Kaduna would soon come on board too, Nigeria is set to become a net exporter of petroleum rather than a net importer.

Fuel Scarcity To Disappear As NNPC Begins Truck-out Of Petroleum Products From PH Refinery

The Nigerian National Petroleum Company (NNPC) Ltd. has fulfilled its pledge of re-streaming the Port Harcourt Refining Company (PHRC), signaling the commencement of crude oil processing from the plant and delivery of petroleum products into the market.

Naija News reports that this was made known in a statement on Tuesday by the Chief Corporate Communications Officer, NNPC Ltd, Olufemi Soneye.

On Tuesday, trucks began loading petroleum products which include Premium Motor Spirit (PMS) or petrol, Automotive Gas Oil (AGO) or diesel and Household Kerosene (HHK) or Kerosene, while other product slates will be dispatched as well.

Speaking during a brief ceremony to mark the commencement of products loading at the Refinery in Port Harcourt, the Group CEO, Mele Kyari described the commencement of the loadout activities as a monumental achievement for Nigeria which signifies a new era of energy independence and economic growth for the country.

Petrol Price May Crash By December (See Possible Price)

Petroleum marketers in Nigeria have projected a potential reduction in the price of Premium Motor Spirit (PMS), also known as petrol, to between ₦900 and ₦1,000 per litre by the Yuletide season, following interventions by Dangote Refinery.

The President of the Petroleum Products Retail Outlet Owners Association of Nigeria (PETROAN), Billy Gillis-Harry, and the spokesperson of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Chinedu Ukadike, disclosed this in separate interviews with Daily Post on Monday.

The optimism stems from Dangote Refinery’s recent decision to cut its ex-depot petrol price by ₦20, reducing the price from ₦990 to ₦970 per litre. The company described the move as an appreciation gesture to Nigerians for their support.

Gillis-Harry highlighted the potential impact of the price reduction on the downstream petroleum market, stating that it could lead to further price cuts in the coming weeks.