Latest Petrol Price Hike News, Update On Fuel Scarcity For Oct. 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.

Oil Marketers Write Tinubu, Mull Shutting Down As Nigerians Reduce Fuel Consumption

Amid a steep decline in fuel consumption due to surging fuel prices, oil marketers in Nigeria are facing unprecedented challenges, with around 10,000 dealers on the brink of shutting down.

Recent data from the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) reveals that fuel consumption fell sharply to 4.5 million litres per day in August 2024, down from 60 million litres per day in May 2023—a staggering 92 percent drop.

Additionally, only 16 out of the nation’s 36 states received fuel from the Nigerian National Petroleum Company Limited in August, exacerbating shortages across the country.

The crisis follows the removal of the fuel subsidy by President Bola Tinubu in May 2023, which has led to a 488 percent surge in petrol prices, skyrocketing from N175 to over N1,000 by October 2024.

The resulting economic strain has driven up transport costs, intensified inflation, and forced many Nigerians to abandon personal vehicles for public transportation.

Dr. Joseph Obele, National Public Relations Officer of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), confirmed that the steep decline in fuel consumption has led to substantial financial losses for their members, placing approximately 10,000 retail outlets at risk of closure.

Obele highlighted the financial pressure, noting that the cost of a truckload of petrol (PMS) has jumped from N7 million to N47 million in the past 16 months.

Fuel Subsidy: You Are Behind Tinubu Govt Anti-people Economic Policies – NLC Fires IMF

The Nigeria Labour Congress (NLC) has slammed the International Monetary Fund (IMF), blaming the organisation for the removal of fuel subsidy and other anti-people economic policies by the Bola Ahmed Tinubu-led administration.

In a statement to journalists, the President of NLC, Joel Ajaero, has insisted that the IMF played a role in Nigeria’s economic woes.

The labour union stated that the IMF and its cousin in economic mischief – the World Bank remain the twin forces that have a longstanding pattern of recommending harsh and unworkable economic policies to developing nations.

According to the NLC, the World Bank and IMF must remove their knees from our necks so that we can breathe as a nation.

The union stated that it is too late to begin to deny complicity because they warned the government about the consequences of implementing IMF and World Bank-driven policies.