Latest Petrol Price Hike News, Update On Fuel Scarcity For November 21st, 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.

This Is A Deliberate Attempt To Cripple The Economy, Deepen Hardship – CSOs Cry Out As NNPCL Makes Move To Import 1.6 Billion Litres Of Petrol

A Coalition of Civil Society Organisations has vowed to go on protest over the decision by the Nigeria National Petroleum Company Limited (NNPCL), to import over 1.6 billion litres of Premium Motor Spirit (PMS).

Speaking on Tuesday, the CSOs, under the aegis of the Nigerian Coalition of Civil Society Organisations (NICOCSO), lamented that the move was a deliberate attempt to undermine Nigeria’s local refining potential, cripple the economy, and deepen the hardship faced by ordinary Nigerians.

NICOSO subsequently put out certain requirements to be met, or they would organize nationwide protests across Abuja and other states.

The group called on Nigerians to arise and demand accountability, transparency, and policies that prioritize local industries.

Leading members of the group during media briefing, Tuesday in Abuja, its spokesperson, Tabuko Kennedy, said that the importation of such an enormous volume of PMS places undue pressure on Nigeria’s foreign exchange reserves.

Dangote Refinery Kicks Off Fuel Exports To West African Countries

The Dangote Petroleum Refinery has officially started exporting refined petroleum products to neighbouring West African nations, a move that could reshape the regional fuel market.

A Bloomberg report on Tuesday, referencing data from Vortexa, Kpler, Precise Intelligence, and other sources, revealed that a tanker recently transported a shipment of gasoline from the Dangote Refinery to waters near Togo.

The vessel, CL Jane Austen, carried over 300,000 barrels of fuel westward.

Naija News reports that this development aligns with earlier remarks by Chairman of Ghana’s National Petroleum Authority, Mustapha Abdul-Hamid, who announced plans for Ghana to source petroleum products from the Dangote Refinery.

Speaking at the OTL Africa Downstream Oil Conference in Lagos, Abdul-Hamid explained that importing fuel from Nigeria instead of Europe could save Ghana up to $400 million monthly and reduce freight costs, which would, in turn, lower the prices of goods and services.

NNPCL Begins Sale Of Utapate Crude Oil Blend To International Refiners

The Nigerian National Petroleum Corporation Limited (NNPCL) has commenced initial sale of its newest crude oil grade, the Utapate crude oil blend, to international refiners, following a six-month exploration period.

This development was announced in a statement made available to newsmen in Abuja on Wednesday (today) by Olufemi Soneye, the Chief Corporate Communications Officer of NNPCL.

Naija News reports that this development represents a significant advancement for Nigeria’s crude oil production, revenue generation, and economic growth initiatives.

Soneye noted that the new product was presented to a large audience of European crude oil marketers at the ongoing Argus European Crude Conference in London, England.