Latest Petrol Price Hike News, Update On Fuel Scarcity For November 15th, 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.

NNPC Announces 1.8mbpd Production, Eyes 2mbpd By Year End

The Nigerian National Petroleum Company Limited (NNPCl) has disclosed that crude oil and gas productions have risen to 1.8 million barrels per day (mbpd) and 7.4 standard cubic feet per day (scfd), respectively.

The company announced this at a press briefing on Thursday. It said the feat was achieved in compliance with the mandate of President Bola Tinubu.

Speaking on the development, the Group Chief Executive Officer, Mr. Mele Kyari, congratulated the Production War Room Team that anchored the production recovery process.

“The team has done a great job in driving this project of not just production recovery but also escalating production to expected levels that are in the short and long terms, acceptable to our shareholders based on the mandates that we have from the President, the Honourable Minister, and the Board,” Kyari said.

Giving details of the efforts of the Production War Room, the Chief War Room Coordinator and Senior Business Adviser to the Group Chief Executive Officer, Mr. Lawal Musa, explained that the feat was achieved through the collaborative efforts of Joint Venture and Production Sharing Contract partners, the Office of the National Security Adviser, as well as government and private security agencies

NNPC Subsidiary Signs Gas Supply Agreement With Dangote Refinery

The Nigerian National Petroleum Company Gas Marketing Limited (NGML), a subsidiary of the Nigerian National Petroleum Company Limited (NNPCL), has formalized a Gas Sale and Purchase Agreement with Dangote Petroleum Refinery and Petrochemicals in Lagos.

The agreement, signed on Tuesday at the Dangote Group’s Corporate Head Office in Falomo, Lagos, aims to secure a steady supply of natural gas to the Dangote Refinery, which will be used for power generation and as feedstock.

The deal was signed by NGML’s Managing Director, Justin Ezeala, and Aliko Dangote, President and CEO of the Dangote Group.

“This major milestone is in line with President Bola Tinubu’s policy of utilising Nigeria’s abundant gas resources towards revamping the nation’s industrial growth and kickstarting its economic prosperity.

“This development, which sees a huge investment of this nature penned with zero capital expenditure outlay, has been described by many as unprecedented in the history of NGML or any gas Local Distribution Company in the country,” a statement by the NNPCL spokesperson, Olufemi Soneye, said on Wednesday.

According to Soneye, under the terms of the agreement, NGML will supply 100 million standard cubic feet of gas per day – 50MMSCF/D being firm supply and the rest 50MMSCF/D interruptible natural gas supply to the refinery for an initial period of 10 years, with options for renewal and growth.

Ogun Govt Addresses IPMAN Harassment Claim, Vows To Curb Fuel Meter Tampering

The Ogun State Government has debunked claims of harassment and intimidation made by the Independent Petroleum Marketers Association of Nigeria (IPMAN).

Speaking on Thursday, the State Commissioner for Transportation, Olugbenga Dairo, explained that contrary to the allegation, a task force was set up in the petroleum industry to address fuel meter tampering and other sharp practices among operators.

He noted that the government, faced with soaring transportation costs and public outcry over fuel pricing malpractices, took a proactive approach by establishing the task force aimed at regulating and ensuring fair practices within the petroleum sector.

The commissioner disclosed that in the course of its duties, the task force observed some sharp practices by certain filling stations, including tampering with their dispensers.

Analysis of the filling stations visited, according to him, showed that at Bugatee Filling Station, Idi-Aba, there is a shortage of 0.71 litre on every 10- litre purchased, amounting to about ₦700 in losses.