Petrol Price Hike Update for December 1st, 2024: Insights On Fuel Scarcity

Petrol Price Hike Update for December 1st, 2024: Insights On Fuel Scarcity

As Nigerians continue to express concerns over the recent hike in fuel prices by the Nigerian National Petroleum Company (NNPC) Limited, ireporteronline brings the latest developments on petrol scarcity, the price surge, and reactions from the government and citizens.

NNPCL Lowers Petrol Price for Marketers

The Petroleum Products Retail Outlet Owners Association of Nigeria (PETROAN) has announced that the Nigerian National Petroleum Company Limited (NNPCL) has reduced the price of Premium Motor Spirit (PMS) for marketers from ₦1,045 to ₦1,030 per litre.

This adjustment was confirmed by PETROAN’s National President, Dr. Billy Harry, during a strategic meeting and award presentation in Abuja. Dr. Harry expressed optimism that the price could potentially decrease even further, stating, “We are hoping for even lower prices.”

He also noted that Dangote Refinery and Petrochemicals sell petrol to marketers at ₦970 per litre, although Dangote imposes a minimum purchase requirement of two million litres. In contrast, NNPCL does not have such restrictions, offering greater flexibility for marketers.

PETROAN Shares Price of Petrol from Port Harcourt Refinery

PETROAN has revealed that petrol from the newly refurbished Port Harcourt Refinery will be sold at ₦1,030 per litre. This announcement came from the Nigerian National Petroleum Company Limited (NNPCL), which confirmed the operational status of the refinery.

PETROAN’s spokesman, Joseph Obele, stated that the association’s strategic pricing team is analyzing the best options for its members and remains open to sourcing petrol from any of Nigeria’s refineries.

PETROAN has also urged NNPC Retail to consider further price reductions to help ease the financial burden on Nigerians, especially with the upcoming festive season.

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