Fuel Costs Soar As NNPC Announces Price Hike – Nigerians React To November 8th Update

NNPC Denies Selling Adulterated Fuel in Keffi
The Nigerian National Petroleum Company Limited (NNPCL) has addressed a circulating video showing dark-colored petrol in bottles and jerrycans allegedly purchased from its filling station in Keffi, Nasarawa State. Chief Corporate Communications Officer Olufemi Soneye confirmed that the investigation showed the fuel did not come from an NNPCL station, stating that the company adheres to strict quality standards.

Civil Society Calls on Tinubu to Probe Fuel Importation Process
The Nigerian Coalition of Civil Society Organizations (NICOCSO) has urged President Bola Tinubu to investigate alleged efforts by a powerful group said to be undermining local refineries and pushing for the importation of Premium Motor Spirit (PMS). NICOCSO claims that the group’s actions are draining resources, devaluing the Naira, and harming local businesses. They advocate for selling Nigerian crude oil to local refineries in Naira to boost the economy and reduce reliance on imports.

Trump’s Election Win Impacts Oil Prices
Following Donald Trump’s re-election, oil prices initially declined due to a U.S. crude stockpile increase but later rose amid Middle East conflict concerns. Brent crude futures gained 38 cents, closing at $75.91 per barrel, while U.S. West Texas Intermediate crude increased by 57 cents to settle at $72.56.