Fuel Price Surge: Nigerians Brace For Impact As Petrol Prices Soar On November 13th

Fuel Price Surge: Nigerians Brace For Impact As Petrol Prices Soar On November 13th

As Nigerians continue to endure the aftermath of the recent fuel price hike by the Nigerian National Petroleum Company (NNPC) Limited, ireporteronline provides the latest...CONTINUE READING…

update on fuel scarcity, price increases, and public responses.

Oil Marketers Call for Petrol Price Reduction from Dangote Refinery
Oil marketers in Nigeria are urging Dangote Refinery to lower its petrol prices. According to the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), the cost of production has dropped to below ₦600, and they believe the price from Dangote Refinery should reflect this new rate.

PETROAN spokesperson Joseph Obele explained during a broadcast on Nigeria Info FM that the reduction in production costs follows a crude-for-naira concession granted to Dangote Refinery by the Federal Government. He argued that the refinery should not insist on selling at the international market price when benefiting from significant government concessions. Obele emphasized that reducing the price would help alleviate the financial strain on Nigerians.

Dangote Refinery to Discuss Direct Fuel Supply with PETROAN
Dangote Refinery is set to meet with PETROAN to explore the possibility of a direct fuel supply arrangement. This move follows a similar agreement between the Independent Petroleum Marketers Association of Nigeria (IPMAN) and Dangote Refinery, eliminating intermediaries in the supply process.

PETROAN’s Publicity Secretary Joseph Obele confirmed that the refinery had contacted PETROAN President Dr. Billy Harry to arrange a meeting. A seven-member delegation, led by Dr. Harry, will represent PETROAN in the discussions. The goal is to ensure affordable and high-quality fuel products for consumers while adhering to industry standards.

Cheaper Fuel Expected as IPMAN and Dangote Refinery Sign Agreement
There are growing signs that fuel prices could decrease following a groundbreaking agreement between the Independent Petroleum Marketers Association of Nigeria (IPMAN) and Dangote Refinery. The deal allows IPMAN to directly source products from the refinery, which is expected to lead to more affordable fuel availability across Nigeria.

IPMAN President Abubakar Garima revealed this development at a press briefing on Monday in Abuja. He explained that IPMAN would now be able to procure Premium Motor Spirit (PMS), Automotive Gas Oil (AGO), and Dual Purpose Kerosene (DPK) directly from Dangote Refinery, ensuring a steady supply of petroleum products to retail outlets at a more affordable price.