Nigerians In Outrage Latest Petrol Price Hike Sparks Nationwide Protests

Nigerians In Outrage Latest Petrol Price Hike Sparks Nationwide Protests

As Nigerians express their frustration over the recent surge in fuel prices announced by the Nigerian National Petroleum Company Limited (NNPCL),  the latest updates on petrol scarcity, rising fuel costs, and reactions from the government and citizens…..CONTINUE READING 

In light of President Bola Tinubu’s recent cabinet reshuffle, Austin Aigbe, Regional Advocacy Lead and ECOWAS Liaison Officer for the West Africa Democracy Solidarity Network, has stressed the urgent need for appointing a dedicated minister to oversee Nigeria’s struggling petroleum sector.

In an interview on Thursday, Aigbe addressed the implications of the cabinet changes for the crucial energy sector. He praised the president’s initiative to reevaluate and adjust the cabinet structure, stating, “It’s beneficial to interrogate the system and identify its weaknesses.” He highlighted the pressing need for competent leadership in the petroleum ministry to navigate the industry’s complexities and implement necessary reforms.

The Dangote Petroleum Refinery has begun supplying Premium Motor Spirit (PMS), or petrol, directly to select oil marketers, bypassing the NNPC. Reports suggest that more marketers are opting to purchase PMS directly from the refinery, while others continue to import fuel, with hundreds of millions of liters of imported petrol expected to arrive in Nigeria in the coming weeks.

Recent reports indicate that at least four vessels carrying imported PMS docked at Nigerian ports between October 18 and 20, unloading approximately 123.4 million liters of petrol at two seaports to help stabilize fuel supply across the nation. This development, along with the output from the $20 billion Dangote refinery, marks a significant shift in Nigeria’s fuel supply chain.

According to a senior official at the refinery, this direct purchase system operates on a willing-buyer, willing-seller basis, allowing oil marketers to circumvent third-party suppliers and deal directly with the refinery.

The Nigerian National Petroleum Company Limited (NNPCL) has commenced efforts to address its outstanding debt, which amounts to $6 billion. This was confirmed by the Nigerian government through the Ministry of Finance.

During a meeting with investors in Washington, DC, Nigeria’s Minister of Finance and Coordinating Minister for the Economy, Wale Edun, revealed that NNPCL has started the repayment process for its debts to suppliers. The NNPCL has acknowledged facing financial difficulties due to the costs associated with maintaining supply and its liabilities to oil suppliers, which exceed $6 billion.