Petrol Prices Surge Again! Dangote Demands Action As Fuel Crisis Threatens To Spiral

Petrol Prices Surge Again! Dangote Demands Action As Fuel Crisis Threatens To Spiral

As Nigerians continue to express frustration over the recent hike in fuel prices by the Nigerian National Petroleum Company (NNPC) Limited,..….READ MORE

Ireporteronline reports provides the latest updates on fuel scarcity, price increases, and the reactions from both the government and citizens.

Fuel Shortage Threatens as Dangote Slams NNPCL for Failing to Deliver on Crude Supply

The Dangote Petroleum Refinery has highlighted that the Federal Government is not meeting its commitment to supply crude oil under the naira-for-crude initiative. Dangote Industries Limited Vice President, Devakumar Edwin, revealed that the refinery has received only a fraction of the promised crude oil volume from the Nigerian National Petroleum Company Limited (NNPCL), hindering refined product production.

Edwin further disclosed in a Reuters report that while NNPCL pledged to supply at least 385,000 barrels per day (bpd) since the program began in October, the deliveries have fallen significantly short. He emphasized, “We need 650,000 bpd. NNPCL agreed to provide a minimum of 385,000 bpd, but they haven’t even met that target.”

Fuel Prices to Drop as Landing Costs Plummet

In a contrasting development, Nigerians may experience a slight reduction in petrol prices as the landing cost of petroleum products drops. Data from major marketers, including NNPCL, indicates that the landing cost has fallen to ₦935.94 per litre from ₦977, signaling a potential reduction in petrol prices at filling stations across the country.

According to the Major Energy Marketers Association of Nigeria (MEMAN), the price of diesel also saw a drop to ₦1,071.8 per litre, based on the exchange rate of ₦1,659.37 per dollar. MEMAN’s report further states that the ex-depot price for petrol in Lagos now stands at ₦1,029 per litre, with similar reductions for diesel, aviation fuel, and LPG.

This recent dip in landing costs is attributed to the stability in the exchange rate, offering a glimmer of hope for consumers amid ongoing challenges in the petroleum sector.