Petrol Prices Surge: Nigerians Rally Against Soaring Fuel Costs As Scarcity Hits Hard For November 5th, 2024

Petrol Prices Surge: Nigerians Rally Against Soaring Fuel Costs As Scarcity Hits Hard For November 5th, 2024

As Nigerians express their frustration over the recent fuel price increases imposed by the Nigerian National Petroleum Company (NNPC) Limited, Naija News provides the latest updates on fuel scarcity, rising prices, and reactions from the government and citizens..……CONTINUE READING

Massive Protests Erupt in Abuja Over Fuel Scarcity and Price Hikes
On Monday, hundreds of Nigerians flooded the streets of Abuja in a large-scale protest against skyrocketing fuel prices, ongoing shortages, and escalating economic hardships.

Led by Abdullahi Bilal of the Two Million Man March Against Oil Scam Cabal, along with Barrister Napoleon Otache and Olayemi Isaac from the Citizens and Economic Freedom Rights Activists in Nigeria (CEFRAN), the demonstrators called for urgent reforms in the oil sector. They criticized the current leadership for failing to manage Nigeria’s oil resources effectively.

Protesters voiced their concerns over the detrimental effects of soaring fuel prices and long queues at filling stations, which they claim are exacerbating inflation and pushing more Nigerians into poverty. They denounced the existing fuel subsidy as a system that benefits only a select few while leaving many citizens struggling with high costs. Their demands included a full deregulation of the oil sector to enhance transparency, competition, and fair pricing.

Dangote Refinery Announces Petrol Prices and Addresses Claims
On Sunday, Dangote Refinery announced the prices at which it sells petrol to marketers. Petrol is being sold to trucks at ₦990 per litre and to ships at ₦960 per litre. The company’s Group Chief Branding and Communications Officer, Anthony Chiejina, stated that this clarification was necessary due to misinformation circulating among certain stakeholders. Dangote disputed claims by the Independent Petroleum Marketers Association of Nigeria (IPMAN) and the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) that imported fuel is cheaper than locally refined petrol, suggesting that those importing cheaper fuel may be bringing in sub-standard products.

Army Operations Yield Significant Results Against Oil Theft
The 6th Division of the Nigerian Army, based in Port Harcourt, Rivers State, reported the seizure of 700,000 litres of stolen petroleum products. This operation, conducted from October 28 to November 3, also involved deactivating 29 illegal refining sites, arresting 24 suspected oil thieves, and destroying 14 boats used in crude oil theft. Troops intercepted a wooden boat carrying over 150,000 litres of stolen crude oil in the Kula area of Akuku-Toru Local Government Area.