New Developments in Nigeria’s Fuel Crisis: Latest Updates and Reactions
President Bola Tinubu has submitted a proposal to Nigerian motorists, allowing them to purchase petrol at a fixed rate of ₦1,000 per liter or its gas equivalent of ₦200 per Standard Cubic Meter. This announcement was made during a high-level meeting with executives from the Nigerian Independent Petroleum Company (NIPCO) at the State House in Abuja.
Tinubu acknowledged NIPCO’s crucial role in enhancing Nigeria’s energy sector, particularly its contributions to the Presidential Compressed Natural Gas Initiative (PCNGI) and the adoption of Compressed Natural Gas (CNG) as a vital element of the nation’s energy transition and economic diversification strategies. He emphasized the importance of public-private partnerships in driving a shift to cleaner, more affordable energy solutions.
Breaking news from the Dangote Petroleum Refinery: The company has received four crude oil cargoes from the Nigerian National Petroleum Company Limited (NNPCL) as part of the naira-for-crude agreement. These deliveries took place over the past three weeks, marking the start of crude sales to local refineries using the local currency. More shipments are expected in the coming weeks, with a source confirming that “more cargoes will be delivered to the Dangote refinery soon”.
The refinery, valued at $20 billion, is preparing to begin selling refined petroleum products, including Premium Motor Spirit (PMS), directly to local marketers. The first phase of the naira-for-crude arrangement will last six months, with the option to extend depending on government decisions.
A crisis is brewing in Rivers State, as petroleum station owners have threatened to halt operations following the alleged seizure and emptying of their tankers carrying 130,000 liters of diesel by the Nigerian Army. According to Francis Dimkpa, Chairman of the Petroleum Retail Outlet Owners Association of Nigeria (PETROAN) in Rivers State, two tankers loaded with Automotive Gas Oil (AGO) were intercepted by personnel from the 6 Division of the Nigerian Army while leaving the Onne Depot in Eleme Local Government Area.
After an agreement was reached for the Nigerian Upstream Petroleum Regulatory Commission to take samples from the tankers for further investigation, the Army informed PETROAN to recover the tankers, only to find them empty when they arrived at Ahoada, about 40 kilometers from Port Harcourt. The 130,000 liters of diesel was reportedly discharged, leaving the station owners fuming.
