Fuel Price Hike and Scarcity: Nigerians Take to the Streets, Demand Reform in the Oil Sector
In the midst of growing discontent due to the recent increase in fuel prices by the Nigerian National Petroleum Company (NNPC) Limited, hundreds of Nigerians gathered in Abuja on Monday to express their frustration about the economic woes. Led by Abdullahi Bilal, Barrister Napoleon Otache, and Olayemi Isaac, the protesters called for sweeping reforms in the oil sector, criticizing the government’s inability to manage the country’s oil resources responsibly.
The crowd highlighted the crippling effects of skyrocketing fuel prices and chronic fuel queues, which they believe are exacerbating inflation and pushing more Nigerians into poverty. They lamented the current fuel subsidy, claiming it benefits only a select few while leaving millions of citizens struggling with high costs. The protesters demanded full deregulation of the oil sector to promote transparency, competition, and fairer pricing.
A statement from the Dangote Refinery has shed some light on the company’s fuel pricing. According to the statement, the refinery sells petrol to marketers at ₦990 per litre and to ships at ₦960 per litre. The clarification came in response to misinformation from certain stakeholders, including the Independent Petroleum Marketers Association of Nigeria (IPMAN) and the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), who claimed that imported fuel is cheaper.
The refinery warned of the potential risks of low-quality fuel imports, as anyone importing cheaper Petrol Motor Spirit (PMS) might be bringing in sub-standard products and colluding with international traders to dump low-quality products in Nigeria.
In another development, the 6th Division of the Nigerian Army in Port Harcourt, Rivers State, has seized 700,000 litres of stolen petroleum products. The Division’s Public Relations Officer, Lt. Col. Danjuma Jonah, disclosed that the products were seized during a series of operations conducted between October 28 and November 3, 2022. The troops also disabled 29 illegal refining sites, arrested 24 suspected oil thieves, and destroyed 14 boats involved in crude oil theft during the operations. The operations took place in Rivers State, Bayelsa State, Akwa Ibom State, and Delta State, with a notable interception of a large wooden boat carrying over 150,000 litres of stolen crude oil in the Kula area of Akuku-Toru Local Government Area, Rivers State.
