Fuel Crisis Lingers as Nigerians Grapple with Rising Petrol Prices and Shortages
Amidst the ongoing fuel crisis, the Independent Petroleum Marketers Association of Nigeria (IPMAN) has commended the reduction in the cost of petroleum products from the newly inaugurated Dangote Refinery. This development is expected to have a positive impact on the competitive market.
As a refresher, Dangote Petroleum Refinery had recently announced a reduction in the price of Premium Motor Spirit (PMS) – more commonly known as petrol – to ₦970 per litre for oil marketers. This represents a ₦20 decrease from the refinery’s earlier ex-depot price of ₦990 per litre, introduced earlier this month.
The company’s Chief Branding and Communications Officer, Anthony Chiejina, explained that this reduction is a gesture of appreciation for Nigerians’ unwavering support in bringing the refinery’s vision to life.
Government and Citizens’ Reactions to Fuel Price Hike
Meanwhile, the Nigerian National Petroleum Company Limited (NNPCL) has moved to clarify the apparent discrepancy between its crude oil production figures and those released by the Nigerian Upstream Petroleum Regulatory Company (NUPRC.
In a statement, the company’s Chief Corporate Communications Officer, Olufemi Soneye, attributed the difference in figures to the varying timeframes used in calculating the final numbers. While the NNPC Ltd. based its figures on the peak production for October 2024, the NUPRC’s numbers were based on the average production for September 2024.
Soneye insisted that there is no discrepancy between the NNPC Ltd.’s crude oil production figures and those provided by the NUPRC, adding that the two organizations use different methods to compute the data.
