Fuel scarcity: hike in petrol price

As Nigerians continue to grapple with rising petrol price, recent developments offer a glimmer of hope for relief in the coming weeks.

Here’s an update on petrol scarcity, price adjustments, and government-citizen reactions.

Port Harcourt Refinery Resumes Operations: Petrol Prices Expected to Drop

The Chief Executive Officer of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Farouk Ahmed, announced that petrol prices in Nigeria are likely to decline soon.

Speaking on the resumption of operations at the Port Harcourt Refinery, Ahmed noted that the combined output from the Port Harcourt and Dangote refineries would improve petroleum product availability and drive down costs.

He added that with the Warri and Kaduna refineries also set to come online, Nigeria is on track to transition from a net importer to a net exporter of petroleum products.

NNPC Begins Distribution from Port Harcourt Refinery

The Nigerian National Petroleum Company (NNPC) Ltd. has commenced the distribution of petroleum products from the Port Harcourt Refinery, fulfilling its promise to process crude oil and supply the market.

On Tuesday, trucks began loading Premium Motor Spirit (PMS), Automotive Gas Oil (AGO), and Household Kerosene (HHK) for distribution.

During a ceremony marking this milestone, NNPC Group CEO Mele Kyari described the event as a monumental step toward Nigeria’s energy independence and economic growth.

Marketers Project Petrol Price Reductions by December

Petroleum marketers are optimistic about a further drop in petrol prices ahead of the festive season.

Following the Dangote Refinery’s decision to lower its ex-depot price by ₦20 from ₦990 to ₦970 per litre prices at the pump could fall to between ₦900 and ₦1,000 per litre.

Billy Gillis-Harry, President of the Petroleum Products Retail Outlet Owners Association of Nigeria (PETROAN), and Chinedu Ukadike, spokesperson for the Independent Petroleum Marketers Association of Nigeria (IPMAN), highlighted that the move is likely to spark further reductions in the downstream market.

The price cut was described as a gesture of appreciation to Nigerians for their support.

These developments signal a shift toward improved energy supply and affordability, offering some respite for citizens as Nigeria strengthens its domestic refining capacity.