Latest Petrol Price Hike News, Update On Fuel Scarcity For November 7th, 2024

As Nigerians continue to groan over the recent increase in fuel prices by the Nigerian National Petroleum Company (NNPC) Limited, Dtruth Insights brings you the latest update on petrol scarcity, fuel price increase and Govt/citizens’ reactions.

As of November 7, 2024, the price of petrol in Nigeria is N1,060 per liter. This price is subject to change depending on your location but the main and major price is N1,060 per liter.

Three prominent oil marketers have cautioned the Federal High Court in Abuja that allowing Dangote Petroleum Refinery to monopolize Nigeria’s oil industry would bring serious consequences for the country’s economy and energy security.

The marketers—AYM Shafa Limited, A.A. Rano Limited, and Matrix Petroleum Services Limited—argued that Dangote’s attempt to dominate the petroleum market would lead to skyrocketing fuel prices and an overreliance on a single source for energy needs.

In their responses to a lawsuit Dangote filed under case number FHC/CS/ABJ/1324/2024, they contended that Dangote does not currently produce enough petroleum to meet Nigeria’s daily consumption demands, with no evidence provided to suggest otherwise.

Dangote’s suit, filed in September 2024, seeks a declaration from the court that the Nigeria Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) violated sections of the Petroleum Industry Act (PIA) by issuing licenses for petroleum imports.
Dangote argues these licenses should only be issued during shortages and also claims that NMDPRA is failing to support local refineries, like Dangote’s, in line with the PIA.

However, in a counter affidavit dated November 5, 2024, the marketers, through a representative, Ali Ibrahim Abiodun, defended their right to receive import licenses, asserting that allowing Dangote exclusive control would stifle competition, inflate fuel prices, and worsen the economic crisis facing Nigeria.

Oil marketers in Nigeria have expressed readiness to collaborate with Dangote Refinery by purchasing refined Premium Motor Spirit (PMS) from the facility, affirming their support for the local refinery.
Speaking on Channels Television’s Morning Brief on Tuesday, the President of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), Gilli Billis-Harry, emphasized that oil marketers are open to buying products from the refinery if all necessary market terms and conditions are met.

“We are willing to engage with Dangote Refinery, provided market indices align to create a beneficial arrangement for both parties,” Billis-Harry noted.

The PETROAN president also announced that a meeting had been scheduled this week between oil marketers and Dangote Refinery officials to finalize discussions on establishing a seamless working relationship.

This engagement is expected to cover agreements on pricing, distribution logistics, and other operational terms.