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Latest Petrol Price Hike News, Update On Fuel Scarcity For Oct. 18th, 2024

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Latest Petrol Price Hike News, Update On Fuel Scarcity For Oct. 18th, 2024

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

Fuel Price: IPMAN Gives Latest Update On Agreement With Dangote

The National President of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Abubakar Maigandi, has reassured Nigerians that discussions with Dangote Refinery for direct petrol loading from the 650,000-barrel-per-day refinery are progressing well and will be finalized soon.

Naija News reports that Maigandi confirmed that negotiations are ongoing with Dangote Refinery on all necessary arrangements, expressing confidence that a deal will be reached shortly.

Speaking at the inauguration of a task force for monitoring and preventing oil bunkering, pipeline vandalism, and other sharp practices in Abuja on Wednesday, Maigandi also revealed that IPMAN had resolved its pricing dispute with the Nigerian National Petroleum Company Limited (NNPCL) and is now focused on securing a partnership with Dangote.

“We are pleased to announce that we are close to finalizing arrangements to lift petrol directly from Dangote Refinery. We have received our funds back from NNPCL, and we are now negotiating with Dangote and other partners to begin direct product sourcing from the refinery,” Maigandi stated.

He noted that the ongoing negotiations with Dangote Refinery were initiated after an intervention by the Director-General of the Department of State Services (DSS).

The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has been instructed to issue IPMAN the necessary import and off-take licenses.

Fuel Scarcity Persists As FG Halts Dangote’s Direct Sale To Marketers

Fuel queues in parts of Lagos and other states continue to expand due to a significant shortfall in the supply of Premium Motor Spirit (PMS), commonly known as petrol.

Numerous filling stations across the city have been without fuel for weeks, placing immense pressure on the few stations still providing fuel.

The situation has worsened traffic, as many motorists occupy multiple lanes while waiting for petrol.

Several fuel marketers, speaking anonymously to Daily Sun, reported that fuel distribution from Dangote is insufficient to meet local demand.

This claim aligns with an earlier statement from the Nigerian National Petroleum Company Limited (NNPCL).

On September 15, when the Dangote refinery began supplying PMS to domestic marketers, NNPCL confirmed that 16.8 million litres of petrol were loaded from the refinery—well below the 25 million litres per day that the refinery initially promised to supply NNPCL.

“I can confirm that Dangote’s daily output is less than 15 million litres, which is far short of the 40 million litres required domestically,” a source said.

NNPC Still Sole Dangote Petrol Buyer – Marketers

The Nigerian National Petroleum Company Limited (NNPCL) continues to operate as the sole off-taker of Premium Motor Spirit (PMS), commonly known as petrol, from the Dangote Petroleum Refinery, despite recent directives from the Federal Government allowing other oil marketers to begin loading petrol from the plant.

On Wednesday, oil marketers confirmed that NNPC will retain its exclusive off-taker status for PMS from the $20 billion Lekki-based refinery until its existing agreement with Dangote refinery concludes.

However, specifics regarding the duration of this agreement remain unclear, as officials from both NNPC and the Dangote refinery have not provided information on when it will end.

This development follows an announcement made on October 11, 2024, by the Federal Government through a statement from the finance ministry, which declared that oil marketers were now permitted to negotiate the purchase of petrol directly from the Dangote refinery, bypassing the NNPC.

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‘Wike Is A Top Member Of The Renewed Hope Agenda’ – APC Chairman Declares

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‘Wike Is A Top Member Of The Renewed Hope Agenda’ – APC Chairman Declares

The All Progressives Congress (APC) chairman in Rivers State, Dr Tony Okocha, has said that the Minister of the Federal Capital Territory (FCT), Nyesom Wike, is a member of the Renewed Hope Agenda.

“In Rivers, I am 001 in APC, but in the Renewed Hope Agenda, I am 002. Wike is 001,” Okocha explained while refuting the claims that the former Governor had dumped the Peoples Democratic Party (PDP) for APC.

Addressing journalists in Abuja on Thursday, Okocha said that Wike has not left PDP and will never do so.

He also stated that the 27 Rivers lawmakers currently in a bitter political struggle with the incumbent Governor of Rivers State, Siminalayi Fubara, have not dumped PDP for APC.

“People say Wike has decamped to the APC. They also say that the 27 lawmakers currently fighting with Fubara have defected to the APC.

“I need to make this clear to everyone. Much as I wish to have them in my fold, none of them has agreed to join us.

“I am the one that should know if they did. But, clearly, they have not. What the lawmakers did was a political gimmick. I tried to woo them, but they kept vacillating and did not.

“To defect, they must go to their wards, register and get their membership cards. None of them has done that,” Okocha stated.

Okocha stressed that Wike, despite his alliance with the Renewed Hope Agenda, would not leave the PDP.

“Wike will never leave the PDP. He has always said that PDP made him what he is. He has always said that he would remain there.

“He is an ardent believer in PDP. He is not likely to leave that group,” Okocha said.

Speaking on Wike’s influence on Rivers’ politics, Okocha said: “Wike has done so much for Rivers, so he is strong.

“In the next 10 years, Wike will continue to influence the political direction in Rivers.

“It will be difficult to uproot him.

“Aside from his many projects scattered throughout the state, he has touched people’s lives directly. Such people will always be behind him.”

“Once the cause is good and will give him a platform to serve his people, Wike will be part of it,” Okocha added.

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Tinubu Moves Around FCT At Night To See What Nigerians Are Passing Through – Senator Kalu

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Tinubu Moves Around FCT At Night To See What Nigerians Are Passing Through – Senator Kalu

Former Governor of Abia State, Senator Orji Uzor Kalu, has asserted that President Bola Tinubu usually moves around the Federal Capital Territory (FCT), Abuja, at night to witness what Nigerians are passing through.

The senator representing Abia North Senatorial District stated that the Nigerian leader is aware of the country’s fluttering economy and is taking necessary actions to address the challenges.

“The president himself knows that Nigerians are suffering and hungry. He is a street person; he knows the street very well.

“The president sometimes uses his car to go around and find out what is happening in Abuja here,” Kalu stated in Thursday’s edition of Channels Television’s Politics Today.

Naija News recalls that in September 2024, the National Bureau of Statistics (NBS) reported that the inflation rate in the country reached 32.7 per cent.

Following the elimination of the fuel subsidy and the transition to a floating naira, the prices of essential goods have surged, placing them out of reach for many Nigerians.

However, Senator Kalu contended that the economic difficulties faced are not unique to Nigeria.

He noted that the nation is also grappling with the repercussions of the COVID-19 pandemic, which significantly impacted the global economy.

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Israel Kills Hamas Chief Responsible For October 7 Massacre

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Israel Kills Hamas Chief Responsible For October 7 Massacre

Israel announced on Thursday that Hamas leader Yahya Sinwar, the mastermind behind the October 7 attack, was killed, calling it a “heavy blow” to the Palestinian group.

According to the Israeli military, Sinwar was eliminated in an operation in southern Gaza on Wednesday after a year-long pursuit.

Although Hamas has yet to confirm his death, Israeli Prime Minister Benjamin Netanyahu stated that Sinwar’s death marked a significant defeat for Hamas, though the conflict is far from over.

Netanyahu referred to it as an “important milestone in Hamas’ downfall.”

Foreign Minister Israel Katz labeled Sinwar a “mass murderer” responsible for the October 7 massacre, while President Isaac Herzog praised the killing of the militant behind the attack.

Sinwar, accused of planning the deadliest assault in Israel’s history, had been Israel’s target since the Gaza war began. He rose through Hamas ranks to lead the group after the death of political chief Ismail Haniyeh in July.

Israel’s announcement follows the assassination of Hezbollah leader Hassan Nasrallah weeks earlier and the deaths of several other Iran-backed commanders.

US President Joe Biden, backing Israel, called the day a significant victory for Israel and a potential opportunity for a political settlement in Gaza.

Israeli military chief Herzi Halevi vowed to continue efforts to capture all those involved in the October 7 attack and bring hostages home.

Sinwar’s death could signal a turning point in Gaza, according to Israeli officials, potentially reshaping the conflict’s dynamics.

However, experts caution that Hamas’ rule over Gaza remains intact, and the hostages still face significant risks.

Israel’s broader military campaign has expanded into Lebanon, where Hezbollah has launched cross-border strikes.

The conflict in Lebanon has already claimed 1,373 lives since the war’s escalation in late September.

Meanwhile, in Gaza, airstrikes have continued, leading to further civilian casualties and worsening humanitarian conditions.

The UN and international observers warn of a growing crisis as winter approaches, with hundreds of thousands in Gaza facing extreme hunger and poverty.

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