As Nigerians continue to express frustration over the recent fuel price hike by the Nigerian National Petroleum Company (NNPC) Limited, Gistreel provides the latest updates on petrol scarcity, fuel price increases, and reactions from both the government and the public.
In related news, the Nigeria National Petroleum Company Limited (NNPCL) has refuted claims in a video showing dark-colored petrol in bottles and jerrycans, allegedly purchased from one of its filling stations in Keffi, Nasarawa State, stating that the video is false.
The Chief Corporate Communications Officer of NNPCL, Olufemi Soneye, said its investigation showed that the petrol was not bought from any of its filling stations.
Soneye maintained that NNPCL does not sell adulterated products, as it adheres to rigorous standards and quality control measures at every stage of its operations.
The Nigerian Coalition of Civil Society Organizations (NICOCSO) has urged President Bola Tinubu’s government to investigate a reported move by a ‘powerful group’ allegedly undermining local refineries and advocating for the importation of Premium Motor Spirit (PMS).
According to NICOCSO, the group’s activities could plunge Nigeria into economic turmoil.
The group’s activities are said to be depleting Nigeria’s resources, weakening the Naira, and jeopardizing local businesses.
According to reports, the ongoing dependence on PMS imports limits job creation and obstructs the growth potential of the refining sector.
During a press conference held in Abuja, NICOCSO Executive, Solomon Chinemerem, demanded a thorough investigation into the group’s operations.
He also advocated for a policy that mandates the sale of Nigerian crude oil to local refineries in Naira.
Oil prices turned upward yesterday after initially dropping over $2 per barrel, despite a report of unexpected growth in U.S. crude stockpiles, as released by the Energy Information Administration (EIA).
Brent crude futures rose 38 cents, or 0.5%, reaching $75.91 per barrel, while U.S. West Texas Intermediate (WTI) crude increased by 57 cents, or 0.79%, to settle at $72.56.
According to the EIA, U.S. crude, gasoline, and distillate inventories saw a rise last week, with crude stocks up by 2.1 million barrels to 427.7 million barrels as of November 1, surpassing analysts’ expectations of a 1.1 million-barrel increase.
Initially, Donald Trump’s re-election triggered a significant sell-off, with the U.S. dollar experiencing its largest one-day gain since March 2020, pressuring oil prices downward.
John Kilduff, partner at Again Capital said, “There was an over-reaction to the election results, and that a Trump victory could have caused the U.S. industry to sort of drill itself into oblivion and cause a glut.”
However, Kilduff added that “Cooler heads have prevailed and this market has a lot of problems on its hand,” citing ongoing war in the Middle East as a supportive factor.