Latest update on fuel price hike, fuel scarcity for November 27th, 2024

As Nigerians express their frustrations over the recent fuel price hikes by the Nigerian National Petroleum Company (NNPC) Limited, IDOMA VOICE presents the latest updates on petrol scarcity, rising fuel costs, and the reactions from both the government and citizens.

Nigerians React to Fuel Price Hikes Amidst Updates on Refinery Operations

As Nigerians grapple with the recent surge in fuel prices by the Nigerian National Petroleum Company Limited (NNPCL), here are the latest developments on petrol scarcity, price increases, and reactions from both the government and citizens.

Presidency Confirms Port Harcourt Refinery Operations

The Presidency announced that the Port Harcourt Refinery has commenced operations, with about 200 trucks set to distribute petroleum products daily.

Presidential spokesperson Sunday Dare described this as a significant milestone for Nigeria’s energy sector via his official X handle. The Nigerian National Petroleum Company Limited (NNPCL) had earlier confirmed that crude oil processing had started at the government-owned facility.

Port Harcourt Refinery Operating at 60% Capacity

The Port Harcourt Refinery in Rivers State has officially begun crude oil processing, operating at 60% capacity. According to Olufemi Soneye, NNPCL’s Chief Corporate Communications Officer, this marks a pivotal step in boosting Nigeria’s local refining capabilities.

Despite this progress, Naija News notes that previous deadlines for the refinery’s operations—set for March, August, and September 2024—were missed.

NNPCL Provides Update on $741 Million Kaduna Refinery Project

NNPCL has stated it cannot guarantee the completion timeline for the Quick Fix Project at the Kaduna Refining and Petrochemical Company (KRPC), despite earlier projections.

KRPC’s Managing Director, Dr. Mustafa Sugungun, had announced that the $741 million rehabilitation contract awarded to South Korea’s Daewoo Engineering & Construction was targeted for completion by the end of 2024.

The project aims to restore the refinery’s production capacity to 110,000 barrels per day, with an initial goal of achieving at least 60% operational efficiency.

Speaking during the inauguration of CSR initiatives, including a refurbished primary school and solar-powered borehole in Maraban Rido, Kaduna, Dr. Sugungun reaffirmed NNPCL’s commitment to supporting its host communities.

However, no definitive update was provided on whether the initial timeline remains feasible.

Economic Impact of Refinery Rehabilitation

The Kaduna refinery, dormant for several years, plays a critical role in Nigeria’s strategy to reduce dependency on imported petroleum products. Emmanuel Ajiboye, KRPC’s Manager of Operations, highlighted the potential economic benefits of the project, including job creation, local business support, and an overall boost to the informal economy.