News
Imminent Fuel Increase as Petrol Landing Cost Rises to ₦1,117 Per Litre
The landing cost of Premium Motor Spirit, also known as petrol, was N1,117/litre as of Tuesday, July 16, 2024, the Major Energies Marketers Association of Nigeria announced on Wednesday.
MEMAN disclosed this during a webinar with journalists on Wednesday.
The association revealed that the landing cost of diesel was N1,157/litre, while that of aviation fuel was N1,127/litre.
Reports indicate that the N1,117 landing cost of petrol is far above the pump price of the product in Nigeria.
At the moment, filling stations operated by the Nigerian National Petroleum Company Limited and those of the major marketers sell PMS at between N617/litre and N660/litre, while independent marketers sell for N700/litre or more.
NNPC, the sole importer of petrol into Nigeria, has consistently denied subsidising the cost of PMS but refused to disclose the landing cost of the product.
Our correspondent reports that the revelation from MEMAN is almost the first from marketers in the industry as the landing cost appears to have been shrouded in secrecy by the importer of PMS.
MEMAN’s Executive Secretary, Clement Isong, said the costs were obtained from independent energy price benchmark providers.
The association maintained that it would release similar information regularly to keep the masses informed.
Recently, independent oil marketers accused private depot owners of hiking the ex-depot price of petrol from N630 to N720/litre.
An expert in the energy sector, Prof Wumi Iledare, told our correspondent in an interview that the cost of PMS in Nigeria was far below the international price, considering the price of diesel.
“The gap between the cost of diesel and petrol in Nigeria is much. It is never like that all over the world. That means something is wrong.
“I don’t know if NNPC is paying subsidies or not, but somebody is absorbing the difference. You can call it under-recovery or subsidy, but the price of petrol today does not reflect the market cost of producing a litre of petrol,” he disclosed.
Iledare added that with the current exchange rate, the price of petrol should not be less than 80 per cent of the price of diesel.
Corroborating this, a Professor of Economics at the University of Ibadan and President of the Nigerian Economics Society, Adeola Adenikinju, said, “The current price of PMS is being subsidised by the government. The government buys at higher rates and sells to us at subsidised rates. That is what they call under-recovery.”
The International Monetary Fund recently warned the Nigerian government to remove what it called implicit fuel and electricity subsidies.
In a report published recently by the IMF, the organisation told Nigeria that the subsidies would guzzle three per cent of the nation’s Gross Domestic Product in 2024 as against one per cent in the year before.
President Bola Tinubu declared the removal of fuel subsidies during his inauguration on May 29, 2023.
IMF noted, however, that “adequate compensatory measures for the poor were not scaled up promptly and subsequently paused over corruption concerns. Capping pump prices below cost reintroduced implicit subsidies by end-2023 to help Nigerians cope with high inflation and exchange rate depreciation.”
However, the NNPC and the Federal Government have vehemently denied subsidising the current price of PMS
PUNCH
News
Breaking:Government Declares Monday As Another Public Holiday
Kano state Government North Western Nigeria has declared Monday 23rd September as public Holiday .
The signing of the Holiday was contained in a statement from the office of the Head of civil service.
In a statement signed by Abba Danguguwa Permanent secretary Human resources office of the Head of civil service Abba A Danguguwa said its in commemoration of the 7th day of the birth of the holy prophet .
Kano people celebrate it as Ranar Takutaha
News
Shettima To Lead Nigeria’s Delegation To 79Th UN General Assembly
President Bola Tinubu will not attend the 79th United Nations General Assembly session in New York this year.
The President has thus directed Vice President Kashim Shettima to lead Nigeria’s delegation.
President Tinubu, who returned to the country last Sunday after his trip to China and the United Kingdom, wants to focus on domestic issues and address some of the country’s challenges, especially after the recent devastating flooding.
At UNGA 79, Vice President Shettima will deliver Nigeria’s national statement to the General Assembly, attend important sideline events, and hold bilateral meetings.
In a statement by Special Adviser to the President on information and strategy Bayo Onanuga The high-level General Debate, with the theme “Leaving no one behind: Acting together for the advancement of peace, sustainable development and human dignity for present and future generations,” will run from Tuesday, September 24, through Saturday, September 28, 2024.
News
Hon. Bichi Sponsors 200 Postgraduate Scholarships in Constituency
The Kabir Abubakar Bichi Foundation led by Hon. Abubakar Kabir Abubakar Bichi, the member of the House of Representatives for Bichi Federal Constituency from Kano State and Chairman of the House Committee on Appropriation, has sponsored 200 constituents for postgraduate studies in various Nigerian universities.
The secretary General of the Foundation Zahraddeen Bello stated this to newsmen in Kano
He said among the beneficiaries of the scholarship program are 37 PhD candidates and 163 students pursuing master’s degrees.
According to him ,the lawmaker has allocated over N46 million (N46,171,792.50) to fund the scholarships. His sponsorship initiative also includes providing support for students from Bichi Local Government Area studying in various Nigerian universities. Additionally, he sponsors all science and technical boarding students from Bichi and the distribution of educational and instructional materials to all SS 1 students of the constituency.
The distribution of beneficiaries spans several institutions, including:
1.Abubakar Tafawa Balewa University, Bauchi (ATBU) – 3
2.Ahmadu Bello University, Zaria – 19
3.Aliko Dangote University of Science and Technology, Wudil – 26
4.Al-Qalam University, Katsina – 3
5.Bayero University, Kano – 95
6.Federal University Dutse, Jigawa – 3
7.Federal University Dutsin-Ma, Katsina – 22
8.Federal University of Technology, Minna – 5
9.Modibbo Adama University of Technology, Yola – 3
10National Open University of Nigeria – 1
11.Sa’adu Zungur State University, Gadau – 1
12.Umaru Musa Yar’adua University, Katsina – 2
13.University of Benin – 1
14.University of Ibadan – 1
15.University of Jos – 1
16.Usmanu Danfodiyo University, Sokoto – 1
17.Yusuf Maitama Sule University, Kano – 13
He pointed out that the initiative is part of Honourable Bichi’s broader commitment to enhancing educational opportunities in his constituency.
Accordingly ,the distribution of the postgraduate scholarship by Rep. Bichi through his foundation is a yearly gesture since his election as member of the House of representatives in 2019 and 2023 respectively .
Breaking:Government Declares Monday As Another Public Holiday
Shettima To Lead Nigeria’s Delegation To 79Th UN General Assembly
Why is Dangote Blackmailing NNPC?
Hon. Bichi Sponsors 200 Postgraduate Scholarships in Constituency
NUJ Visits Ammasco Radio, Advocates for Chapel Establishment
Breaking:Kano Announces New Resumption Date For Primary and Post Primary Schools.
Godfatherism: Now Kwankwaso’s third term agenda as Kano Governor becomes a reality
Cost of Dan Agundi, Tal’udu Bridges Could Build 6,000 Houses for the Masses, Says Activist
Finally NNPC Tackles Dangote, Releases Estimated Pump Prices of PMS from Dangote Refinery.
Kano Pillars FC Heads to Jos for Gusau/Ahlan Preseason Tournament
Breaking:Government Declares Monday As Another Public Holiday
Shettima To Lead Nigeria’s Delegation To 79Th UN General Assembly
Why is Dangote Blackmailing NNPC?
Hon. Bichi Sponsors 200 Postgraduate Scholarships in Constituency
NUJ Visits Ammasco Radio, Advocates for Chapel Establishment
Breaking:Kano Announces New Resumption Date For Primary and Post Primary Schools.
Godfatherism: Now Kwankwaso’s third term agenda as Kano Governor becomes a reality
Cost of Dan Agundi, Tal’udu Bridges Could Build 6,000 Houses for the Masses, Says Activist
Finally NNPC Tackles Dangote, Releases Estimated Pump Prices of PMS from Dangote Refinery.
Kano Pillars FC Heads to Jos for Gusau/Ahlan Preseason Tournament
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