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Imminent Fuel Increase as Petrol Landing Cost Rises to ₦1,117 Per Litre

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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.

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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

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NFF Appoints Eguavoen as Interim Head Coach of Super Falcons

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By Yusuf Danjuma Yunusa

Augustine Eguavoen has been appointed the interim head coach of the Super Falcons.

The former Super Eagles head coach will lead the Falcons for their 2028 Olympic Games double-legged qualifier against Comoros in October.

Eguavoen will be assisted by Christopher Danjuma, head coach of Nasarawa Amazons, alongside a supporting cast that includes Ayisat Yusuf, a former Super Falcons defender; Olatunji Baruwa, former Super Eagles goalkeeper trainer.

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The Falcons will kick off their Olympic qualifying campaign in the second round against Comoros, with both legs taking place at the Remo Stars Stadium in Ikenne-Remo on October 9 and 13.

Nigeria had received a bye into the second round as one of the top-ranked teams, while Comoros qualified after a 30-0 aggregate victory over Sudan.

Falcons must navigate four rounds of two-legged knockout ties to secure of Africa’s two slots for the women’s football event at the Olympics. A win over Comoros will advance the team to the third round in early 2027 to face either DR Congo or Morocco.

Eguavoen will be handling women’s football team for the first time in his managerial career.

His appointment comes a few weeks after Justine Madugu was sacked as Falcons’ head coach alongside his technical crew.

The dismal follows the Falcons failure to qualify for the 2027 women’s World Cup.

The first time the team will miss the World Cup since its inception in 1991.

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Dependable political ally’ — Tinubu celebrates Abdulmumin Jibrin at 50

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President Bola Tinubu has congratulated Abdulmumin Jibrin, the member representing the Kiru/Bebeji federal constituency in the house of representatives, on his 50th birthday.

In a statement issued on Tuesday by Bayo Onanuga, special adviser to the president on information and strategy, Tinubu described Jibrin as a dependable political ally and commended his intellectual rigour, entrepreneurial drive and commitment to public service.

The president praised Jibrin’s pursuit of knowledge, noting that his academic background at the University of Abuja, Ahmadu Bello University, Zaria, SBS Swiss Business School in Switzerland, Bayero University, Kano, and other institutions has shaped his approach to leadership and public service.

Jibrin holds two PhDs in international relations and economics, as well as an MBA from Bayero University. He also attended executive education programmes at Harvard Business School, Oxford and London Business Schools, and INSEAD in France.

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Tinubu also acknowledged Jibrin’s record in public service, including his leadership of the house committees on finance, appropriations, land transport, foreign affairs, and housing and habitat.

According to the president, the lawmaker has contributed to debates and policies on public finance, fiscal policy, infrastructure and housing.

Jibrin also served as executive director at the Federal Housing Authority (FHA).

“Abdulmumin Jibrin represents a generation of Nigerians whose pursuit of knowledge, enterprise, and public service has been driven by a desire to make a difference,” the president said

His journey from scholarship and business into national politics reflects intellectual curiosity, resilience, and a deep commitment to Nigeria.
“At 50, he has much to celebrate, but I am confident that his most consequential contributions to our nation are still ahead.”

The president wished Jibrin renewed strength, good health, wisdom and fulfilment as he marked the milestone.

He also urged him to continue using his experience and knowledge to mentor younger Nigerians, strengthen democratic institutions and contribute to the development of Kano state and Nigeria.

Jibrin rejoined the All Progressive Congress (APC) in 2025 after he was expelled from the New Nigerian People’s Party (NNPP).

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Ibrahim Little Condemns Attack on Journalists, Calls for Government Commitment to Ending Thuggery

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The gubernatorial candidate of the African Democratic Congress (ADC), Alhaji Ibrahim Ali Amin Little, has condemned the recent attack on journalists covering the All Progressives Congress (APC) rally at the Sani Abacha Stadium in Kano on Saturday

Little, in a statement signed by his Executive Assistant, Adnan Mukhtar, described the attack as unfortunate and unacceptable, calling on security agencies to demonstrate greater commitment to ending political thuggery in the state.

“Politicians are guilty of recruiting and using thugs during political rallies, and I believe this is absolutely wrong. Such actions contribute to the destruction of the future of our young people by exposing them to immoral and criminal activities.

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“It is important that we tell ourselves the truth. A government that claims to be fighting thuggery, phone snatching and drug abuse should not be seen sponsoring or encouraging thugs to attend political rallies. This is unfortunate, unacceptable and uncalled for.

“Political rallies should be platforms for presenting ideas, engaging citizens and seeking their support, rather than breeding grounds for violence and criminality.”

Little extended his sympathy to the Nigerian Union of Journalists (NUJ), the affected journalists and all other victims of the incident.

He assured the people of Kano that, if elected, his administration would have zero tolerance for political thuggery and other forms of violence, stressing that his government would prioritise the protection of lives and property and create an environment where journalists and citizens can carry out their legitimate activities without fear.

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