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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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SSANU, NASU to Suspend Strike May 11

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Yusuf Danjuma Yunusa

Non-academic staff in Nigeria’s public universities have moved to suspend their ongoing nationwide strike, raising hopes for the resumption of full academic activities across campuses.

The Joint Action Committee of the Non-Academic Staff Union of Educational and Associated Institutions and the Senior Staff Association of Nigerian Universities directed its branches to commence processes for the suspension of the strike effective Monday, May 11, 2026.

The decision followed a series of meetings between the unions and the Federal Government over unresolved demands, particularly the renegotiation of the 2009 agreement and welfare-related concerns.

In a circular sent to branch chairpersons which was obtained by our correspondent on Wednesday morning, the unions said they had secured a firm commitment from the federal government to conclude all outstanding renegotiations within two weeks of suspending the industrial action.

The circular, jointly signed by NASU General Secretary, Peters Adeyemi, and SSANU National President, Mohammed Ibrahim, indicated that the breakthrough came after a crucial meeting with the federal government’s Expanded Renegotiation Committee led by a former Head of the Civil Service of the Federation, Yayale Ahmed.

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According to the unions, the government explained that any further review of its earlier offer would require the approval of President Bola Ahmed Tinubu.

“The leadership of JAC considered the passionate appeal for the suspension of the ongoing strike action and also extracted a commitment from the FGN Expanded Renegotiation Committee that all renegotiations, including a reviewed offer of the Consolidated Tertiary Institutions Salary Structure (CONTISS), shall be concluded in two weeks from the date of the suspension of the strike,” the statement read.

It added that branch leaders had been directed to convene congresses to brief members and ratify the decision.

“Branch leaders are hereby urged to note this appeal and convene congresses to report the above, for a suspension of the strike effective from Monday, 11th May, 2026, while other engagements with relevant stakeholders continue,” the unions said.

The unions also disclosed that part of the ongoing discussions included a controversial 30 per cent salary increase under the Consolidated Tertiary Institutions Salary Structure which had earlier been proposed but later withdrawn by the government.

They expressed appreciation to members for their compliance with the strike directive, describing the solidarity shown nationwide as encouraging.

NASU and SSANU commenced the strike on May 1, 2026, over the Federal Government’s delay in concluding the renegotiation of the 2009 agreement, which covers salaries, allowances, and general working conditions of non-academic staff in universities and inter-university centres.

The industrial action disrupted administrative operations in public universities, affecting activities such as student registration, documentation, hostel management, and other essential support services critical to the smooth running of academic institutions.

The strike also added to mounting concerns over instability in Nigeria’s tertiary education sector, which has experienced repeated disruptions in recent years due to disputes between university-based unions and the government.

Although academic staff were not directly involved in the latest action, the absence of non-teaching personnel significantly slowed down campus operations, forcing many institutions into partial shutdown.

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Xenophobic Attacks: Oshiomhole Asks FG to Revoke Licence of MTN

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Yusuf Danjuma Yunusa

Senator representing Edo North, Adams Oshiomhole, has urged the Federal Government to take sweeping economic action against South African businesses operating in Nigeria.

 

This followed the recent xenophobic attacks on Nigerians in South Africa.

 

To this end, the former Governor of Edo State advocated for the revocation of the licenses of MTN Nigeria and DStv, especially calling on Nigerians investors to fill the void.

 

Raising the issue during plenary on Tuesday, Oshiomhole argued that Nigeria must move beyond diplomatic protests and adopt a policy rooted in reciprocity.

 

“I don’t want this Senate to be shedding tears, to sympathise with those who have died. We didn’t come here to share tears.”

 

“If you hit me, I’ll hit you. I think it is appropriate in diplomacy. It’s an economic struggle.

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“This Senate should adopt a position that MTN, a South African company that is cutting away millions of dollars from Nigeria every day. That Nigeria nationalise it and withdraw its licence.

 

“I call on the Federal Government to revoke DSTV, which is also a South African company that is cutting away millions of dollars,” he said.

 

The lawmaker further argued that Nigerians living in South Africa were economically productive and not dependent on the host country.

 

“These Nigerians who are in South Africa, they are not there on holiday. They are there to work and to earn.

 

“When we hit back, the president of South Africa will go on his knees to recognise that Nigerians cannot be intimidated,” he said.

 

He said continued tolerance in the face of repeated violence against Nigerians abroad sends the wrong signal.

 

According to him, decisive economic retaliation would demonstrate Nigeria’s capacity to defend its citizens and interests.

 

Oshiomhole linked the resurgence of xenophobic violence to domestic political tensions in South Africa.

 

He noted that anti-immigrant rhetoric has increasingly shaped public attitudes toward foreigners, including Nigerians.

 

The intervention came as the House of Representatives condemned the latest attacks, warning that the safety of Nigerians abroad must not be compromised.

 

Lawmakers urged the Federal Government to step up diplomatic engagement and implement protective measures.

 

Also contributing, Victor Umeh described the situation as dire, saying many Nigerians in South Africa now live in constant fear and are unable to move freely.

 

He called on the African Union to intervene, including the possibility of sanctions if the attacks persist.

 

Umeh stressed that the pattern of violence should no longer be treated as isolated incidents.

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ECOWAS Parliament to Probe, Make Recommendations on Xenophobic Violence Against West Africans in South Africa 

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Yusuf Danjuma Yunusa

In a rare moves, West African Lawmakers have registered dismay over violent attacks against their citizens living in South Africa prompting an urgent investigation and recommendations.

 

It could be recalled that the last few weeks have witnessed grave attacks on Africans mostly Nigerians and Ghanaians living in South fueled by anti migrant movements and sentiments such as Operation Dudula.

 

In a touching presentation titled:

 

“West African lives, dignity, and the imperative of integration: accountability, justice and free movement, and regional security,” Hon. George Kweku Ricketts-Hagan, Third Deputy Speaker of the ECOWAS Parliament and Leader of the Ghanaian Delegation said:

 

“The xenophobic violence engulfing South Africa – Across KwaZulu-Natal, Gauteng, Cape Town, and Pretoria, Ghanaians, Nigerians, Zimbabweans, Ethiopians, and other African nationals have been attacked, looted, displaced, and killed.”

 

He noted that the Nigerian Consulate in Johannesburg confirmed the deaths of two citizens — Amaramiro Emmanuel and Ekpenyong Andrew.

 

He reported that an Ethiopian national was shot dead at a busy intersection, and the killing was captured on CCTV.

 

Hon. George pointed out that:

 

“Ghanaian shops have been shuttered under threat. Vigilante groups have stopped people outside hospitals and schools to demand documents. Footage of foreign nationals being beaten and subjected to verbal assault has circulated on every screen across this continent.”

He explained that Ghana’s Foreign Minister, the Honourable Samuel Okudzeto Ablakwa, summoned South Africa’s Acting High Commissioner in Accra over a documented incident in which a Ghanaian legal resident was confronted and told — to leave and ‘fix his country.’

 

Hon. George said:

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“Nigeria similarly summoned South Africa’s envoy in Abuja. The Nigerians in Diaspora Commission declared on the twenty-ninth of April that the situation is deteriorating and earlier engagements have not yielded calm. The African Commission on Human and Peoples’ Rights has formally deplored the attacks. And on the first of May, Economic Freedom Fighters (EFF) leader Julius Malema asked his own compatriots: after beating Nigerians and Ghanaians, how many jobs have you created?”

Hon. George called on the Speaker and Community Parliamentarians to address directly the intervention of President Cyril Ramaphosa in his keynote address at the 2026 Freedom Day National Celebrations in Bloemfontein on the twenty-seventh of April.

 

“This Parliament acknowledges that President Ramaphosa spoke. He said — and I quote the official record of the Presidency — ‘We must not allow these concerns to give rise to xenophobia, directed towards people from other African countries or any other parts of the world. Instead, we must insist that the law be upheld and enforced.”

 

He referenced the South African President’s comments in which he said that “We will not allow people to take the law into their own hands.”

 

“And he affirmed: ‘It cannot be, and it must never be, that we trample into the dust the African fellowship that made our freedom possible.”

Hon. George said that they take President Ramaphosa at his word but expressed reservations on the rhetorical framing.

 

“But it is precisely because we take him at his word that I say, through this forum and for the record: words delivered from a ceremonial platform do not arrest a single perpetrator,” Hon. George emphasized.

 

“Condemnations, however eloquent, do not bring a single attacker before a magistrate.

 

Calls to uphold the law ring hollow when the perpetrators of mob violence, arson, looting, assault, and murder walk free — their faces visible in videos that every African has seen.”

Hon. George recalled that on the same Freedom Day speech, President Ramaphosa described African nationals as “guests whose welcome is conditional on respect for South African laws”.

 

“That framing — however unintentionally — provides militant groups with a grammar of conditional hospitality that they have readily translated into a licence for violence.

 

A government cannot simultaneously condemn mob justice and deploy the language that mobs use to justify their actions.

My personal statement to this House, Mr Speaker, is this: South Africa must move from speeches to action.

 

The South African Police Service, the National Prosecuting Authority, and the Independent Police Investigative Directorate must investigate every documented incident.

 

Social media has provided an abundance of documentation.

 

The perpetrators  many of whose faces are known  must be identified, arrested, charged, and prosecuted to conviction, without fear or favour, without selectivity, and without impunity. Not some of them. All of them.

 

 

 

 

 

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