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

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Fuel Pump

 

 

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

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Gov Dikko, Gawuna, Andishu, Nimrod receives YSFON awards

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Gawuna

 

The Youth Sports Federation of Nigeria, YSFON has conferred the executive governor of Katsina state governor, Radda Dikko with merit award in recognition of  the immense contribution by his led state administration to sports development.

The well attended award conferment ceremony took place last Saturday at Ahmadu Bello stadium Kaduna.

Katsina state commissioner for sports,  Aliyu Lawal Zakari received the award on behalf of the state governor.

Gov Dikko applaud YSFON for its over  four decades of sacrifices and  investments in youths development in Nigeria through sports.

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He reassured of his commitment to continue to invest in the development of sports in all areas that will  boost national development.

The immediate past deputy governor of Kano state, Dr Nasiru Gawuna was also on parade as one of the awardees.

Gawuna was decorated  in recognition of his service to YSFON for several years. YSFON said.

The managing director, FreIvan Support Services, Moses Ted Andishu also bagged an award, for his  contribution to sports developments at the grass root level.

Moses, who is a  UK  business mogul and philanthropist, speaking through his representative, Joseph Andishu, who received the award  on his behalf has  reaffirmed his commitments toward supporting laudable projects that will mentor Nigerian youths towards positive innovations and entrepreneurship using sports as the vehicle to pursue his goals to  continue to better the cause of humanity.

The incumbent national president, Nigeria Volleyball Federation, Engineer Musa Nimrod was honorured by YSFON for his tireless support to  sports activities  involving Nigerian youths.

 

 

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Finally NNPC Tackles Dangote, Releases Estimated Pump Prices of PMS from Dangote Refinery.

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The NNPC Ltd has released estimated prices of Premium Motor Spirit (PMS), also known as Petrol (obtained from the Dangote Refinery) in its retail stations across the country.

The NNPC Ltd also wishes to state that, in line with the provisions of the Petroleum Industry Act (PIA), PMS prices are not set by Government, but negotiated directly between parties on an arms length.

The NNPC Ltd can confirm that it is paying Dangote Refinery in USD for September 2024 PMS offtake, as Naira transactions will only commence on October 1st, 2024.

The NNPC Ltd assures that if the quoted pricing is disputed, it will be grateful for any discount from the Dangote Refinery, which will be passed on 100% to the general public.

The pricing

The pricing

Attached to this statement are the estimated pump prices of PMS (obtained from the Dangote Refinery) across NNPC Retail Stations the country, based on September 2024 pricing.

Olufemi Soneye
Chief Corporate Communications Officer
NNPC Ltd
Abuja

16th September, 2024

 

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Edo 2024:Ribadu threatens to sue PDP chair over election rigging allegation

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Nuhu Ribadu National Security Adviser

 

The National Security Adviser (NSA) Mallam Nuhu Ribadu has demanded retraction of the false and malicious allegation levelled against him by the Edo State chairman of the Peoples Democratic Party (PDP), Anthony Aziegbemi, that he was plotting to rig the upcoming governorship election in the state.

The party chairman had, in a statement widely circulated on Saturday, accused the federal government of scheming to rig the election. He also alleged that the NSA released $2 million to the candidate of the All Progressives Congress (APC) as part of the plot.

But in a letter addressed to the party chieftain dated September 15, 2024, the NSA demanded retraction of what the “totally false” allegation.

His lawyer, Marian Aigbedion of Charles Musa & Co, said the “malicious and libelous statement has brought our client into public disdain and odium.

“Your portrayal of our client as a corruption enabler and his office as an appendage of a political party willing to cause chaos in Edo State is entirely false and damaging to his reputation.

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“As a renowned career police officer and pioneer Executive Chairman of the Economic and Financial Crimes Commission (EFCC), our client has consistently demonstrated integrity and a commitment to fighting corruption. It is inconceivable that he would be involved in such odious acts.”

Ribadu, therefore, asked Mr Aziegbemi to publicly apologise to him and retract the publication in its entirety.

He also demanded that the retraction statement should be published as “a full-page advertorial in at least five nationwide newspapers, ten reputable and well-read online news sites, seven national and international television stations and ten radio channels with national and international reach”.

The NSA also demanded the payment of N10 billion “as damages for reputational and other injuries.”

The lawyers informed the party chairman that failure to comply with the demands within seven days might compel them to take further steps, which could include legal action to enforce Ribadu’s rights.

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