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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.

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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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Political War Erupts as Kwankwaso Rubbishes Marafa’s Call to Sack Matawalle

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The Director of Finance and Administration of the Hadejia–Jama’are River Basin Authority, Hon. Musa Iliyasu Kwankwaso, has dismissed as futile the call by former Senator Kabiru Marafa for the removal of Dr. Bello Matawalle as Minister of Defence, insisting that President Bola Ahmed Tinubu remains fully satisfied with Matawalle’s performance.

Kwankwaso made the remark while addressing journalists at a press briefing in Abuja, describing Marafa’s demand as unfortunate, baseless and driven by personal bitterness, and stressing that it would not influence the President’s decision.

He said it was disturbing that a politician from the same state as the minister, Zamfara, would publicly attack Matawalle despite the minister’s commitment to national service.

“I was truly shocked when I heard the comments of former Senator Kabiru Marafa calling for the removal of the Minister of Defence, Dr. Bello Matawalle, even going as far as fabricating lies and false allegations against him. These statements are clearly driven by confusion and jealousy, and Mr. President will never accept them from enemies hiding behind criticism,” Kwankwaso said.

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Hon. Kwankwaso further argued that Marafa lacks the moral standing to speak on security matters, citing a controversial traditional title allegedly linked to criminal elements within Marafa’s immediate circle.

“Besides jealousy and bitterness, Marafa has no justification to speak on security issues. A close relative of his senior brother was said to have been involved in helping to confer a traditional leadership title on the notorious bandit leader, Ado Aliero, in Yandoto. It was during Dr. Bello Matawalle’s tenure as governor that the title was subsequently suspended. So I ask: if he truly has a conscience, does he really have the right to speak on security?” he queried.

 

Kwankwaso also recalled past political comments credited to Marafa, in which the former senator reportedly vowed to defeat President Tinubu politically, questioning the sincerity of his present demand.

“Not long ago, Marafa openly said he would defeat Tinubu and cause him a one-million-vote loss. Now the same person who once wished the President’s failure is calling on the President to remove someone who is working for the success of his administration. That contradiction exposes the real motive behind these attacks,” he added.

 

He maintained that President Tinubu’s confidence in Dr. Matawalle remains firm, noting that no amount of pressure, manipulation or political jealousy would force the President to act against his judgment.

In his concluding remarks, Kwankwaso cautioned Northerners against what he described as a growing culture of destructive rivalry and bitterness, where individuals seek the downfall of others simply because they have lost political relevance.

He warned that those currently calling for Matawalle’s removal might be the same people who would later accuse the President of marginalising the North should he appoint someone else from outside the region.

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New Defense Minister GC Musa Takes Oath of Office

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By Yusuf Danjuma Yunusa

President Bola Tinubu has sworn in General Christopher Musa (retd.) as the new Minister of Defence.

Musa, a former Chief of Defence Staff, took the oath of office on Thursday at the State House, Abuja.

Nigerian Tracker News had reported that the Senate on Wednesday confirmed Musa as Minister of Defence following a rigorous five-hour screening.

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During the session, the former CDS was grilled over recent security lapses, including the controversial withdrawal of troops from Government Comprehensive Girls Secondary School, Maga, in Kebbi State, shortly before schoolgirls were abducted on November 17.

He told lawmakers he would “immediately set up a full-scale investigation” into the troop withdrawal once he assumes duty.

Musa also vowed to probe the killing of Brigade Commander Brig-Gen. Musa Uba in Borno State, along with other attacks on senior military officers.

Musa’s nomination followed the resignation of former Defence Minister, Mohammed Badaru, reportedly on health grounds.

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KANSIEC Appoints Adhoc Staff for Ward Bye-Elections

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Prof Sani Lawal Malumfashi KANSIEC Chairman

 

The Chairman of the Kano State Independent Electoral Commission (KANSIEC), Professor Sani Lawal Malumfashi, has issued appointment letters to adhoc staff for the upcoming ward bye-elections in three local government areas of the state.

During the presentation of the appointment letters, Professor Malumfashi urged the adhoc staff to justify the trust and confidence the commission has reposed in them.

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He expressed his confidence in their ability to discharge their duties based on their level of education, experience, and track record of honesty and dedication.

The adhoc positions include 3 Returning Officers, 3 Electoral Officers, and 3 Assistant Electoral Officers for Dala (Kofar Mazugal), Dogowa (Maraku), and Ghari (Matan Fata) wards.

In a statement signed by Bashir Habib Yahaya media aid to the executive chairman said the Chairman appreciated security agencies, politicians, and the general public for their support and cooperation. The bye-elections are scheduled to hold on December 13, 2025.

 

 

 

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