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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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Sharada Highlights Africa’s Security Concerns at Washington Parliamentary Intelligence Security Forum

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Hon. Sohan Dasgupta, Former Assistant Secretary for Trade and Economic Security, U.S. Department of Homeland Security, with Hon. Shaaban Sharada.

 

 

As the 31st Washington Parliamentary Intelligence Security Forum (PI-SF) concluded, participants exchanged ideas on pressing global security challenges and explored actionable solutions aimed at making the world a safer place. The forum brought together lawmakers, security experts, and policymakers from across the globe to deliberate on strategies for peace, intelligence cooperation, and stability.

Speaking after the meeting, Hon. Shaaban Ibrahim Sharada, former Chairman of Nigeria’s House of Representatives Committee on National Security and Intelligence, emphasized the importance of leveraging such platforms to address Africa’s unique security concerns.

Sharada, who also serves as the Forum’s Director for African Parliamentarians Engagements and a member of its steering committee, noted that discussions at the event were particularly relevant to Nigeria and the wider African continent during this challenging period.

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“I engaged in meaningful discussions on peace and stability in Africa, particularly in my country, during this trying moment,” Sharada stated. He expressed optimism that the knowledge gained at the forum would be communicated back to stakeholders within his jurisdiction, fostering collaboration with PI-SF to strengthen Africa’s security architecture and promote global understanding.

Sharada said there is the need for African leaders to take advantage of international platforms like PI-SF to build partnerships that can help tackle terrorism, insurgency, and other transnational threats. He stressed that Africa’s security challenges require not only local solutions but also global cooperation, given their impact on international peace and stability.

The Washington Parliamentary Intelligence Security Forum has become a key gathering for legislators and security professionals worldwide, providing a space to share experiences and develop strategies to counter evolving threats. With Sharada’s active role in bridging African parliamentarians and the forum, Nigeria’s voice continues to resonate in global security dialogues.

 

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NLC Vows to Proceed with National Protest Over Devastating Insecurity

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NLC Vows to Proceed with National Protest Over Devastating Insecurity

 

By Yusuf Danjuma Yunusa

 

The Nigeria Labour Congress (NLC) has reiterated that its planned nationwide protest against insecurity, slated for December 17, will go ahead as announced.

The NLC President, Joe Ajaero, said this in Gombe after a courtesy visit to the Chairman of the Northern States Governors’ Forum and Governor of Gombe State, Inuwa Yahaya.

He mentioned that there had been no contrary directive to suspend the protest, stressing that it remained “sacrosanct”.

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The motive of the planned exercise, according to Ajaero, is to draw urgent attention to the worsening insecurity in the country and its devastating impact on the economy, workers and investors.

He noted that insecurity is discouraging both local and foreign investment and compounding the economic hardships faced by Nigerians.

The NLC president said the demonstration is meant to awaken the government to its responsibility of addressing banditry, kidnappings and other security challenges.

He cited cases of workers being kidnapped and killed, including a teacher who was reportedly murdered during a recent attack in Kebbi State, adding that many of the abducted children are the offspring of workers.

He demanded decisive action from the government to end the spate of kidnappings, noting that victims often resort to borrowing money to pay ransoms.

Meanwhile, the Gombe State governor said the state civil service needs a strong and productive workforce to achieve positive development.

Speaking at the official flag off of the NLC state secretariat, he described workers as indispensable partners in governance, stressing that their welfare had remained a central focus of his administration since assuming office in 2019.

He stated that the project was designed to provide the organised labour with a befitting secretariat after decades of operating in a temporary office.

He explained that the government had sustained a culture of dialogue, mutual understanding and shared responsibility with the organised labour, a strategy he said had helped strengthen industrial harmony and productivity across the state.

Governor Inuwa recollected that Gombe was among the first states in the country to implement the National Minimum Wage despite limited resources, describing the move as a deliberate investment in human capital development

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If the PDP does not put its house in order, there will be an alliance,” -Sule Lamido

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The former Governor of Jigawa State and one of the founding fathers of the Peoples Democratic Party (PDP), Alhaji Sule Lamido, has cautioned that unless the party resolves its internal crisis, it risks forming alliances and coalitions that could reshape Nigeria’s political landscape.

Lamido made the statement while receiving Jigawa PDP stakeholders and party leaders at his Kano office, stressing the urgent need for unity and reconciliation.

Lamido recalled that he had earlier given party members an ultimatum to wait until December 9 to determine the fate of the current acting National Chairman, Ambassador Umar Damagum.

He disclosed that after consultations with former President Olusegun Obasanjo and ex-Senate President Bukola Saraki, several strategies were devised to engage PDP governors and the Minister of the Federal Capital Territory in reconciliation talks, which were hosted at Saraki’s residence.

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“We have consulted all of them and asked for cooperation. We are going to sit again. Don’t worry, you are going to vote. There is no party still like the PDP. We should not allow our personal ego to destroy it,” Lamido emphasized. He warned that if reconciliation fails, alliances and coalitions would become inevitable, adding that “if you want to make a name in Nigeria, you should join the PDP.”

Lamido lamented the party’s dwindling influence in Kano State, where it managed only 15,000 votes in the last general elections.

He also criticized the defection of the PDP’s former vice-presidential candidate to the All Progressives Congress. “The rivalry within PDP is only benefitting the APC,” Lamido said, accusing the southwest of rallying behind the APC due to tribal sentiments.

On his part, Alhaji Babandi Gumel, PDP Chairman in Jigawa State, explained that the gathering was part of ongoing reconciliation efforts. He noted that similar meetings had been held in Dutse, following a paper presented by former local government chairmen during Lamido’s tenure as governor. Gumel added that the November 27 meeting in Kano was a continuation of those efforts, aimed at resolving leadership disputes.

“Our leader, Sule Lamido, asked us to wait a little to ensure the national leadership is sorted out. Up till now, there is no substantive chairman. The faction of Turaki is still claiming leadership, while other factions are also laying claims. Even on INEC’s website, it is still Damagum’s name that appears,” Gumel stated.

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