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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.

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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

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President Tinubu Renames Varsity After Yusuf Maitama Sule

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President Bola Tinubu has renamed the Federal University of Education in Kano the Yusuf Maitama Sule Federal University of Education.

Alhaji Sule, 1929–2017, contributed significantly to Nigeria’s socio-political development throughout his illustrious career.

He served as Nigeria’s Permanent Representative to the United Nations in New York, where he was Chairman of the UN Special Committee Against Apartheid.

He also served as Chief Whip of the Federal House of Representatives (1954–1959), Leader of Nigeria’s Delegation to the Conference of Independent States (1960), First Federal Commissioner of Public Complaints (1976), and Minister of Mines and Power.

President Tinubu believes that immortalising Ambassador Sule’s legacy will inspire younger generations to uphold integrity, patriotism, character, and nationalism.

The Federal University of Education, Kano, is one of seven specialised universities of education under the Federal Government.

In a statement by Special Adviser to the President on Information and strategy Bayo Onanuga said as a federal university of education, it will continue to play a pivotal role in training teachers, further strengthening Nigeria’s education sector.

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El-Rufai Dumps APC, Joins SDP

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Former Kaduna State Governor, Nasir Ahmad El-Rufai, has officially resigned from the All Progressives Congress (APC), citing the party’s deviation from its founding principles. In a statement released on Monday, March 10, 2025, El-Rufai announced his defection to the Social Democratic Party (SDP), vowing to rally opposition forces against the APC ahead of the 2027 elections.

El-Rufai, a founding member of the APC, recalled his role in the party’s formation, expressing disappointment over its current state. He lamented that those now in control of the APC have shown no interest in addressing what he described as an “unhealthy situation” within the party.

“It had been my hope since 2013 that my personal values and that of the APC would continue to align until I retire from politics. However, developments in the last two years have shown that this is no longer the case,” he said.

He further stated that despite raising concerns privately and publicly about the party’s direction, nothing had been done to change its course.

Departure from APC and Shift to SDP

El-Rufai announced that he had formally resigned from the APC by submitting his letter to his ward in Kaduna, effective immediately. He emphasized that before taking this step, he consulted with mentors, colleagues, and loyalists nationwide.

“As a loyal party man, I worked to help secure the APC’s election victories in 2015, 2019, and 2023. However, the party has since strayed and left me stuck in the vision of its well-meaning founding fathers and mothers. The APC has castrated its organs and treated its membership with contempt. I find this no longer acceptable.”

Declaring his new political home, El-Rufai revealed that he had joined the Social Democratic Party (SDP), which he intends to use as a platform for future political engagements.

Plans to Challenge APC in 2027

Beyond his defection, El-Rufai pledged to mobilize opposition forces under a unified front to challenge the APC in upcoming elections.

As a member of the SDP, I will focus on engaging with and persuading other opposition leaders and parties to join us and congregate under a unified democratic platform to challenge the APC in all elections and bye-elections between now and 2027,” he said.

El-Rufai called on his supporters and Nigerians concerned about the country’s future to join the SDP in the quest to restore Nigeria’s democracy and governance.

His defection marks a significant shift in the political landscape, given his influence and past role in shaping the APC. Analysts believe his move to the SDP could signal the start of a broader realignment among political figures ahead of the 2027 general elections.

Reactions and Implications

While the APC is yet to officially respond to El-Rufai’s exit, political observers note that his departure could embolden other discontented members to follow suit. The SDP, once a dormant party, may now emerge as a formidable opposition force, especially if El-Rufai succeeds in attracting key political figures to its ranks.

As Nigeria moves towards another election cycle, all eyes will be on how this new political development reshapes the contest for power.

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Abacha’s Family Cautions IBB for Changing June 12th Narrative

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Family of late Head of State, Gen. Sani Abacha (rtd) has cautioned former Military President Gen. Ibrahim Babangida against tarnishing the image of the former military leader.

A statement on Sunday by Mohammed Abacha, the Abacha family noted that Gen. Babangida had in his recent book titled, “A Journey in Service” alleged that the annulment of the June 12, 1993, presidential election “was the responsibility of the late General Sani Abacha.”

Abacha’s family said the claim sparked widespread controversy and necessitate a clear response in the interest of historical accuracy and justice.

The statement which described the allegation as false, said, “Any attempt to shift this blame onto General Sani Abacha, who was a very senior military officer within the regime, is a deliberate distortion of historical facts. For years, various actors have attempted to rewrite the history of that critical period in Nigeria’s democratic evolution.”

The family in the statement argued that Gen. Abacha was neither the Head of State nor the Commander-in-Chief at the time the June 12 election was annulled, saying, “The decision to annul the election was made under the administration of General Ibrahim Babangida, who, as the then Head of State, held absolute executive powers and was solely responsible for the actions of his government.”

Abacha’s family also urged Nigerians to be “wary of revisionist narratives that seek to manipulate public perception for personal or political reasons”, stressing that “The memory of our late father and leader, General Sani Abacha, must not be tarnished by baseless accusations meant to absolve those who were truly responsible.”

On how Gen. Abacha saved Gen. Babangida, Abacha’s family said, “We also find it necessary to state that at the time General Babangida’s life was under threat, it was General Abacha who came to his rescue, ensuring his safety.”

“We regret that ‘A Journey in Service’ missed the opportunity and failed to make history as a truthful and objective account of past events. As one public commentator aptly put it, honesty, sincerity, and integrity are virtues not commonly associated with the author.”

Daily Trust

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