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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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Kwankwaso Officially Joins ADC

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By Yusuf Danjuma Yunusa

Former presidential candidate of the New Nigeria Peoples Party and ex-Governor of Kano State, Senator Rabiu Kwankwaso, has officially joined the African Democratic Congress.

The former Minister of Defence also registered with the party and received his membership card on Monday at Gidan Kwankwasiyya, Miller Road, Bompai, Kano.

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Present at the event include ADC National Chairman and former Senate President, David Mark; former Sokoto State Governor, Senator Aminu Tambuwal; former Minister of Transportation, Rotimi Amaechi; former Labour Party presidential candidate, Peter Obi; Senator Dino Melaye; and former National Chairman of the All Progressives Congress, John Odigie-Oyegun, among others.

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FMBN Chairman Nasiru Gawuna Resigns, Set to Defect to ADC Amid Kano Political Realignments

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The chairman of the Governing Board of the Federal Mortgage Bank of Nigeria, FMBN, Nasiru Gawuna, has resigned from his position.

Reports indicate that Mr Gawuna has perfected his defection deal with a former governor of Kano, Rabiu Kwankwaso, and is expected to defect to ADC on Tuesday.

In a resignation letter dated March 27, 2026, the former APC governorship candidate said his decision takes immediate effect and aligns with the President’s instruction aimed at ensuring adherence to electoral laws ahead of forthcoming political activities.

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He expressed profound gratitude to President Bola Tinubu for the opportunity to serve, describing his tenure as a privilege to contribute to the growth and development of the Federal Mortgage Bank of Nigeria and the country at large.

 

“My resignation is in strict compliance with the President’s directive requiring all political appointees to step down in accordance with the provisions of the Electoral Act,” the letter read.

Mr Gawuna also stated that he is placing his future “in the hands of Allah (SWT),” while seeking divine guidance on his next course of action.

He further assured of his commitment to a smooth transition process, noting that he would hand over all responsibilities in accordance with established procedures and directives.

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Sallah Thanksgiving: NUJ President Commends Kano Correspondents’ Chapel For Fostering Love, Unity Among Journalists

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The National President of the Nigeria Union of Journalists (NUJ),
Comrade Alhassan Yahya, has commended the leadership of Kano Correspondents’ Chapel, NUJ, for providing platforms and occasions that foster love, unity and progress among journalists.

Comrade Yahya stated this at Kano Press Centre, on Sunday, during the 2026 Eid-El-Fitr Sallah Celebrations, Thanksgiving And Special Prayers Ceremony, organized by Kano Correspondents’ Chapel, NUJ, to appreciate God for the successful month long Ramadan fasting period and the Eid-El-Fitr Sallah celebrations.

The NUJ National President used the occasion to urge journalists to reflect on the true meaning of the occasion and promote unity, peace, and tolerance, among themselves, in the course of their profession.

Represented by former chairman of Kano NUJ and a member of NUJ National Board of Trustees, Comrade Abbas Ibrahim, the NUJ National President, who said he has been impressed over the activities of Kano NUJ Correspondents’ Chapel, within the last one year, under the leadership of Comrade Murtala Adewale, emphasized the importance of compassion, unity, and addressing national challenges, particularly food security and insecurity.

Comrade Alhassan Yahya urged other NUJ chapels to draw inspiration from Kano Correspondents’ Chapel’s unity and camaraderie, highlighting their event as a model for promoting peace and solidarity among journalists.

He encouraged other chapels to organize similar events, fostering a sense of community and cooperation, which is essential for the growth and development of the journalism profession.

In his remarks, chairman of the occasion, a Professor of Communication in Bayero University, Kano (BUK), Prof. Yakubu Mai Nasara Kurfi, described the event as not only inspiring, but heart-warming, while urging the Kano Correspondents’ Chapel leadership to sustain the tempo.

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Prof. Mai Nasara Kurfi congratulated the Kano Correspondents’ Chapel executive members for their foresight to organize the event, and promised to borrow a leaf from them as he planned to introduce such occasion in the Faculty of Communication, BUK.

The Professor of Communication also used the occasion to canvass for collaboration and synergy among the NUJ, working journalists and the Faculty of Communication, BUK, so as to ensure training and re-training of both working journalists and student journalists for enhancement of the journalism profession.

The chairman of NUJ in Kano state, Comrade Suleiman Abdullahi Dederi, who was represented by the Vice Chairman, Comrade Mustapha Gambo, noted that the event was not only a Thanksgiving for the successful Ramadan and celebration of the Eid El Fitr, but a symbol of unity and togetherness among members of Kano Correspondents’ Chapel, and the larger Kano NUJ family.

“This even is so special because some of the prominent scholars and practitioners in the media are here. I want to thank and commend the leadership of the Kano Correspondents’ Chapel for organizing this event,” he said.

In his speech, chairman of NUJ Kano Correspondents’ Chapel, Comrade Murtala Adewale, described the event as not just a celebration, but a moment to reflect on Allah’s countless mercies—granting us the strength, patience, and opportunity to observe the holy month.

According to him: “Ramadan has been a period of spiritual renewal, sacrifice, and discipline. It has reminded us of the importance of empathy, humility, and self-restraint. As journalists, these values resonate deeply with our professional responsibilities—to be fair, truthful, and guided by integrity in all that we do.

“This gathering also serves as an avenue to strengthen our unity as members of the Chapel. In the midst of our demanding schedules and the pressures of the profession, moments like this allow us to reconnect, share, and reinforce the bond that holds us together.”

He encouraged all imbibe the lessons of Ramadan, and continue to embody patience, kindness, and responsibility, “in our daily lives and in our reportage. Our society looks up to us, and we must remain committed to promoting peace, truth, and understanding.

“I sincerely appreciate all our invited guests and well-wishers who have joined us today. Your presence is a testament to the strong relationships we have built over time, and we do not take it for granted. As we share this special breakfast, let us also remember those who are less privileged and continue to extend a helping hand, as taught during the holy month.”

The event was designed as a special Thanksgiving feast to appreciate Almighty Allah for His mercies and offer prayers for peace and progress, after a 30-day spiritual rejuvenation in the fasting month of Ramadan.

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