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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

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Hon. Bichi Sponsors 200 Postgraduate Scholarships in Constituency

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The Kabir Abubakar Bichi Foundation led by Hon. Abubakar Kabir Abubakar Bichi, the member of the House of Representatives for Bichi Federal Constituency from Kano State and Chairman of the House Committee on Appropriation, has sponsored 200 constituents for postgraduate studies in various Nigerian universities.

The secretary General of the Foundation Zahraddeen Bello stated this to newsmen in Kano

He said among the beneficiaries of the scholarship program are 37 PhD candidates and 163 students pursuing master’s degrees.

According to him ,the lawmaker has allocated over N46 million (N46,171,792.50) to fund the scholarships. His sponsorship initiative also includes providing support for students from Bichi Local Government Area studying in various Nigerian universities. Additionally, he sponsors all science and technical boarding students from Bichi and the distribution of educational and instructional materials to all SS 1 students of the constituency.

The distribution of beneficiaries spans several institutions, including:

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1.Abubakar Tafawa Balewa University, Bauchi (ATBU) – 3

2.Ahmadu Bello University, Zaria – 19

3.Aliko Dangote University of Science and Technology, Wudil – 26

4.Al-Qalam University, Katsina – 3

5.Bayero University, Kano – 95

6.Federal University Dutse, Jigawa – 3

7.Federal University Dutsin-Ma, Katsina – 22

8.Federal University of Technology, Minna – 5

9.Modibbo Adama University of Technology, Yola – 3

10National Open University of Nigeria – 1

11.Sa’adu Zungur State University, Gadau – 1

12.Umaru Musa Yar’adua University, Katsina – 2

13.University of Benin – 1

14.University of Ibadan – 1

15.University of Jos – 1

16.Usmanu Danfodiyo University, Sokoto – 1

17.Yusuf Maitama Sule University, Kano – 13

He pointed out that the initiative is part of Honourable Bichi’s broader commitment to enhancing educational opportunities in his constituency.

Accordingly ,the distribution of the postgraduate scholarship by Rep. Bichi through his foundation is a yearly gesture since his election as member of the House of representatives in 2019 and 2023 respectively .

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Nigerian Youth Movement Mulls Over Strategy to Capture Power from Establishment

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A Nigerian youth movement is considering strategies to wrestle political power from the nation’s establishment in a bid to reposition the country, according to human rights lawyer Barrister Abba Hikima.

Hikima, in an exclusive interview with Nigerian Tracker, revealed that the movement aims to address the challenges facing Nigeria by reorganizing the country’s political structure. “The youth movement is borne out of the present situation; there is a need to reorganize Nigeria,” Hikima said. “The youth are at the receiving end, and we want to come up with a political solution, either by contesting or by presenting good people to contest.”

He emphasized the importance of youth participation in Nigeria’s democratic process, noting that they constitute the largest demographic. “Youth are the highest in number. Repositioning Nigeria is a must, and since democracy is a game of numbers, let the youth start,” Hikima stated.

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Highlighting the dissatisfaction with current leadership, Hikima urged the youth to take action if they believe those in power are not governing effectively. “If we say somebody is not doing the right thing, let’s use our numbers,” he added, suggesting that the movement could establish its own political party or align with an existing one. The goal, according to Hikima, is to “retire the present tyrannical leaders.”

Barrister Abba Hikima

Barrister Abba Hikima

The lawyer disclosed that the movement has its origins in Northern Nigeria but plans to expand across the federation in the near future. “The idea started from the North, but in the near future, the movement will spread all over the federation,” he concluded.

The group has yet to formalize its structure but has already sparked interest among Nigerian youth who are eager to see a shift in the country’s political landscape.

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KANSIEC Praises Police Efforts in Safeguarding Democracy

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Prof Sani Lawal Malumfashi KANSIEC Chairman

The Kano State Independent Electoral Commission (KANSIEC) has described the Nigeria Police Force as a crucial institution in any political dispensation. Prof. Sani Lawal Manumfashi emphasized that as custodians of law and order, the police also play a key role in safeguarding democracy.

The Chairman made this statement during a visit to the Assistant Inspector General of Police in charge of Zone 1, Ari Mahd Ali, at his office on Tuesday.

Professor Manumfashi noted that the police are key players in providing security, protecting the electoral process, and maintaining law and order in society during and after elections. He stressed that this vital role makes the police force the true guardians of democracy, as their presence is essential in every electoral process.

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He further added that with Kano being the most populous state in the country, having 44 local government areas, 484 wards, and 11,222 polling units, the need for police service in the state is paramount.

In his remarks, AIG Ali assured that his command is fully prepared to provide maximum support and cooperation to ensure the success of the upcoming local government elections in the state. He also mentioned that his phone line is available 24 hours, and the commission can reach him whenever necessary. AIG Ali commended the Commission Chairman for demonstrating his academic expertise by providing essential information about Kano during his brief speech.

In a statement signed by Director public enlightenment of the commission Bashir Habib Yahaya said the visit included the presentation of election guidelines and the 2024 election calendar to the AIG by the Chairman of the Commission.

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