Connect with us

News

Nigeria’s Petrol Landing Cost Drops to N971 per Liter Despite High Pump Prices

Published

on

Photo source: Google

In November 2024, the cost to import a litre of Premium Motor Spirit (petrol) into Nigeria decreased to N971, according to data released by the Major Energies Marketers Association.

This marks a 20.23 per cent decline from August’s figure of N1,219 per litre.

The shift in landing cost is largely influenced by changes in the Naira to Dollar exchange rate and the fluctuating global price of crude oil.

By the end of last week, the Naira was trading at N1,678.87 to the Dollar, while the price of Brent crude closed at $73.63 per barrel.

For comparison, crude had been at $80.72 per barrel in August when the exchange rate was N1,611 per Dollar.

Advertisement

These shifts directly affect the cost Nigeria incurs to import fuel, as international currency and crude prices heavily dictate these expenses.

However, despite the drop in landing costs, pump prices in Nigeria have remained high.

Fuel at Nigerian National Petroleum Company (NNPC) outlets and many other filling stations currently sells between N1,060 and N1,200 per litre.

This high retail price reflects additional logistics, distribution, and profit margin costs, along with the impacts of currency devaluation, keeping fuel relatively expensive for consumers.

Just months earlier, in August, Nigerians were paying N617 per litre, highlighting how much the situation has changed in just a few months.

Advertisement

The country’s largest private refinery, the Dangote Refinery, which is expected to help alleviate some of the nation’s dependency on imported petroleum products, recently set its ex-depot prices between N960 and N990 per litre for ships and trucks, respectively.

While promising to reduce import reliance in the long term, the Dangote Refinery’s price points illustrate the ongoing high costs involved in local production due to currency fluctuations and global oil market prices.

The Nigeria Labour Congress (NLC), which has been vocal about the economic pressure on Nigerian households, released a statement on Sunday.

The NLC emphasized that local petrol prices have become disconnected from actual market value, placing undue financial strain on Nigerians.


 

Advertisement

News

Over 380,000 Candidates Receive Texts to Resit 2025 UTME Starting Today

Published

on

Photo source: Google

Candidates scheduled to retake the 2025 Unified Tertiary Matriculation Examination (UTME) will start receiving text messages from today, Thursday. A total of 379,997 candidates across five South East states and Lagos are expected to resit the exam. JAMB Registrar, Prof. Ishaq Oloyede, confirmed this during a press briefing in Abuja on Wednesday.

He explained that 206,610 candidates in 65 centers in Lagos and 173,387 candidates across 92 centers in the Owerri zone of the South East were affected. Oloyede took full responsibility for what he described as a “sabotage” of the UTME and apologized to the candidates. Out of the 1.9 million who sat for the exam, more than 1.5 million scored below 200 out of a possible 400 marks.


 

Continue Reading

News

UNIZIK Lecturer Tells JAMB Registrar to Resign Over UTME Failure

Published

on

Photo source: Google

A lecturer at Nnamdi Azikiwe University, Awka, Christian Okeke, has called on the JAMB Registrar, Prof. Ishaq Oloyede, to go beyond shedding tears and take full accountability by resigning from his position.

This comes after JAMB admitted to technical issues during the 2025 UTME. Okeke criticized the decision to have candidates in some centers rewrite the exam, describing it as unfair and emotionally distressing. He insisted that only the release of the original results can truly correct the situation.

According to him, JAMB initially defended the poor outcomes, where over 1.5 million candidates scored below 200, claiming it reflected their academic ability. He argued that it took public outcry and pressure from stakeholders before the board acknowledged its failures.

He described Oloyede’s emotional apology as insufficient, saying, “Tears won’t fix the damage. His resignation is the next responsible step.” Okeke also condemned the planned resit for candidates in 65 Lagos centers and 92 across the South East, calling it an inconsiderate move that shows a lack of empathy for the affected students and their families.


 

Advertisement
Continue Reading

News

Activist Urges Tinubu to Choose a Christian VP for 2027 Election

Published

on

Photo source: Google

Activist and president of the North Central Youth Council, Sunday Asuku, has called on President Bola Ahmed Tinubu to consider replacing Vice President Kashim Shettima with a Christian candidate in the 2027 general election.

In a statement on Monday, Asuku stressed that Tinubu’s choice of vice president could make or break his chances for re-election. He argued that selecting a Christian vice president would not only be symbolic but also a strategic and unifying move for Nigeria’s democracy.

Asuku mentioned that the 2027 elections will be a crucial test of Nigeria’s commitment to unity and inclusivity. He pointed out that the Muslim-Muslim ticket in the 2023 elections created division, and that addressing this imbalance with a Christian running mate would help strengthen national cohesion.

He went on to say that religious balance in leadership is still a vital necessity in Nigeria’s diverse society. “Tinubu has a chance to correct the mistake of 2023 and make a strong statement of inclusion. This opportunity should not be missed,” Asuku said.


 

Advertisement
Continue Reading

Trending