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Nigeria’s Petrol Landing Cost Drops to ₦971 per Litre, But Pump Prices Stay High

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The landing cost of petrol in Nigeria has fallen to ₦971 per litre in November 2024, down 20.23% from ₦1,219 in August, according to the Major Energies Marketers Association of Nigeria.

This reduction is due to changes in the Naira-to-dollar rate and lower global crude prices, with Brent crude now at $73.63 per barrel and the Naira trading at ₦1,678.87 per dollar.

Despite this decrease, petrol remains costly at the pump, with prices between ₦1,060 and ₦1,200 per litre across various stations.

Ex-depot prices from Dangote Refinery range from ₦960 for petrol transported by ships to ₦990 by trucks.

The Nigeria Labour Congress has raised concerns about consumer affordability, noting that pump prices still exceed expected market rates.

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“You Can Still Have Subsidy Without Long Queues” — Rufai Oseni Speaks On Subsidy

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TV anchor Rufai Oseni makes headlines as he speaks on fuel subsidy in Nigeria. He shared that Nigeria can have fuel subsidy without the long queues at filling stations.

“When we were still paying subsidies, there were no long queues. We were subsidising. So you can still have a subsidy regime going on, and there will be no long queues because production was close by. Dangote had it. That’s just it. That argument also falls flat.

“The biggest beneficiaries of subsidy are not Nigerians. They are crony capitalists that have big infrastructure, and they do contracts. They have been the biggest beneficiaries of the subsidy,” he said.


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Sanwo-Olu Speaks on Lagos’ Power Challenges and the Need for Change

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Lagos State Governor, Sanwo-Olu, speaks to those in the electricity sector about the usual blackouts in the state.

He speaks on ways things can change in the state and how electricity can be provided.

“We need to drop corporate egos, abandon long-standing excuses, and confront the harsh realities obstructing progress in the power sector.”

“We, state governments, used to give excuses that everything is centralised, so the Federal Government has unbundled it now. What have we done in a year and a half?” Sanwo-Olu asked.

“We take two steps forward, we go five steps backward,” he said.

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Sanwo-Olu Declares August 20 Public Holiday in Lagos for Isese Festival

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Lagos State Governor Babajide Sanwo-Olu has declared Thursday, August 20, a work-free day for public servants in the state to mark the Isese Festival.

Speaking on the celebration, he said “Ìṣẹ̀ṣe is not a relic. It is a living expression of our traditions and a celebration of Yoruba spirituality as an important part of Nigeria’s cultural and religious landscape,” he said.

He added “When the drums sound in Lagos on Thursday, they answer drums in Havana, in Salvador, in Port of Spain. Fifty-five million people and counting. Lagos is not observing a local holiday. Lagos is standing at the centre of a global heritage,” Aregbe said.


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