News
Nigeria’s Petrol Landing Cost Drops to N971 per Liter Despite High Pump Prices
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.
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.
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.
The former Governor of Kogi State, Yahaya Bello, makes headlines as his marriage to his fourth wife, Hiqma, is revealed.
It was reported that the pair had their wedding privately in Abuja on the 12th of July, 2025. The ceremony was attended by family and close friends and remained private until the wedding was over.
The wedding announcement was revealed by Yahaya Bello’s third wife, who stated “Alhamdulillah, our family just got a little bigger and more loving! A warm welcome to our new family member, Mrs. Hiqma Yahaya Bello! May Allah bless our union and fill our home with love, peace, and Barakah. Amin.”
Governor Babajide Sanwo-Olu has made it clear that his government will not tolerate any form of assault on officers of the Lagos State Traffic Management Authority (LASTMA). Speaking through his deputy, Dr Obafemi Hamzat, at the Second Lagos Traffic Conference on Tuesday, the governor said anyone caught attacking traffic officers will be made to face the law.
The event, held in honour of LASTMA’s 25th anniversary, brought together key stakeholders to reflect on traffic challenges and explore new solutions under the theme: “Enhancing Traffic Efficiency and Safety on Lagos Roads: Challenges, Opportunities, and Innovations.”
Sanwo-Olu praised the efforts of LASTMA officers who he said work in tough, often dangerous conditions to keep Lagos roads under control. He acknowledged their sacrifices and dedication, saying their presence is the thin yellow line between traffic order and chaos.
“I truly commend every LASTMA officer for your courage and commitment. You’ve stayed strong even when the job puts you at risk, and that speaks volumes about your dedication,” he said. He also paid respects to officers who died in the line of duty, calling them heroes whose sacrifices would always be remembered.
Looking ahead, Sanwo-Olu shared plans to modernize LASTMA with technology that fits today’s traffic demands. He said the government would increase investment in smart systems such as AI-powered tools, automatic number plate recognition, and drone surveillance. These tools, he explained, will make it easier to monitor traffic in real time, respond quickly to incidents, and improve the overall movement of vehicles across Lagos.
Federal Government releases further details for the burial of the Ex president, Muhammadu Buhari.
It was shared that the burial will occur on Wednesday 16th of July, 2025.
This information was revealed in an official statement released by presidential aide Sunday Dare on X platform.
The statement briefly states that a committee will be set for the burial to be done properly and for the events to be held. The Federal Government then makes a list of the ministers needed to join this committee to hold a successful burial ceremony for Buhari.
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