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

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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.

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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.

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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.


 

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JAMB Withholds Over 39,000 UTME Results Over Exam Malpractice

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JAMB has officially released the results for the 2025 UTME, but not without controversy. According to the board, results of 39,834 candidates have been withheld over suspected exam malpractices.

JAMB Registrar, Prof. Ishaq Oloyede, made the announcement at the board’s headquarters in Bwari, explaining that investigations are ongoing. He also revealed that around 80 individuals are currently under scrutiny for various exam-related offences, with Anambra State topping the list of those being investigated.


 

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President Tinubu Congratulates Pope Leo XIV Election as New Catholic Leader

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President Tinubu has sent a warm message of congratulations to His Holiness Leo XIV, the newly elected Pope and Bishop of Rome, following the announcement of his election as the new head of the Roman Catholic Church.

The President praised the Catholic Church’s Conclave for their choice in selecting the American-born Robert Francis Cardinal Prevost as the 267th Bishop of Rome. He expressed confidence that this new leadership will bring a wave of hope, unity and renewed faith to Catholics around the world, including Nigeria.

He also extended his congratulations to the Catholic community in Nigeria, noticing their connection to this significant global event. According to him, the Pope’s early message already shows signs of a positive direction, one filled with hope and a strong belief in the peace promised by the scriptures.

Additionally, President Tinubu spoke about the long-standing ties between Nigeria and the Holy See, noting that both have shared valuable relationships built on trust and mutual respect.

He acknowledged the Catholic Church’s many contributions to Nigeria over the years. These include their involvement in peacebuilding, quality education, accessible healthcare, support for infrastructure development, and recently, helping promote technology to improve lives.

Also, he added that the emergence of Pope Leo XIV signals a fresh beginning for the Church and the values it upholds. Tinubu highlighted that the Catholic Church has always been known for standing by the poor and less privileged, and he believes the new Pope will continue this important mission of spreading love, compassion, and humanity.

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In closing, the President offered prayers for the new Pope, asking that God guide him with wisdom and strength as he takes on the global responsibility of leading millions of faithful people. He hoped that the Pope’s journey would be filled with peace and purpose, as he leads the Catholic Church into a new chapter.


 

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White Smoke from Sistine Chapel Signals Cardinal Prevost is Chosen as New Pope

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On May 8, 2025, white smoke rose from the chimney of the Sistine Chapel, signaling that the College of Cardinals has chosen a new pope. The event marks the end of a brief conclave, with cardinals reaching the necessary two-thirds majority after just four ballots. The announcement was greeted with excitement as thousands gathered in St. Peter’s Square, eagerly waiting for the new pope’s first appearance.

The newly elected pope is Cardinal Robert Francis Prevost, who has chosen the name Pope Leo XIV. Cardinal Prevost, originally from Chicago, has deep ties to both the U.S. and Europe, with Italian, French, and Spanish ancestry. He joined the Order of St. Augustine in 1977 and has spent a significant part of his career in Peru, where he became well-respected for his balanced leadership and international perspective. His election is historic, as he is the first American to be elected pope.

The first public announcement came when Cardinal Jean-Louis Tauran, the senior cardinal deacon, appeared on the balcony of St. Peter’s Basilica and declared, “Habemus Papam!” (“We have a pope!”). Pope Leo XIV then emerged, offering his first blessing and addressing the faithful gathered in the square.

The conclave that led to this election was completed in a remarkable amount of time, with the cardinals quickly reaching a decision.

The new pope’s first address touched on themes of unity, compassion, and dialogue. Additionally , he paid tribute to his predecessor, Pope Francis, and urged the Church to focus on helping those in need. Also, he took a moment to speak in Spanish, acknowledging the people of Peru, a country with which he has strong ties.

Moreover, this election follows the passing of Pope Francis on April 21, 2025, at the age of 88. The conclave began on May 7 and ended on May 8, with the fourth ballot deciding the new pope. The tradition of signaling a new pope with white smoke dates back many centuries. The smoke is created by burning the ballots, mixed with chemicals to produce the white color, and is released through the chimney on the roof of the Sistine Chapel. It’s a moment that has become a defining part of the papal election process.

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