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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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Peter Obi Calls to Celebrate Academics at Osuntokun’s Launch

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Yesterday, Peter Obi, the former Governor of Anambra State and 2023 presidential candidate, attended the launch of The Noble Academic and Patriot,

A Biography of Emeritus Professor Akinjide Osuntokun OON (The Baaptian of Oyo Kingdom) at the Nigerian Institute of International Affairs in Victoria Island, Lagos.

The event was a significant gathering, bringing together influential figures from various walks of life to honor a distinguished academic who has made lasting contributions to Nigeria and the field of international affairs.

The launch was attended by prominent personalities, including Chief Emeka Anyaoku, former Commonwealth Secretary-General and a renowned diplomat whose contributions to peace-building and global cooperation are well-respected.

Also present was Pastor Tunde Bakare, Serving Overseer of The Citadel Global Community Church, known for his advocacy on national issues and his call for ethical leadership in Nigeria.

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Dr. John Kayode Fayemi, former Governor of Ekiti State and a respected scholar in his own right, was also in attendance, adding his voice to the celebration of Professor Osuntokun’s legacy.

In his address, Peter Obi spoke with reverence about the impact of Professor Akinjide Osuntokun, highlighting the need for society to celebrate academics and intellectuals who dedicate their lives to knowledge and integrity.

While he did not know Professor Osuntokun personally, Obi was moved by the tributes shared by former students and colleagues of the professor.

Obi noted that Professor Osuntokun’s dedication to his field, particularly in education, is a much-needed example for today’s society, where such values are often overlooked.

Reflecting on the professor’s legacy, Obi lamented that Nigerian society often celebrates “thuggery and mediocrity” over intellectual achievement and moral integrity.

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He expressed concern that values like scholarship, dedication, and genuine service to society are no longer prioritized.

Again, he made emphasis that education, which is central to Professor Osuntokun’s contributions, remains critical to societal growth and should be celebrated as a path to a better, more united Nigeria.

“May his dedication continue to inspire Nigerians to strive for excellence, uphold integrity, and pursue unity,” Obi stated.

Also, he called for a renewed commitment among Nigerians to reject mediocrity and violence, insisting that a “new Nigeria is POssible,” a message that resonates deeply with his supporters.


 

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Another Tanker Explodes in Jigawa, Quick Response Prevents Death

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Another tanker explosion has hit Jigawa State, sparking fear among residents of Tsaida community in Dutse Local Government Area.

This incident follows closely on the heels of a devastating tanker explosion just weeks earlier in Majia town, Taura LGA, where over 150 lives were tragically lost.

Aliyu M. A., the spokesperson for the Federal Fire Service, shared details of the incident in a statement.

According to him, the service received an urgent call on the morning of November 12, 2024, from Zubairu Ahmad, the village head of Kuho, alerting them to the tanker accident at Tsaida, located near Kwanar Kalle along the Maiduri Road.

This area, with its busy roads, has seen increasing traffic from heavy-duty vehicles transporting fuel and other goods across the region, making such incidents a rising concern.

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In response to the distress call, Federal Fire Service personnel, supported by security teams, immediately mobilized and rushed to the scene.

Their swift action helped to contain the blaze, preventing it from spreading further and causing additional damage.

The firefighters worked alongside police and local security forces, whose coordinated efforts were instrumental in bringing the situation under control.

Thanks to these combined efforts, no lives were lost in this incident, though one person sustained a minor injury.

Aliyu commended the prompt response and teamwork that helped avert a major tragedy, emphasizing the importance of quick action during emergencies.

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Tinubu’s Administration Secures $30 Billion in Foreign Investments

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President Bola Tinubu has shared that his administration, in less than two years, has attracted a significant $30 billion in foreign direct investment (FDI) commitments to Nigeria.

Tinubu’s message was conveyed by the National Security Adviser, Nuhu Ribadu, who represented him at the 2024 Comptroller General of Customs (CGC) conference held in Abuja.

Ribadu listed Tinubu’s strategy to transform Nigeria into an attractive investment hub by focusing on policies that promote economic stability and transparency.

“Since taking office, we have worked relentlessly to create an environment where investors feel confident about Nigeria’s future,” Ribadu said on behalf of Tinubu.

“The result is that we have already secured over $30 billion in investment commitments.” This, he pointed out, underscores the administration’s vision to lay a solid economic foundation despite numerous challenges.

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The president’s ambitious economic reforms, including the removal of fuel subsidies and the unification of Nigeria’s exchange rate system, have been focal points of his administration.

These measures, Tinubu noted, are intended to foster an environment that is both sustainable and fair, encouraging businesses to thrive in a transparent framework.

Though the reforms have required adjustments and sacrifices from Nigerian citizens, Tinubu argued that they are vital for the country’s long-term development and resilience.

In addition, Ribadu cited Nigeria’s improved stability and the administration’s success in raising crude oil production to 1.8 million barrels per day, a feat that reflects Tinubu’s resolve to reposition Nigeria as a leader in global oil production.

This output, boosted by strengthened security in oil-producing regions and collaborative efforts with local communities, is one of the steps aimed at maximizing Nigeria’s natural resources for economic growth.

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