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.
It was reported that bandits were seen in Kwara State and abducted six residents from Rukpete Village.
The incident was reported to have occurred on June 8 at about 11 p.m.
Sources revealed that seven people were initially taken, but an elderly man was later released, leaving six victims in captivity.
The rising cases of insecurity in the country remain quite alarming.
The state of the country is affecting many people, as they believe nowhere is safe, including schools where they keep their children.
It has been reported that some parents have started withdrawing their children from schools in Abuja.
It can be noted that rumours of bandits being sighted near a school triggered panic, causing parents to hurriedly remove their children for safety.
While the reports of bandits have not been confirmed, the school has also issued safety measures to ensure the protection of students within the premises.
It has been rumored that bandits have made their way to Lagos, and allegedly they were spotted in Ibeju-Lekki, where some residents became suspicious of them and reported the matter.
A clip of the group of men went viral online, and many people became concerned. Whether true or not, fear has been sparked among Lagosians as they worry that bandits may already be in the state. Even if the reports remain unconfirmed, many believe it is still a possibility worth paying attention to.
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