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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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‘He Was a Giant’ — President Tinubu Mourns Veteran Actor Olu Jacobs

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President Bola Ahmed Tinubu has paid tribute to late Nigerian actor Olu Jacobs, recalling his contributions to the creative industry and his impact on Nigeria’s cultural identity.

In his tribute, Tinubu described Jacobs as a giant of the Nigerian creative industry and said “He was a giant of the Nigerian creative industry. His passing is a great loss to Nigeria, the African film industry and the global community of lovers of the performing arts. His remarkable body of work will continue to speak to generations yet unborn.

“The nation recognises the enormous contributions of Nigeria’s creative practitioners to the country’s cultural identity, global image and economic development. Olu Jacobs played a big role in creating this identity.”


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Deji Adeyanju Demands Action From Tinubu Over Counterfeit Products

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Human rights lawyer and activist Deji Adeyanju has called on President Bola Ahmed Tinubu to declare a state of emergency over the proliferation of counterfeit and substandard drugs and consumer products in Nigeria.

Adeyanju also called for the removal of the Director-General of the National Agency for Food and Drug Administration and Control (NAFDAC), Professor Mojisola Adeyeye, as well as the heads of other regulatory agencies, including the Standards Organisation of Nigeria (SON).

“Nigerians are being exposed to dangerous products daily, from fake and substandard medicines to unsafe consumer goods, with reports of drugs being sold wholesale in the open under the hot sun. No responsible government should expose its citizens to such risks and expect mortality rates not to rise.”

Adeyanju also called out NAFDAC over what he described as failures in regulating the circulation of counterfeit and substandard products in the country.

It can be noted that various counterfeit products continue to circulate in Nigerian markets, while NAFDAC has also reported seizures and destruction of counterfeit, expired and substandard products.

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‘Two Hours on the Road’ — Lagosians Groan Over Kara Bridge Traffic

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Lagosians have lamented heavy traffic caused by ongoing construction work at Kara Bridge along the Lagos-Ibadan Expressway.

The Federal Government announced that repairs on the damaged expansion joints at Kara Bridge would begin on September 8, 2026. The project, initially scheduled to begin in August, was delayed to allow further traffic management planning due to concerns over its impact on motorists.

Since work began, traffic around the Kara area has become heavy, with Lagosians sharing updates on social media about spending two hours or more on the road.

Some commuters say the delays have made their 9-to-5 routines difficult, with several hours spent travelling to and from work.


 

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