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 Chairman of Gboko Local Government Area of Benue State, Torseer Yina, has imposed a dusk-to-dawn curfew in the ancient town.
The curfew takes effect from Thursday, October 8, 2026, following unrest and violent protests in the area.
According to reports, the action was taken to contain the unrest and violent protests by members of BEMOA following the death of one of its members by unknown gunmen.
The protest, which was reportedly hijacked by hoodlums, turned violent after an angry mob burnt two vehicles belonging to the Benue State Civil Protection Guards.
The Gboko council chairman said the curfew takes effect immediately and warned that anyone caught flouting the order or breaching public peace would be decisively dealt with.
Nine people have died in a fatal road crash along the Ijebu-Ode-Benin Expressway in Ogun State.
The crash occurred on Monday at about 4:55pm around the Bethel area along the Ijebu-Ode/Ore axis of the expressway. It involved a white Toyota Hiace commercial bus belonging to Delta Line and a white Sino truck operated by Bill Gas Solution Ltd.
According to the Federal Road Safety Corps (FRSC), all nine people involved in the crash, comprising three males and six females, died in the incident.
The FRSC said the crash occurred while it was raining and the road was wet, with preliminary investigations identifying speed violation as the probable cause.
The FRSC rescue team arrived at the scene shortly after receiving the report, while the bodies of the victims were taken to the General Hospital Morgue in Ijebu-Ode.
The Ogun State Sector Commander, Oludare Ogunjobi, urged motorists, especially commercial drivers, to obey speed limits and exercise extra caution when driving in the rain.
Minister of Education, Dr Tunji Alausa, speaks on the role and importance of teachers in the world to celebrate Teachers’ Day today.
He spoke on technology and its advancement and shared that while it is going well, teachers can never be replaced.
“These tools can help teachers reach learners and tailor instruction, but the judgement, encouragement and human connection of a skilled teacher remain indispensable,” he said.
“Every doctor, engineer, scientist, entrepreneur and public servant has benefited from a teacher and could not have become what they are today without teachers,” the minister said.
“When we honour teachers, we honour the people who make every other profession possible.”
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