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Petrol Landing Cost Drops to N981 Amid Global Price Decline
The landing cost of petrol in Nigeria has decreased to N981 per litre, down from N1,130, largely due to falling global crude oil prices, with Brent crude trading at $71.41 per barrel. This change coincides with major oil marketers beginning to import petrol and the Dangote Petroleum Refinery increasing local production after years of dependence on imports.
Despite the reduction in landing costs, pump prices remain high, with ex-depot prices varying between N865 and N1,400 across different cities. The Nigerian National Petroleum Company (NNPC) has indicated that petrol from the Dangote refinery will be priced above N1,000 per litre in many northern states.
Ongoing negotiations between NNPC and Dangote reflect the market-driven nature of fuel prices, and there is optimism that costs may decrease further with the expected sale of crude oil starting on October 1, 2024.
TV anchor Rufai Oseni makes headlines as he speaks on fuel subsidy in Nigeria. He shared that Nigeria can have fuel subsidy without the long queues at filling stations.
“When we were still paying subsidies, there were no long queues. We were subsidising. So you can still have a subsidy regime going on, and there will be no long queues because production was close by. Dangote had it. That’s just it. That argument also falls flat.
“The biggest beneficiaries of subsidy are not Nigerians. They are crony capitalists that have big infrastructure, and they do contracts. They have been the biggest beneficiaries of the subsidy,” he said.
Lagos State Governor, Sanwo-Olu, speaks to those in the electricity sector about the usual blackouts in the state.
He speaks on ways things can change in the state and how electricity can be provided.
“We need to drop corporate egos, abandon long-standing excuses, and confront the harsh realities obstructing progress in the power sector.”
“We, state governments, used to give excuses that everything is centralised, so the Federal Government has unbundled it now. What have we done in a year and a half?” Sanwo-Olu asked.
“We take two steps forward, we go five steps backward,” he said.
Lagos State Governor Babajide Sanwo-Olu has declared Thursday, August 20, a work-free day for public servants in the state to mark the Isese Festival.
Speaking on the celebration, he said “Ìṣẹ̀ṣe is not a relic. It is a living expression of our traditions and a celebration of Yoruba spirituality as an important part of Nigeria’s cultural and religious landscape,” he said.
He added “When the drums sound in Lagos on Thursday, they answer drums in Havana, in Salvador, in Port of Spain. Fifty-five million people and counting. Lagos is not observing a local holiday. Lagos is standing at the centre of a global heritage,” Aregbe said.
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