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Petrol Landing Cost Drops Amid Naira Appreciation

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The landing cost of petrol has decreased from N981/litre on September 25, 2024, to N945.63/litre as of September 27, 2024.

According to data released by the Major Energies Marketers Association of Nigeria on Monday, this reduction is attributed to the appreciation of the naira against the United States dollar.

In the MEMAN report, the exchange rate was N1,586.26 to a dollar on September 27, compared to N1,667.22 on September 25.

Additionally, Brent crude, the global benchmark, fell from $73.67/barrel in the previous MEMAN report to $72.45/barrel in the latest update. This likely contributed to the decrease in the landing cost of imported petrol.

The average ex-depot price of PMS also saw a slight drop in Lagos, Calabar, and Port Harcourt.

The report indicated that the landing cost of diesel, previously N1,089/litre, had decreased to N1,068.04/litre. Similarly, aviation fuel saw a reduction from N1,117.34/litre to N1,079.79/litre.

It was noted that the difference between imported petrol and that sourced from Dangote might be less than N46 when calculated using the N898/litre figure cited by the Nigerian National Petroleum Company for Dangote’s petrol.

It should be remembered that the NNPC increased the pump prices of petrol on the same day the Dangote refinery introduced its locally-produced petrol. The NNPC also stated that it would sell Dangote petrol at over N1,000/litre in northern regions.

The NNPC spokesperson, Olufemi Soneye, mentioned that prices could reach as high as N1,019/litre in places like Borno State, and N999.22 in Abuja, Sokoto, Kano, and similar locations.

In southern states such as Oyo and Rivers, prices are expected to be N960/litre, with Lagos and its surroundings seeing the lowest price at N950/litre, according to an NNPC infographic.

However, despite petrol prices reaching up to N1,200 or more in some parts of the country, some major marketers in Lagos continued to sell a litre for N870.

During a media discussion with senior journalists, Dapo Segun, the Executive Vice President, Downstream at NNPC, explained that even though an agreement had been reached with Dangote refinery management, pricing remains “market-driven.”

Segun also shared insights into the negotiations with Dangote:

“Dangote said to us, ‘This is how much I want for it (PMS)’. And we say, ‘Hey, Dangote, if we go out there, we can get it for this much, so we won’t pay you this much for it‘. And we went into the negotiation. And that negotiation took us over a week to complete. They (Dangote officials) will come with their position, we’ll come with a counter; they’ll come with a revised position, and we’ll counter it.

“At the end of the day, we were able to reach an agreement on what to be the price to pay for it,” Segun said, highlighting Soneye’s statement that the NNPC would only lift Dangote’s PMS if it was cheaper than imported petrol.

Meanwhile, the sale of petrol from the Dangote refinery to NNPC continues, with Nigerians hoping that the price will decrease when the naira crude sale begins today (October 1, 2024).

BIG STORY

Tears As Customs Officer, Wife, Four Kids Die In Osun Fire Outbreak

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The Osun State Fire Service on Monday announced that it had begun an investigation into the fire incident that claimed the lives of a Customs officer attached to the Oyo/Osun Command, Tijani Kabiru, his wife, and four children in their house in Ede.

The tragic incident, which occurred in the Akankan Area of Ede during the early hours of Monday, immediately plunged the community into mourning and sparked panic among residents, who woke up to the news of the victims’ deaths.

Residents from the area where the house was located, when contacted by our correspondent for comments, declined. However, a neighbor of the late Kabiru, a man in his 40s identified only as Kola, said that smoke was first noticed coming from the house around 3 a.m.

Upon realizing that the smoke was coming from Kabiru’s house, Kola said fire service operatives from the Ede Fire Station were contacted.

Despite the prompt response, Kola explained that the house had already been severely damaged before the firemen arrived, adding that Kabiru, his wife, and the four children lost their lives in the blaze, though one of the children managed to escape.

“I can’t say when the fire started, but we observed smoke at about 3 a.m. The response time of the firemen was not bad, but the house had been badly affected before the fire could be subdued. Kabiru, his wife, and four children were already burnt to death. But one of the children escaped death,” Kola said.

When contacted, the spokesperson for the State Fire Service, Ibraheem Adekunle, confirmed the incident in a statement signed by the Director of the Service, Mr. Olaniyi Alimi. He stated that six lives were lost in the fire.

Alimi confirmed that a probe had begun to determine the cause of the fire, which remains unknown.

The statement read in part, “We were informed of the incident via a distress call to our emergency number 08030808254 at 3:21 a.m., and our team from Ede Zonal Command proceeded to the scene, with a backup team joining them from the Fire Service Headquarters, Abere.

“The address of the fire incident is Tijani Kabiru Road, Akankan Area, Ede North LG. The street was named after the deceased, who was a Customs officer from Oyo/Osun Command.

“Mr. Tijani Kabiru, who was reported to be in his late 40s, and his wife, said to be in her early 40s, lost their lives to the inferno, which is believed to have started about an hour before the fire service received the information.

“They (the couple) lost their lives along with four of their children (three boys and a girl), aged between three and ten years. The estimated loss due to the fire is around N200m, while the property saved is valued at N500m.

“Their bodies were handed over to the men of A’ Division of the Nigeria Police Force. Only one of their sons, out of the family of seven, escaped from the fire. The boy, who is about 13 years old, survived. The cause of the incident is still unknown, but a probe to unravel it has begun.”

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Police Arrest Human Rights Lawyer Farotimi Over Defamation Allegation

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Operatives of the Nigerian Police Force have reportedly arrested human rights lawyer, Dele Farotimi.

Farotimi’s arrest was disclosed by the 2023 presidential candidate of the African Action Congress, Omoyele Sowore, in a post on his X handle on Tuesday.

Sowore called for the lawyer’s immediate release, stressing that the police should not be used to settle personal disputes.

Sowore wrote, “It is pertinent that the Nigerian police are notified that the institution cannot continue to be used to settle personal scores, and we, the citizens of Nigeria, would no longer tolerate such a situation.”

“Therefore, the police at Zone 2 in Lagos are advised to release Barrister Dele Farotimi immediately.”

However, Punch Online made a phone call to the police spokesperson at the Zone 2 Command, SP Ummar Ayuba, who denied the arrest.

She simply said, “We did not make any arrest. He is not in our custody.”

Meanwhile, the Commissioner of Police in Ekiti State, Mr. Adeniran Akinwale, informed (Punch Online) that the lawyer was arrested for various alleged offences.

The commissioner said the charges included “defamation of character, cyberstalking, and other things. But those two are fully established.”

“That was why we have been looking for him before we were able to arrest him.”

“We are investigating him. If the suspect is arrested, we will bring him for investigation. We will conduct our investigation and will be able to know his level of culpability or otherwise.”

 

Credit: The Punch

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BIG STORY

JUST IN: Governor Babajide Sanwo-Olu Signs Lagos Electricity Bill Into Law

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The Governor of Lagos, Babajide Sanwo-Olu, has enacted the Lagos Electricity Bill 2024.

This new law presents a comprehensive strategy designed to address challenges in the energy sector and is expected to lay the groundwork for economic and industrial growth in Lagos.

The governor formally signed the bill on Tuesday at the Lagos House in Ikeja.

“The bill is a major step by the state government to ensure a 24-hour electricity supply to every corner of the state, following the Federal Government’s approval for states to generate and distribute energy in 2023,” said the governor’s Special Adviser on Media and Publicity, Gboyega Akosile, on X.

This development is expected to reduce the state’s reliance on the national grid.

At the signing ceremony, Sanwo-Olu highlighted the significance of the bill in transforming Lagos into a global city with a stable and continuous power supply.

In November, the Lagos State Government invited independent power producers and energy solution companies to submit bids for the construction of gas-fired power plants to address the state’s ongoing electricity shortage.

The Ministry of Energy and Mineral Resources, in collaboration with the Office of Public-Private Partnerships, issued the call as part of an initiative to improve Lagos’s power supply through the Clean Lagos Electricity Market.

The announcement was made jointly by the Commissioner of the Ministry of Energy & Mineral Resources, Biodun Ogunleye, and the Special Adviser of the Office of Public-Private Partnerships, Bukola Odoe.

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