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Depots Deserted As Petrol Landing Cost Hits N720/Litre

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Many petroleum product depots are currently deserted due to a lack of products caused by foreign exchange rate volatility, as the landing cost of Premium Motor Spirit, often known as petrol, has risen to N720/liter, according to oil marketers on Thursday.

Petroleum product merchants also indicated that filling stations were closing down in huge numbers on a daily basis because the industry was getting increasingly difficult to maintain. According to them, this could lead to widespread gasoline scarcity in the coming months.

It was also learned that the cost of landing PMS into Nigeria has risen to N720/liter, up from N651/liter in August of this year.

Speaking at the National Executive Council meeting of the Natural Oil and Gas Suppliers Association of Nigeria, in Abuja on Thursday, the National President, NOGASA, Benneth Korie, said many depots were presently dried up or out of stock.

He said, “Depot owners are so terribly affected by the increasing cost of crude oil and exchange rate, to the extent that many depots are practically deserted as their owners are unable to secure bank loans to fund their business due to high-interest rates.

“Banks are not willing to guarantee funds release to stakeholders as a result of the difficulty, instability and galloping rates of foreign exchange and high cost of the dollar. Many depots are presently dried up or out of stock, and this is no gainsaying as it is evidently verifiable.”

He added, “Worst hit are filling stations whose owners find it extremely difficult to secure funds to procure products for their retail outlets. Both independent and major marketers are terribly affected.

“As of today, filling stations are shutting down in great numbers on a daily basis and dealers are going out of business, with many more on the verge of bankruptcy because of their inability to secure funds to facilitate orders for their stations.”

Korie said the government must therefore urgently come to the aid of the industry as quickly as possible to save it from an impending colossal collapse, which would result in a more devastating blow to the economy at large.

N720/litre Landing Cost

It was further gathered that the landing cost of petrol has risen to N720/liter from N651 in August.

The Chief Executive Officer, PETROCAM Trading (Nig) Ltd., Patrick Ilo, during an interview session (with The Punch), said 52,000 metric tonnes of petrol imported by the company on Tuesday was already N720/litre without subsidies.

According to him, if the landing cost was already N720, the pump price should be around N729/liter in Lagos State if the Federal Government had truly stopped subsidizing the product.

“This is the second time I am bringing in my vessel. But after bringing it in, I am trapped. I can’t sell it because I landed my own product at N720. And if you add transportation from depot to station, the value today should be N729/liter at the pump.”

He blamed the price hike on a high foreign exchange rate, adding that the Federal Government was still subsidizing petrol through the Nigerian National Petroleum Company Limited.

The foreign exchange rate of the Central Bank of Nigeria as of Wednesday was around N766/$1, while it hovered around N990/$ at the parallel market.

He said.”Yes, PETROCAM has an import license, and we have products in Nigeria. I want to say this out loud that I brought (in product) 52,000 metric tonnes of PMS today, which I borrowed about sixty-something million dollars to import.

“But I cannot sell. Why? Because of the price NNPC is selling. NNPC to my mind, they are still subsidizing. NNPC is quietly subsidizing the market. And I don’t blame the government. It is when we have a stable government that there could be prosperity.”

Ilo added, “As of today, NNPC is subsidizing these products. And I’m talking about a subsidy of more than N100/liter. Because if you need to sell today, I landed my own product at N720. So how do you look at it? You look at it from the perspective of how much is diesel”

Credit: The Punch

BIG STORY

Made Kuti Releases Sophomore Album, ‘Chapter 1: Where Does Happiness Come From?’

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  • Set to hold listening party on July 27 at Afrikan Shrine

 

Grammy-nominated Nigerian Afrobeat multi-instrumentalist Omorinmade Anikulapo Kuti, popularly known as Made Kuti, has announced the release of his highly anticipated second album, ‘Chapter 1: Where Does Happiness Come From?.’

The highly anticipated album contains 13 songs and is available worldwide.

The sophomore album features socially conscious songs like ‘Take It All In Before The Lights Go Out,’ ‘I Won’t Run Away,’ and ‘Life As We Know It.’ Other songs are ‘Find My Way,’ ‘Pray,’ ‘Won Na Pa,’ ‘Our Own,’ ‘Wait And See,’ ‘You Can’t Hide,’ ‘Oya,’ ‘My Voice,’ ‘Story,’ and ‘After The Tears Flow.’ Made has encouraged fans and music enthusiasts to stream the album on all music platforms, embrace its powerful messages, and prepare for the exclusive listening party happening on Sunday, July 27, 2025 at the iconic Afrikan Shrine.

Building on the success of his debut For(e)word—a modern Afrobeat manifesto tackling issues like corruption and inequality—Made continues to showcase his talent as a singer, songwriter, composer, and multi-instrumentalist.

The album is coming three years after the release of his debut album, ‘For(e)word, a modern Afrobeat manifesto addressing issues like corruption, inequality, and police brutality. His debut album, which was released in a joint album, ‘Legacy+,’ alongside his father’s ‘Stop the Hate’ in 2022, earned him his first Grammy nomination for Best Global Music Album in 2022.

The upcoming event, FK Management noted, is not just about music – it’s a celebration of culture, creativity, and the next chapter in Made’s musical journey. Attendees are billed to experience an electrifying atmosphere filled with live performances, energetic dance, and a shared love for Afrobeat music.

It’s a rare opportunity for fans and music enthusiasts to connect directly with Made and immerse themselves in his new tracks within a vibrant, immersive setting.

As a proud third-generation Kuti, Made continues to push boundaries and elevate his craft, bringing the fire and passion that his legendary lineage is known for.

According to organizers FK Management, this promises to be a milestone moment for fans and music lovers alike—a night to remember.

Update HERE

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BIG STORY

Natasha To Serve Out Suspension As Senate Enters Recess

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Two days after Senator Natasha Akpoti-Uduaghan was stopped from resuming her duties, the Nigerian Senate adjourned plenary on Thursday for its annual break, which will last until September 23, 2025.

As a result of the recess, the suspended Kogi senator will now complete the remainder of her suspension before the next plenary session.

Akpoti-Uduaghan was handed a six-month suspension on March 6, 2025, after being accused of misconduct and insubordination during the February 20, 2025, plenary when she refused a seat reassignment.

The Senate had cautioned that her suspension might be reviewed if she failed to offer a formal apology.

Her punishment stemmed from the findings of the Senate Committee on Ethics, Privileges and Public Petitions, which found her guilty after reviewing the complaints.

The suspension was due to end on September 6, 2025. However, the recess means she will serve the full term before the Senate returns.

Speaking to reporters on Tuesday after being denied entry into the Senate chamber, Akpoti-Uduaghan criticised the Senate’s action as unlawful and revealed plans to challenge it in court.

“Even the suspension ab initio was fraudulent—the document was faulty,” she said.

“Going forward, I will have a meeting with my legal team so they can proceed to the appellate court to seek interpretation of what just happened. I am a law-abiding citizen.”

She also accused Senate President Akpabio of exceeding his constitutional powers.

With the recess in place, the Senate will not reconvene until her suspension has lapsed.

During plenary, Senate President Godswill Akpabio announced the recess, describing it as “chamber reciprocity” since the House of Representatives had already started its break in line with the legislative calendar.

“We have started a new calendar that will take us to next year, June. And so it has fallen within this period for us to go on for a break to enable us to undertake major oversights,” Akpabio explained.

He stated that while plenary would be paused, committee activities should continue during the break.

“All necessary committees—the diaspora committee, committee on reparation, committee on interior and others—this is the best time for you to undertake visits to prisons and all that.

“Do all your reports and make them available as soon as we come back,” he directed.

Akpabio encouraged senators to carry out oversight functions across the country, emphasising that their legislative responsibilities must continue.

“You are moving from plenary for the next few weeks, but you are not stopping your legislative functions, because that’s what your people elected you to do. Members are expected to travel to Sokoto, everywhere, to observe the road repairs that are going on.

“By the time we resume, you are expected to bring your reports, committee by committee, for us to look into. I want to wish you safe travels and for all of us to return in good health,” he added.

Akpabio also announced the passing of Prof Janet Plang, wife of Senator Diket Plang.

He said arrangements had been made for senators to attend her burial in Plateau State on Friday, with a flight scheduled to leave Abuja at 8 am.

Senate Leader Opeyemi Bamidele expressed appreciation to senators for their dedication to legislative duties.

“We thank all our colleagues for all they have done to ensure that the business of lawmaking on behalf of the government and people of Nigeria has progressed smoothly,” Bamidele said.

He then proposed postponing all remaining items on the order paper to the next sitting, which was unanimously accepted by the Senate.

Natasha delayed at airport

Separately, the suspended senator was reportedly held up at the Nnamdi Azikiwe International Airport in Abuja last Thursday while attempting to board a flight to the United Kingdom.

A family source disclosed that immigration officials claimed she had been placed on a watch list by order of the National Assembly leadership.

“She was told that the leadership of the National Assembly requested that she be considered a flight risk and placed on a watch list,” the source said.

“We are wondering why they treated her that way, given there is no court order restricting her movement and she has never missed any of her court appearances.”

Eyewitnesses said Akpoti-Uduaghan looked distressed and made several phone calls before being allowed to travel after her passport was stamped.

Speaking shortly before departure, the senator confirmed the incident, saying, “The aircraft is about to take off.”

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BIG STORY

It’s Not Bad Idea To Abandon Sinking Ship, Coalition Of Confusion  — President  Tinubu

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In what appeared to be a subtle jab at the Peoples Democratic Party (PDP) and the coalition-backed African Democratic Congress (ADC), President Bola Tinubu encouraged more opposition politicians to align with the ruling party.

Speaking at the APC NEC meeting held in Abuja on Thursday, President Tinubu stated that the APC welcomes defecting politicians, noting that “it’s not a bad idea to abandon a sinking ship and be absent from a coalition of confusion.”

He also acknowledged the recent defection of Delta State Governor, Sheriff Oborevwori, and Akwa Ibom State Governor, Umo Eno, from the PDP to the APC.

“With the space that we have created to allow aspiring people to join us, our doors are still open and we should embrace them wholeheartedly,” the president said.

President Tinubu made these remarks shortly after the APC appointed the Minister of Humanitarian Affairs, Prof. Nentawe Yiltwada, as the new National Chairman of the party.

Yiltwada takes over from Dr Abdullahi Ganduje, who stepped down on June 27.

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