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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

BREAKING : DSS Files Charge Against Sowore, Facebook, X Over False Claim Against Tinubu

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The Department of State Services (DSS) has filed a five-count charge against Omoyele Sowore, politician and activist, at the Federal High Court in Abuja over his online remarks directed at President Bola Ahmed Tinubu.

Sowore, who disclosed the development on Tuesday through his social media handles, said the charges arose from posts where he described the President as a “criminal.” The DSS reportedly cited this label, alongside other content shared on the social media platform X (formerly Twitter), as evidence for what the activist described as “novel” and politically driven offences.

“I have somehow committed a set of ‘novel’ offences they invented and spread across five counts,” Sowore wrote, adding that the charges also implicated the platforms X and Facebook. The activist noted, however, that the legal consequences for the companies remain uncertain.

Observers and critics have condemned the move, describing it as a further clampdown on free expression and political opposition in Nigeria. Sowore, who was the presidential candidate of the African Action Congress (AAC) in the 2015 general election and convener of the #RevolutionNow movement, insisted that he would appear in court whenever the case is assigned for hearing.

“It’s hard to believe there’s anyone sensible left in these offices that should be making Nigeria work,” he added.

As of the time of filing this report, the DSS has not issued any official statement on the matter. Legal experts and civil society organisations are expected to follow the proceedings closely, given the potential implications of the case for political speech and digital rights in Nigeria.

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Dangote Replies NUPENG: Our CNG Trucks Will Create 24,000 Jobs, Drivers Earn Triple Of Minimum Wage

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Aliko Dangote, president of Dangote Group, has dismissed claims that the Dangote Petroleum Refinery is displacing workers, insisting instead that the company is creating thousands of new jobs.

Speaking at a press briefing on Monday, the billionaire said the deployment of 4,000 compressed natural gas (CNG) trucks would generate at least 24,000 direct and indirect jobs nationwide.

“We are not taking jobs away; we are creating more opportunities. The CNG trucks will not be operated by robots,” Dangote said.

He explained that the refinery’s drivers are paid salaries three times higher than the national minimum wage. In addition, employees receive life insurance, health insurance that covers their spouses and up to four children, and a guaranteed lifelong pension.

According to him, the recruitment drive extends beyond drivers to include mechanics, fleet managers, and other technical professionals who will support the new fleet.

The refinery had announced the acquisition of the 4,000 CNG trucks on June 15, saying the move would strengthen its nationwide fuel distribution. By June 29, the company projected that the distribution scheme could save Nigeria over ₦1.7 trillion annually.

However, three months later, the Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) threatened a nationwide strike, accusing Dangote Refinery of anti-union practices. Though the union suspended a two-day strike on September 9, it warned of possible further action.

‘Refinery not opposed to unions’

Sayyu Dantata, founder of MRS Oil Nigeria Plc, stressed that Dangote Refinery was open to working with NUPENG and other labour organisations.

“We are not against unions. We want to live and work alongside them. There’s no problem with that,” he said.

He noted that the refinery only became aware of the union’s grievances through media reports, despite his longstanding ties with industry unions.

“By law, unions are expected to give notice and a grace period before action. Even so, we went into dialogue. Unionism is not by force. People have the right to decide whether or not to belong,” Dantata said.

He added that the refinery welcomes all business partners without discrimination, whether they are union members or not.

“Our focus is the common man. Most of our drivers prefer independence because we ensure they earn a decent wage,” he said.

According to him, the new working conditions have elevated the social status of truck drivers in Nigeria. “For the first time, a driver can proudly tell his children that he is a truck driver and still provide them with food, shelter, and education,” Dantata said.

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NASU, SSANU Join ASUU To Threaten Strike Over Unpaid Salaries, Allowances

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The Senior Staff Association of Nigerian Universities (SSANU) and the Non-Academic Staff Union of Educational and Associated Institutions (NASU) have given the Federal Government a seven-day ultimatum to address long-standing grievances affecting non-academic staff across universities.

In a joint letter dated September 12, 2025, the unions criticised what they described as the “unfair” sharing of earned allowances, the non-payment of outstanding entitlements, and delays in resolving other critical labour matters.

The document, signed by SSANU President Muhammed Ibrahim and NASU General Secretary Peters Adeyemi, reminded Education Minister Tunji Alausa of an earlier letter from their Joint Action Committee (JAC) on June 18, 2025. That letter, they said, had outlined pressing issues requiring government intervention.

Following the correspondence, the minister convened a meeting with NASU and SSANU leaders on July 4, 2025, to discuss the concerns raised.

According to the unions, the outstanding matters include: the “unjust disbursement” of ₦50 billion in earned allowances, non-payment of withheld salaries, failure to implement a 25/35 per cent salary increment, and the delayed renegotiation of the 2009 FGN–NASU/SSANU agreements.

They warned that if the government failed to act within the seven-day window starting Monday, September 15, 2025, their members would embark on a series of lawful industrial actions, including strikes.

The statement further noted that during the July 4 meeting, it was agreed that a Tripartite Committee—comprising the Federal Ministry of Education, the National Universities Commission, and representatives of the two unions—would be set up to address the imbalance in the ₦50 billion allowances. The unions argued that while university staff received a share, workers in Inter-University Centres were completely excluded.

On the matter of two months’ withheld salaries, the unions said there was no resolution at the July meeting. However, the minister reportedly pledged to fast-track the payment of arrears tied to the 25/35 per cent salary increment owed to members.

They added that a reminder letter was sent to the minister on August 18, 2025, due to what they described as his office’s silence—or deliberate refusal—to act on the issues.

The statement also faulted the government for dragging its feet on the renegotiation of the 2009 agreements. The committee chaired by Alhaji Yayale Ahmed, inaugurated on October 15, 2024, only met with the JAC once—on December 10, 2024. Since then, the unions claimed, the government team has stopped engaging them, even though it has reportedly concluded renegotiations with the Academic Staff Union of Universities (ASUU).

The unions recalled that they raised this concern during the July 4 meeting, where the minister promised to intervene. However, no progress has been recorded since then.

“Despite our repeated attempts to draw attention to the plight of our members in universities and Inter-University Centres, the government has failed to act,” the unions said.

They stressed that, given the continued inaction, they had no choice but to issue a final seven-day notice beginning September 15, 2025. Failure to meet their demands, they warned, would result in nationwide strikes and other industrial actions.

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