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Petrol Landing Cost Drops To N971 Per Litre — MEMA Report

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The estimated cost of landing Premium Motor Spirit, commonly known as petrol, on Nigeria’s shores has seen a significant reduction of 20.34 percent, dropping to N971.57 per litre over the past three months.

This decline in landing cost, which reflects the price of importing and distributing the product, suggests some relief in terms of global market fluctuations and supply chain factors.

However, despite this reduction, the retail price of petrol in Nigeria has sharply increased by N443, or 71.79 percent, from N617 per litre on August 1, 2024, to N1,060 per litre by November 8, 2024.

According to data released by the Major Energies Marketers Association, in its competency centre daily energy bulletin, oil marketers imported petrol at N1,219 per litre, based on a Brent crude oil price benchmark of $80.72 per barrel and an exchange rate of N1,611 per dollar in August. Petrol sold at N617 per litre during this period.

In November, with an estimated landing cost of N971.57, a Brent crude price benchmark of $75.57 per barrel, and an exchange rate of N1,665.84 per dollar, the product currently sells at N1,060 at the Nigerian National Petroleum Company Limited retail station and N1,180 at stations owned by independent marketers.

The document also showed that the landing cost stood at N945.63 in September 2024 and N903.64 per litre in October 2024. This increase, despite falling landing costs, can be attributed to factors such as the ongoing deregulation of the fuel market, fluctuations in the exchange rate, rising inflation, and broader economic challenges facing the country.

However, experts say they expect the reduction in landing cost to lead to a corresponding drop in the retail price of petrol.

On Sunday, the Nigeria Labour Congress (NLC) accused fuel marketers of inflating petrol prices, claiming the pump price is significantly higher than the actual market value.

In a communique released following its National Executive Council meeting, the NLC contended that Nigerians are being exploited, with citizens enduring heightened suffering and hunger due to government policies that are pushing many into destitution.

The organization’s call underscores its growing concerns over the economic strain on Nigerians and its commitment to holding both fuel marketers and the government accountable for citizens’ welfare.

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Sokoto Counters Military, Says 10 Civilians Accidentally Killed In Air Strike

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The Sokoto state government says no fewer than 10 civilians were killed when a military air strike targeted suspected terrorists in Gidan Bisa village, Silame LGA of the state.

Abubakar Bawa, press secretary to Ahmed Aliyu, governor of the state, wrote in a statement issued on Wednesday.

Bawa quoted Abubakar Rana, chairman of Silame LGA, as saying that the incident occurred around 6am on Christmas Day, when two military fighter jets “mistakenly” dropped bombs on the village.

Aliyu, who was accompanied by Aliyu Wamakko, leader of the All Progressives Congress (APC) in the state, and Muhammadu Maigari Dingyadi, minister of labour and employment, attended the funeral prayers for the victims.

Consoling the villagers, the governor described the incident as “unfortunate.”

“The military jets were on their mission to eliminate criminal armed groups terrorising the state and mistakenly bombed innocent people of this community,” he said.

“We consider this a mistake because the same military had on several occasions successfully raided many criminal hideouts in the state.”

Aliyu prayed for Allah’s forgiveness for the deceased and strength for their families.

Muhammad Sifawa, secretary to the state government, announced a relief package of N20 million and 100 bags of assorted foodstuffs for the families of the deceased.

He also assured that the state government would cover the medical bills of the injured.

The military had denied reports of civilian casualties in the bombing.

Reports said air strikes conducted by the air component of Operation Hadarin Daji, targeting the Lakurawa terrorist group, had inadvertently killed civilians in the Gidan Sama and Rumtuwa communities.

However, Abubakar Abdullahi, joint media coordinator for the operation, said the strikes targeted locations confirmed to be linked to the insurgents.

“All military operations are based on thorough intelligence and reconnaissance missions to ensure precision and protect civilian lives,” Abdullahi said.

“The targets struck in the vicinity of Gidan Sama and Rumtuwa were positively identified as associated with the Lakurawa group, reinforcing the justification for the military action.”

Olusola Akinboyewa, spokesperson for the Nigerian Air Force, told TheCable that the missiles were launched following credible intelligence from multiple sources and confirmatory aerial surveillance.

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BIG STORY

Adron Homes Celebrates Christmas With Customers, Reaffirms Commitment To Bridging Nigeria’s Housing Deficit

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As the world embraces the joy and warmth of the Christmas season, Adron Homes and Properties, Nigeria’s foremost real estate company, has extended heartfelt greetings to its esteemed customers while reaffirming its commitment to addressing the nation’s housing challenges.

In a message of gratitude and celebration, Adron Homes expressed deep appreciation to its customers for their trust and loyalty throughout 2024. The company highlighted its unwavering dedication to making incredible housing affordable for all Nigerians, in line with its mission of reducing the country’s housing deficit.

“Christmas is a time to celebrate family, unity, and gratitude,” the statement read. “As we reflect on the year, we are proud to have played a role in making homeownership a reality for thousands of Nigerians. Our vision is clear—to bridge the housing deficit by providing affordable, luxurious, and secure homes for all, regardless of income level.”

Adron Homes has continued to lead the real estate industry by implementing innovative solutions that make homeownership accessible, including flexible payment plans and cost-effective housing models tailored to meet diverse customer needs.

As part of its Christmas and end-of-the-year celebration, the company has launched a special festive promotions ‘Lemon Friday’ aimed at encouraging more Nigerians to join its growing community of homeowners.

“We remain committed to transforming dreams into reality. This is not just about building homes; it’s about building futures and creating opportunities for families to thrive in a space they can call their own,” the statement added.

Adron Homes extended warm wishes to all Nigerians and its global customers, urging them to embrace the season’s spirit of love and hope. “May your homes be filled with peace, joy, and prosperity this Christmas and beyond.”

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Suspected Herdsmen Kill 11 In Benue Christmas Day Attack

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No fewer than 11 people were reportedly killed on Wednesday, December, when some suspected herdsmen invaded the Ityuluv, Tse Azege, and Innyiev ya communities in Mkomon district, the Kwande Local Government Area of Benue State.

According to residents of the affected communities, the invaders were reported to have stormed the communities while residents were celebrating the Christmas season.

One of the residents, who identified himself as Terlumun, said, “The terrorist herders came this afternoon (Wednesday) when the people were celebrating Christmas and invaded our communities, killing and burning houses.”

When contacted on Thursday, the President-General of the Tiv socio-cultural group known as ‘Mdzough U Tiv Worldwide,’ Iorbee Ihagh, confirmed the attack (to The Punch) via a telephone conversation.

He said, “11 people were killed in the Christmas day attack on Mkomon district of Turan in Kwande LG. Some are still missing as I speak to you now.

“Our people were celebrating Christmas when the Fulani herdsmen invaded the communities and attacked the people.”

Ihagh said some council wards in the LG, particularly Moon council ward, had long been sacked by the herdsmen.

He called on Governor Hyacinth Alia and President Bola Tinubu to beef up security in the state.

Also, the governor’s Security Adviser on Internal Affairs and Security, Joseph Har, confirmed the attack but declined further comments.

He, however, referred our correspondent to the Director-General on Security, Gbamuam Jacob, for further information.

“It’s true. I was informed about the incident but I have forwarded the report to the Director-General on security. He’ll give you details,” Har said.

Efforts to get the DG were unsuccessful as his cellphone did not connect as of the time of filing this report.

When contacted, the spokesperson for the Benue State Police Command, Catherine Anene, said she had yet to receive any reports about the incident.

“I’m yet to receive a report about that,” Anene said.

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