Connect with us


BIG STORY

Petrol Landing Cost Drops To N971 Per Litre — MEMA Report

Published

on

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.

BIG STORY

NDLEA Seizes Lipsticks Stuffed With Drugs At Lagos Airport [VIDEO]

Published

on

Officials of the National Drug Law Enforcement Agency have uncovered another batch of female lipsticks containing illegal drugs at the Murtala Muhammed International Airport in Lagos.

Femi Babafemi, the agency’s Director of Media and Advocacy, revealed this in a post shared on his X (formerly Twitter) page on Sunday.

He also urged Nigerians, particularly women, to be extremely vigilant when purchasing or accepting beauty products, especially from unfamiliar sellers or dubious online platforms.

The statement read, Ladies beware! It does appear like female lipstick is becoming attractive as an instrument for concealment and trafficking now with yet another consignment of factory fitted female lipsticks stuffed with illicit substances intercepted at MMIA barely a week after @ndlea_nigeria officers uncovered a similar cargo at a courier company in Lagos.

Watch Video Here

Continue Reading

BIG STORY

JUST IN: Former President Buhari Dies In London Clinic

Published

on

Former Nigerian leader, Muhammadu Buhari, passed away on Sunday.

His longtime media aide, Garba Shehu, confirmed the news in a brief statement issued on Sunday afternoon, stating that the former president died at a clinic in London.

Shehu’s message, distributed to the media, read:
“INNA LILLAHI WA INNA ILAIHIRRAJIUUN. The family of the former president has announced the passing on of the former president, Muhammadu Buhari, GCFR, this afternoon in a clinic in London. May Allah accept him in Aljannatul Firdaus, Amin.”

The statement concluded with the date: July 13, 2025.

Although the cause of death was not disclosed, Buhari, who held office from 2015 to 2023, had frequently sought medical care in the United Kingdom during and after his time as president.

Buhari, a retired Major General in the Nigerian Army, first led Nigeria as a military head of state from 1983 to 1985. Decades later, he was elected president through a democratic process. He made history as the first opposition candidate to unseat a sitting president in Nigeria.

Funeral plans have not yet been made public.

 

More to come…

Continue Reading

BIG STORY

No Effective Governance Without Full Local Government Autonomy — Femi Gbajabiamila

Published

on

The Chief of Staff to President Bola Tinubu, Femi Gbajabiamila, has stated that governance at the local government level cannot be effective without complete autonomy.

He made the remark while addressing journalists after voting in the Lagos State local government elections in Surulere on Saturday.

When asked about the progress of implementing the LG autonomy ruling by the Supreme Court one year after it was delivered, Gbajabiamila described the process as ongoing and said it would be completed with time.

Gbajabiamila said, “The ruling was welcome by everybody. It’s the execution of that ruling and the implementation of that ruling that we are still trying to dot the Is and cross the Ts.

“I believe in a matter of time, we will realise full autonomy. There cannot be effective governance without full autonomy. That’s what we are working toward.”

In July 2024, the Supreme Court granted autonomy to all 774 local government areas across the country following a case filed by the federal government through the Minister of Justice and Attorney General of the Federation. However, the ruling is yet to be fully implemented.

Following the judgement, the Senate urged state and local governments to immediately adhere to the court’s directive, especially regarding local government accounts and direct fund disbursements.

The Senate also moved to amend relevant sections of the Constitution to ensure full local government autonomy nationwide.

The announcement was made by Deputy Senate President Senator Jibrin Barau, after lawmakers emerged from a closed-door session where they discussed alleged efforts by some state governments to bypass the Supreme Court’s ruling on July 11.

Continue Reading



 

Join Us On Facebook

Most Popular