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Landing Cost Of Petrol Now ₦1,117/Litre
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By Kayode Sanni-Arewa
The Major Energies Marketers Association of Nigeria (MEMAN) has disclosed that the landing cost of Premium Motor Spirit, also known as petrol, was z₦1,117/litre as of Tuesday, July 16, 2024.
MEMAN disclosed this during a webinar with journalists on Wednesday.
The association revealed that the landing cost of diesel was ₦1,157/litre, while that of aviation fuel was ₦1,127/litre.
MEMAN’s Executive Secretary, Clement Isong, said the costs were obtained from independent energy price benchmark providers.
The association maintained that it would release similar information regularly to keep the masses informed.
According to Punch, filling stations operated by the Nigerian National Petroleum Company Limited (NNPC) and those of the major marketers sell PMS at between ₦617/litre and ₦660/litre, while independent marketers sell for ₦700/litre or more.
NNPC, the sole importer of petrol into Nigeria, has consistently denied subsidising the cost of PMS but refused to disclose the landing cost of the product.
The revelation from MEMAN is almost the first from marketers in the industry as the landing cost appears to have been shrouded in secrecy by the importer of PMS.
An expert in the energy sector, Wumi Iledare told the aforementioned publication that, “The gap between the cost of diesel and petrol in Nigeria is much. It is never like that all over the world. That means something is wrong.
“I don’t know if NNPC is paying subsidies or not, but somebody is absorbing the difference. You can call it under-recovery or subsidy, but the price of petrol today does not reflect the market cost of producing a litre of petrol,” he disclosed.
Iledare added that with the current exchange rate, the price of petrol should not be less than 80 per cent of the price of diesel.
News
Nigeria @66: Tinubu Declares ‘Age of Prosperity’ Begins, Says Nigeria Has Corrected Its Course
By Emmanuel Sanders Agaji
President Bola Ahmed Tinubu has declared that Nigeria has moved beyond its most difficult phase of economic reforms and is entering what he described as an “age of prosperity.”
Tinubu made the declaration in his Independence Day address to Nigerians on Thursday, October 1, as the country marks its 66th anniversary of independence.
The President said his administration had taken difficult decisions over the past three years to address what he described as deep-rooted economic distortions, insisting that the reforms were necessary to reposition the country for sustainable growth.
According to him, Nigeria’s journey since independence has been marked by war, military rule, economic crises, insecurity and political upheaval, but the country has endured because of the resilience and determination of its people.
He said independence was not merely about attaining sovereignty, but about creating a country where citizens could shape their own destinies and enjoy opportunity, dignity and a better quality of life.
‘Nigeria was like a sick patient’
Reflecting on the state of the economy when his administration assumed office in 2023, Tinubu likened Nigeria to a sick patient diagnosed with cancer who must choose between painful treatment and temporary relief.
“For too long, Nigeria’s leaders chose morphine while praying for a miracle that never came,” he said, arguing that successive administrations had avoided difficult decisions while allowing structural economic problems to worsen.
Tinubu said his administration instead chose to “excise the cancer,” acknowledging that the reforms had produced painful side effects but insisting that they were different from the problems they were designed to address.
He specifically defended the removal of fuel subsidies and other economic measures, saying the government would resist calls to return to what he described as “addictive subsidies.”
Economy has improved, Tinubu claims
The President said the reforms had begun producing measurable improvements, citing economic growth of more than four per cent, reduced oil theft, lower inflation compared with its peak, rebuilt foreign reserves and greater stability in the foreign exchange market.
He also said Nigeria recorded more than $6 billion in non-oil export revenue in 2025, describing it as the highest in the country’s history.
“These are not idle claims,” Tinubu said, adding that international institutions and the private sector had recognised improvements in Nigeria’s economic stability and resilience.
He declared that the country had now reached “a turning point,” saying the immediate task of correcting the economic course had given way to the broader goal of achieving shared prosperity.
‘Now begins the age of prosperity’
According to Tinubu, the next phase of his administration will focus on reducing the cost of living, expanding agricultural production, creating jobs and strengthening industrial growth.
He said the government would invest in mechanised irrigation, dry-season farming, improved access to seeds and fertiliser, agricultural mechanisation, storage and transportation.
The President also highlighted ongoing investments in roads, railways and ports, saying better infrastructure would help reduce the cost of moving goods from farms and factories to markets.
“Our priority is to bring down the cost of living,” he said, adding that this would be achieved by reducing the cost of producing and transporting goods.
Jobs, industries take centre stage
Tinubu said his administration would place jobs, enterprise and industrial expansion at the centre of its economic agenda.
He pledged to leverage Nigeria’s gas resources to power industries, support the revival of factories, expand digital connectivity and provide Nigerians with skills required by employers.
“I want to see more Nigerians making things. I want to see more Nigerian farms feeding our cities.
News
Nigeria at 66: Manu Urges Peaceful Coexistence, Unity Among Nigerians
Senator Haruna Manu, representing Taraba Central Senatorial District, has felicitated with his constituents, the people of Taraba State and Nigerians across the country as Nigeria marks its 66th Independence Anniversary.
Manu, a former Deputy Governor of Taraba State, in an Independence Day message on Thursday, called on Nigerians to promote peaceful coexistence, unity and mutual understanding as the country reflects on its journey since independence.
He urged communities across Taraba Central and other parts of the country to embrace one another and work together towards building a more peaceful and prosperous Nigeria.
According to him, the challenges confronting the country require collective responsibility, tolerance and a renewed commitment to national unity.
«“A united Nigeria will ensure progress and overcome adversity at all times in our nationhood. As we celebrate this anniversary, may this unity continue to embrace Nigeria on all fronts,” Manu said.»
The senator also commended Nigerians for their resilience, perseverance and determination to keep the country moving forward despite the challenges it has faced over the years.
He urged citizens to continue to uphold the values of peace, unity and patriotism, stressing that the strength of the nation lies in the ability of its diverse people to live and work together.
Nigeria gained independence from British colonial rule on October 1, 1960. The 66th anniversary provides an opportunity for citizens to reflect on the country’s political, economic and social journey while renewing their commitment to its unity and development.
Manu expressed optimism that with greater understanding, cooperation and peaceful coexistence among Nigerians, the country would overcome its challenges and achieve its full potential.
News
Benue NDC ward chairman murdered in Makurdi
The Nigeria Democratic Congress (NDC), Benue State chapter, has condemned the gruesome murder of one of its chairmen, Mr Job Igbu Job, in Makurdi, the Benue State capital.
A statement signed by NDC Publicity Secretary, Agile Bem, said Mr Igbu, until his death, was the NDC chairman of Fiidi Council Ward in Makurdi Local Government Area of the state.
Igbu was reportedly attacked by suspected hoodlums, who allegedly tied him with ropes, injected him with substances suspected to be poisonous, and abandoned him near his residence around the NNPC depot along Makurdi-Otukpo Road.
He was later found in an almost unconscious state and was reportedly unable to speak or communicate with anyone before he eventually passed away.
Reacting to the incident, the state chairman of the party, Mr Ohini Ojegbe, described the killing as a “broad daylight evil” and called on security agencies to urgently investigate the incident, apprehend all those responsible, and ensure that they are brought to justice.
The party described the deceased as a committed and dedicated party member whose contributions to the growth of the NDC would be greatly missed, particularly at a time when his service and commitment were most needed.
The NDC extended its condolences to the immediate family of the deceased, the Fiidi community, and the entire NDC family, praying God to comfort them and grant them the fortitude to bear the irreparable loss.
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