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Major oil marketers put Nigeria’s petrol landing cost at N971/litre
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By Francesca Hangeior.
The Major Energies Marketers Association of Nigeria, MEMAN, has put the landing cost of Premium Motor Spirit, PMS, also known as petrol at N971 per litre.
The association said the estimated Nigeria’s landing cost of petrol dropped by 20.34 per cent to N971.57 per litre over the past three months.
Despite the reduction, the retail price of petrol increased by N443, or 71.79 per cent, from N617 per litre on August 1, 2024, to N1, 060 per litre by November 8, 2024.
Data released by MEMAN’s competency centre indicated that oil marketers imported petrol at N1, 219 per litre while Brent crude oil price stood at $80.72 per barrel at an exchange rate of N1, 611 per dollar in August.
However, 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, NNPCL retail stations and N1,180 at the outlets of independent marketers.
The Chairman of the Senate Committee on Inter-Parliamentary Affairs, Senator Aliyu Wadada has promised to revive the committee’s activities after acknowledging concerns over its prolonged inactivity.
Wadada spoke on Thursday at the end of the committee’s meeting in Abuja.
Specifically, the chairman admitted that the committee had been underutilised, noting that it had met only once in the last three years.
He, however, said issues responsible for the situation had been identified during a closed-door session and would be addressed.
“Of course I feel concerned about it, but when we got into the details in a closed-door meeting, we got to know where the problems are, and they will all be taken care of. The committee will be as active as it should always be,” he said.
Commenting further, the chairman said the committee would focus on its core mandate of promoting and strengthening legislative relations between Nigeria’s National Assembly and parliamentary bodies across the world.
According to him, the committee will deepen engagement with regional and international legislative institutions, including the ECOWAS Parliament, the Pan-African Parliament, the Inter-Parliamentary Union (IPU), and other parliamentary organisations.
He disclosed that a new work plan had already been developed to guide the committee’s activities.
He added: “The direction is basically around the responsibilities of the committee, which is to promote and deepen legislative relationship within Nigeria and with other legislative bodies around the world”.
The chairman added that the committee’s first major activity would be a courtesy visit to the Speaker of the ECOWAS Parliament in Nigeria as part of efforts to strengthen inter-parliamentary cooperation.
SINL NIgeria Online reports that Senator Wadada assured that the public would be kept informed of the committee’s activities as the new work plan is implemented.
The Minister of Defence, Christopher Musa, has revealed that the minimum monthly salary of Nigerian soldiers has increased to N100,000 after the Federal Government reviewed their welfare package.
Musa made the disclosure during an interview with News Central ahead of his appearance on the NC Exclusive programme.
He said the adjustment was part of efforts by the government to improve the living conditions of military personnel.
Executive Branch
The former Chief of Defence Staff, however, said the country’s defence sector still requires more funding despite the improvement in soldiers’ earnings and welfare.
He stated that the current defence budget remains inadequate, adding that more resources are needed to effectively support the armed forces and their operations.
Musa explained that soldiers who previously earned about N49,000 monthly now receive at least N100,000 following the salary review carried out by the government.
The minister also called for tougher punishment for kidnappers, saying stronger measures are needed to reduce the increasing cases of abduction across Nigeria.
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Senator Wadada promises to deepen legislative ties, stop inactivity
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