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Fuel price drops as Naira bounces back against Dollar

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The Major Energies Marketers Association of Nigeria (MEMAN) has reported a decrease in the landing cost of petrol, dropping from N981 per litre to N945.63 per litre. This decline is attributed to the recent appreciation of the naira against the US dollar, alongside a drop in Brent crude oil prices.

As of September 27, the exchange rate shifted to N1,586.26 per dollar from N1,667.22 on September 25, marking a significant improvement. Concurrently, Brent crude prices fell from $73.67 per barrel to $72.45 per barrel.

The reduced landing cost has led to a slight decrease in ex-depot prices of Premium Motor Spirit (PMS) in major cities including Lagos, Calabar, and Port Harcourt. In addition, the cost of diesel has also seen a decline, from N1,089 per litre to N1,068.04 per litre, while aviation fuel prices decreased from N1,117.34 per litre to N1,079.79 per litre.

In a related development, the Nigerian National Petroleum Company (NNPC) recently raised pump prices for petrol, which vary by region. Despite this increase, some major marketers in Lagos continue to offer petrol at a lower rate of N870 per litre.

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Dapo Segun, NNPC’s Executive Vice President for Downstream operations, clarified that the pricing is influenced by market conditions, despite a recent agreement with Dangote refinery management. The sale of petrol from Dangote refinery to NNPC is ongoing, with expectations of further price reductions as the naira crude sales are scheduled to commence on October 1, 2024.

As fuel prices fluctuate, consumers express cautious optimism that these developments may lead to more affordable fuel in the near future. Stakeholders are closely monitoring the situation, particularly the anticipated effects of the naira crude sale on petrol prices.
Petrol Landing Cost Falls to N945.63/Litre Amid Naira Appreciation and Brent Crude Decline

The Major Energies Marketers Association of Nigeria (MEMAN) has reported a decrease in the landing cost of petrol, dropping from N981 per litre to N945.63 per litre. This decline is attributed to the recent appreciation of the naira against the US dollar, alongside a drop in Brent crude oil prices.

As of September 27, the exchange rate shifted to N1,586.26 per dollar from N1,667.22 on September 25, marking a significant improvement. Concurrently, Brent crude prices fell from $73.67 per barrel to $72.45 per barrel.

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The reduced landing cost has led to a slight decrease in ex-depot prices of Premium Motor Spirit (PMS) in major cities including Lagos, Calabar, and Port Harcourt. In addition, the cost of diesel has also seen a decline, from N1,089 per litre to N1,068.04 per litre, while aviation fuel prices decreased from N1,117.34 per litre to N1,079.79 per litre.

In a related development, the Nigerian National Petroleum Company (NNPC) recently raised pump prices for petrol, which vary by region. Despite this increase, some major marketers in Lagos continue to offer petrol at a lower rate of N870 per litre.

Dapo Segun, NNPC’s Executive Vice President for Downstream operations, clarified that the pricing is influenced by market conditions, despite a recent agreement with Dangote refinery management. The sale of petrol from Dangote refinery to NNPC is ongoing, with expectations of further price reductions as the naira crude sales are scheduled to commence on October 1, 2024.

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Gov Adeleke Speaks On Death Sentence For Chicken Thief

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Osun State Governor, Ademola Adeleke, has stepped in to call for immediate action in the case of Segun Olowookere, an indigene who was sentenced to death for stealing a fowl.

Recall Segun’s mother, Folashade Olowookere, emotionally shared the story of her son, who is currently imprisoned, during an interview on Nollywood actress Biola Adebayo’s YouTube podcast. The video gained significant attention, including from Governor Adeleke.

Naijablitznews reports this was contained in a statement from the Governor’s spokesperson, Olawale Rasheed, Adeleke directed a swift investigation and ordered that steps be taken for a potential pardon in Segun’s case. The Governor further instructed the Attorney General to ensure Segun is considered for the prerogative of mercy before the year ends.

The statement read, “I have reviewed the case and acknowledge the importance of the separation of powers in our democracy. In this instance, I have instructed the Commissioner for Justice to begin the process of granting mercy to this young man.

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“Osun is a state of justice and fairness. We must uphold the protection of lives and ensure equity.

“I want to assure the public that this matter is receiving my personal attention, and we are acting with urgency as a responsible government.”

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Delta Assembly pardons two suspended members

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The Delta State House of Assembly, on Tuesday, recalled two of its members that were suspended in November over alleged gross misconduct.

The News Agency of Nigeria reports that the recall was announced during plenary in Asaba by the Speaker, Mr Dennis Guwor.

Recall that the Assembly had on November 6 suspended Mr Dafe Chukudi (PDP-Ukwuani) for 14 legislative days over alleged gross misconduct, while Mr Oboro Preyor (PDP-Bomadi) was also suspended for 14 legislative days for the same offense on November 12.

“Dear colleagues, following the allegation of gross misconduct against our suspended members and subsequently, a committee on investigation headed by the Deputy Speaker, Mr Arthur Akpowowo, was set up.

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“The committee has commenced investigation. However, the 14 days that they were suspended has elapsed. And by the confidence you all reposed in me as the Speaker of the state House of Assembly, and now that the 14 days of their suspension has elapsed, there is need to recall Mr Dafe Chukudi and Mr Oboro Preyor to resume their duties as members going forward.

“The suspended members are hereby recalled pending on the outcome of their investigative committee.”

Meanwhile, the Deputy Speaker, Mr Arthur Akpowowo, expressed joy over the recall of the lawmakers, saying, “I am very happy that we have lifted their suspension.

“The Speaker has recalled them so that they can celebrate the Christmas with joy and even enter the New Year with some relief of happiness. For me, this is a party gift for me even though I’m not affected.”

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Heavy Security Presence at National Assembly as President Tinubu Presents 2025 Budget

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By Gloria Ikibah

Ahead of President Bola Ahmed Tinubu’s presentation of the 2025 Appropriation Bill to a joint session of the Senate and House of Representatives at 12 noon today, there is tight security at the National Assembly Complex in Abuja.

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As early as 6.00 a.m., operatives of the Department of State Security (DSS) and other security agencies, including the Police, Civil Defence, Federal Road Safety Corps, and Sergeant-at-Arms, were stationed at the gates and within the premises to ensure order and safety during the event. 

Naijablitznews.com reports that staff of the National Assembly were directed to stay home, except those required for the event, who were instructed to report before 8.00 a.m., according to a memo issued by the Director of Human Resources and Staff Development. 

Senators and House members were seen arriving at the Green Chamber, where the joint session is scheduled to take place. On Tuesday, during a closed-door plenary, the House of Representatives followed the tradition of moving a motion to allow non-members into the chamber for the session. 

Naijablitznews.com recalled that the Federal Executive Council (FEC) approved an estimated expenditure of N47.96 trillion for the 2025 fiscal year during its meeting on Monday. 

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Meanwhile, business activities within the National Assembly complex, including banking and food services, have been suspended following directives from the Assembly’s management. Only those on an approved list, including staff, media personnel, and members of the press corps, are allowed access after identification at the gate. 

 

The joint session will be presided over by Senate President Godswill Akpabio and Speaker of the House of Representatives Tajudeen Abbas.

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