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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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Ondo 2024: Fear as gunsh0ts rock Ondo, Edo border community

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By Kayode Sanni-Arewa

There was gunshots by some unknown persons at Ofosun Village, an Ondo community at the boundary with Edo State.

The incident, it was learnt, caused panic, forcing people to stay indoors to avoid being hit by stray bullets.

A source in the village, identified simply as Dauda, who spoke to our correspondent on the phone said, “We don’t know who they are but they were firing gunshots into the air in some parts of the village since early morning. Ofosun is an Ondo village close to Benin in Edo State. No casualty, but people in the village are staying indoors.”

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It was not immediately clear what could have led to the incident, but the Deputy Governorship candidate of the Peoples Democratic Party, Festus Akingbaso, while commending voters’ turnout, expressed concerns over the alleged infiltration of some villages under the Idanre Local Government Area by hoodlums.

Akingbaso, who spoke shortly after casting his vote at Imikan Ward 02, Unit 008, Idanre, commended INEC for the timely arrival of voting materials but alleged, “Information reaching me is that majority of the villages are filled with thugs allegedly brought in by the APC. At the moment, all the villages are occupied with thugs. Villages like Ofosun, Omifunfun and Allah are occupied.

“There is a place called Igbepo where suspected thugs are in their numbers in Idanre Local Government Area. An incident happened in Ofosun where suspected thugs broke into the house of a party member to prevent him from voting. We were informed that there are plans not to allow people in the villages to vote.

have reported the matter to the DPO and DSS. To my expectation, the security agencies have not been able to do anything.”

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Reacting to the allegation, the Ondo APC spokesperson, Mr Steve Otaloro, absolved his party of involving in any crime and demanded a thorough investigation into the allegations.

He said, “I am in the situation room of APC right now. Let me say first some foremost, the person you mentioned is the deputy governorship candidate of Agboola Ajayi of the PDP. And if you recall PDP had a press conference two days ago alleging the kind of violence that happened in that place was by APC.

“All the places he mentioned, was he on the ground in all those places? He was supposed to be at his polling unit. Even if he was called, he should have done proper diligence to be on the ground. They told us there was nothing like that. Voting is going on orderly, if they have any issue with that, they just want to create an issue out of nothing.

“As I speak, no member of our political party is going out to vote as a member, everybody has become electorate. Whatever violence that is happening, they should investigate it properly, but I can assure you it is not from our members. How will you infiltrate all those local areas, these are routes and farm settlements? Why will our members infiltrate such places? That is not true.

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“More often than not, maybe their plans were burst, and that was why he is coming up with this allegation. And since morning, this election has started peacefully, they should allow it to end peacefully. We as a political party, are committed to peace, and we have told our people to allow peace to reign in all their activities in the course of this election.”

When contacted, the Ondo State Police Public Relations Officer, Funmi Odunlami, said she was in transit.

She also said the incident had not been reported to her.

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Banditry; Popular song write,r Nnam abducted in Anambra

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By Kayode Sanni-Arewa

Jude Nnam, the famous Nigerian Christian music composer, has been kidnapped.

Nnam, also known as ‘Ancestor,’ is the National Music Director for the Christian Association of Nigeria (CAN) and a member of the National Liturgical Commission, Catholic Secretariat of Nigeria (CSN).

He was allegedly kidnapped on Thursday evening around 6 p.m. in Umunnachi, Anambra State.

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The music icon is said to have traveled to Anambra for a church function.

A Catholic priest, Rev Fr Augustine Mario, shared the sad news of Nnam’s kidnap on his Facebook page on Friday.

“Please kindly keep Sir Dr. Jude Nnam (Ancestor) in your prayers.

He was allegedly kidnapped yesterday evening around 6 p.m. in Umunnachi, Anambra State.

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Sir Jude Nnam is the CAN National Music Director and Member of the National Liturgical Commission, CSN, etc.

“May God grant him safety and quick release from his abductors.

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SAD! Trailer Kills Mother, Two Daughters To Death In Ogbomoso

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By Kayode Sanni-Arewa

A middle-aged woman and two of her daughters have been crushed to death in Ogbomosho, Oyo State.

The incident occurred on Wednesday night at Apake area of Ogbomosho.

It was learned that the mother, identified as Kudirat, and her two daughters, Mariam (13 years) and Azeezat (10 years), were said to be returning from their shop when the incident occurred.

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It was gathered that the deceased left their shop at Takie at about 11 p.m.

They were going back to their residence at Nana River/Atenda area on a commercial motorcycle when the accident occurred.

It was gathered that the bodies of the victims have been deposited at a morgue.

A source within the town explained that the motorcyclist and the driver of the trailer escaped unhurt.

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“The three were crushed brutally. However, the motorcyclist escaped unhurt while the trailer driver also sped off; he was pursued but made his escape.”

All efforts made by Daily Post to get a reaction from the Sector Commander, Federal Road Safety Corps (FRSC) in the state, Rosemary Alo, proved abortive at the time of filing this report on Friday

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