News
Fear of pump price hike looms as petrol depots increase prices
By Kayode Sanni-Arewa
There are indications of an imminent hike in the price of petrol as the loading costs of petrol and diesel at depots increased across Nigeria on Monday.
On Sunday, Brent crude oil, the international benchmark, increased to $79.76 per barrel.
Prominent depots, including Swift, Wosbab, Sahara, and Shellplux, also adjusted their petrol prices to between N950 and N960 per litre, compared to last week’s range of N907 to N912 per litre
Similarly, diesel prices witnessed a steep rise, with depots such as Matrix Warri and NIPCO increasing rates by N72 to N100 per litre.
Stockgap depot increased its loading depot price from N1,080 to N1,150, while Ibeto approved an increase from N1,050 to N1,150 per litre.
According to data from the Major Energies Marketers Association of Nigeria on December 19, 2024, the landing cost of petrol stood at N887.51 per litre; however, the rise in the price of crude oil means the landing cost may go up in the coming days.
In the past weeks, the price of petrol has recorded a reduction.
Last year, Dangote Refinery and Nigerian National Petroleum Company Limited (NNPC Ltd) announced an ex-depot petrol price reduction.
This led to the retail product dropping to between N935 and N965 per litre from N1040 per litre.
Consequently, Nigerians currently buy petrol between N935 and N1,100 per litre nationwide.
A rise in petrol prices is likely to impact directly in the prices of goods and services that are already on the high side.
Daily Trust
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2025 Budget: Reps Panel Reject Envelop System Of Budget
…as it decry poor funding for Nigerian missions abroad
By Gloria Ikibah
The House of Representatives Committee on Foreign Affairs has criticized the Federal Government envelope system of budgeting, and stated that it lacks legal backing under Nigerian law.
The Committee also expressed dissatisfaction with the allocation of only ₦286 million to sustain Nigeria’s 109 foreign missions, describing the amount as grossly inadequate.
According to documents submitted by the Federal Ministry of Foreign Affairs, the Ministry had proposed a budget of about ₦1.5 trillion based on the needs of these missions.
During an interactive session with the Ministry and Budget Office of the Federation on Tuesday, the Committee Chairman, Rep. Wole Oke, expressed frustration and said, “I have not seen anywhere in our laws where envelop budgeting is mentioned.”
He described the proposed funding as insufficient for missions tasked with projecting the country’s image internationally.
“We’re concerned that what was submitted to Mr. President does not align with the actual needs assessment and is inconsistent with the law”, he added.
In response, Director General of the Budget Office, Tanimu Yakubu, stated that the allocation for foreign missions has been increased by 25 percent in the 2025 budget. He however, called on the National Assembly to pass the tax reform bills to enhance revenue generation.
Yakubu further suggested a temporary reduction in the number of Nigerian foreign missions, stating, “Why don’t we consider a significant reduction of our foreign missions until we’re able to improve our revenue?”
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