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Investigation Reveals Petrol Landing Cost Rises 46.8% to N1,026.71

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Investigation Reveals Petrol Landing Cost Rises 46.8% to N1,026.71....KINDLY READ THE FULL STORY HERE▶

In May 2024, the landing cost of Premium Motor Spirit (PMS), commonly known as petrol, surged by 46.8% year-on-year to N1,026.71 per litre, compared to N545.83 per litre in May 2023. This figure excludes additional costs such as depot-related charges, transportation logistics, and marketers’ margins, bringing the total delivery cost to nearly N1,052.39 per litre at an exchange rate of N1,510 to a dollar…….CONTINUE READING

 

 

 

 

Despite the federal government’s claims that the Bola Tinubu administration has eliminated petrol subsidies, sources within the oil marketing sector told Energy Vanguard that the landing cost is expected to increase further in June. Contributing factors include persistent foreign exchange scarcity and rising crude oil prices on the international market.

A detailed analysis of a major operator’s transactions revealed that marketers are currently paying N1,052.39 per litre in total direct costs. This includes product cost per litre at N1,026.71, freight (Lome-Lagos) at N10.37, port charges at N7.37, NMDPRA levy of N4.47, storage cost at N2.58, marine insurance cost at N0.47, fendering cost at N0.36, other miscellaneous costs at N0.06, and a finance cost amounting to N28.04.

Specifically, the analysis indicated that importing 28,000 metric tons of petrol incurs over $25 million, generating more than N39 billion in sales revenue but resulting in a loss exceeding N19 billion.

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Due to these challenges, oil marketers stated that it is currently unprofitable to import petrol at the existing pump price, while the government has not assured a free float of pump prices. Consequently, the Nigerian National Petroleum Company Limited (NNPCL) remains the sole importer of the product. This situation has exacerbated the cost of living for Nigerians, leading to increased transportation costs and, subsequently, higher prices for goods and services nationwide.

The National Bureau of Statistics (NBS) reported that the national average retail price of petrol increased by 176.02% year-on-year to N701.24 per litre in April 2024, from N254.06 per litre in April 2023. On a month-on-month basis, the price rose by 0.64% from N696.79 per litre in March 2024.

Expert Insights:

Robert Dickerman, Managing Director/CEO of Pinnacle Oil, highlighted that Nigeria is currently spending approximately N1 trillion monthly on petrol subsidies. He explained that the substantial subsidy keeps petrol prices low, encouraging smuggling to neighbouring countries and depriving Nigeria of potential revenue. This financial strain impacts the federal and state budgets, limiting funding for critical programs.

The International Monetary Fund (IMF) also weighed in, noting that the Nigerian government has effectively resumed petrol subsidies by capping retail fuel prices. The IMF advised the Tinubu administration to end these subsidies entirely to free up funds for essential government operations, arguing that the subsidy regime disproportionately benefits the wealthy at the expense of the poor.

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Security Breach Scandal! Peter Obi Accused Of Orchestrating Identity Fraud At International Airport!.

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A petition dated July 12, 2026, has been submitted to Aviation Minister Festus Keyamo, the Nigerian Civil Aviation Authority (NCAA), and the Economic and Financial Crimes Commission (EFCC) regarding serious security allegations. An anonymous individual, identifying as an aviation industry worker, is calling for a formal investigation into claims that Peter Obi, the presidential candidate for the Nigeria Democratic Congress (NDC), facilitated travel for a media aide using multiple identities.....KINDLY READ THE FULL STORY HERE▶

  • Circumventing Restrictions: The petitioner claims that Obi’s media aide was previously barred from flying with Air Peace due to alleged misconduct but continued to travel on the airline using different names.

  • Obi’s Alleged Involvement: The petition alleges that Obi repeatedly made arrangements to help the aide evade these airline restrictions and often accompanied her on these flights.

  • Interference with Security: It is further alleged that when traveling with this aide, Obi prevented airport staff from performing necessary identity verification procedures.

  • Evidence Cited: The petitioner claims to have attached evidence of flight tickets and Passenger Name Records (PNR) to the document to support these claims.

  • Safety Concerns: The document argues that these actions compromise aviation security and undermine the ability of airlines to enforce safety and identification protocols.

As of the report’s filing, these allegations remain unverified, and Peter Obi has not issued a public response.

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From Rivals To Rescue? Keyamo Stuns Public With Offer To Settle Peter Obi’s Airport Debt!.

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Aviation Minister Festus Keyamo has agreed to a proposal by Mr. Nnaemeka Ikerionwu to pay the ₦25,000 airport parking fine issued to Peter Obi, the presidential candidate for the Nigerian Democratic Congress (NDC).....KINDLY READ THE FULL STORY HERE▶

  • Origin of the Fine: The fine was imposed after Peter Obi allegedly violated parking regulations at the Nnamdi Azikiwe International Airport in Abuja.

  • Context of the Dispute: Keyamo previously issued a seven-day ultimatum for Obi to pay the fine and publicly apologize to airport staff following claims Obi made in a podcast interview that he was being targeted and harassed at the airport.

  • Evidence Provided: To address Obi’s allegations of unfair treatment, Keyamo released CCTV footage showing the moment the parking violation occurred.

  • Resolution and Reaction:

    • Following an offer to pay the fine by Ikerionwu, Keyamo instructed him to contact the Director of Commercial and Business Development at the Federal Airports Authority of Nigeria (FAAN) to arrange payment.

    • Despite accepting the payment, Keyamo still expects an apology from Obi to the airport officials.

    • Keyamo stated that the ministry successfully refuted Obi’s claims and warned the candidate to avoid making “outlandish” statements in the future intended to secure “sympathy votes”.

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Nationwide Renaming Spree! Major Landmarks Across Nigeria Now Bear President Tinubu’s Name!.

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The Federal Government has officially renamed the 750-kilometre Lagos-Calabar Coastal Highway as the President Bola Ahmed Tinubu Coastal Highway. Minister of Works David Umahi explained that this decision honors the President, noting that the project’s original vision began nearly 30 years ago during Tinubu’s time as the Governor of Lagos State.....KINDLY READ THE FULL STORY HERE▶

This recent renaming, announced on July 16, 2026, joins a significant and growing list of public assets and institutions that have been named or established in President Tinubu’s honor since he took office in May 2023.

Public Assets Named After President Tinubu

  • Bola Ahmed Tinubu International Airport, Minna: In March 2024, the airport—formerly the Abubakar Imam International Airport—was renamed by Governor Umar Bago to acknowledge the President’s support for Niger State.

  • Bola Ahmed Tinubu Way, Abuja: Following its reconstruction in May 2024, the Abuja Southern Parkway, which connects the Christian Centre to Ring Road One, was renamed by FCT Minister Nyesom Wike.

  • Bola Tinubu Building (National Assembly Library): Inaugurated by the President in May 2024, this newly completed library was named in his honor by the National Assembly.

  • Bola Ahmed Tinubu Technology Innovation Complex (BATTIC): Formerly the Nigeria Immigration Service command and control centre, this facility was renamed in December 2024 to serve as a hub for border security and technological innovation.

  • Bola Ahmed Tinubu Polytechnic, Gwarinpa: Established in January 2025 by the Federal Government, this institution focuses on entrepreneurial, vocational, and technical education.

  • Bola Ahmed Tinubu Barracks, Asokoro: Named by the Nigerian Army in January 2025, this new military facility features operational infrastructure, residential quarters, and sporting amenities.

  • Tinubu International Conference Centre (ICC), Abuja: Following comprehensive renovations, the Abuja International Conference Centre was renamed in June 2025 by the FCT Administration.

With the inclusion of the Lagos-Calabar Coastal Highway, at least eight major public facilities or infrastructure projects have been renamed or established to bear the President’s name during his administration.

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