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Investigation Reveals Petrol Landing Cost Rises 46.8% to N1,026.71
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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“Tragedy Strikes The Gospel Music Industry: Renowned Nigerian Singer Loses Life In Horrific Crash!”
The Nigerian gospel music community is in mourning following the death of talented gospel artiste Joshua Acheme Edache, widely known as Nutty Josh, who passed away from injuries sustained in an accident in Abuja.....KINDLY READ THE FULL STORY HERE▶
According to Naija News, the Benue State-born singer suffered injuries at a motorcycle training school in Abuja approximately five weeks prior to his passing. Following the incident, he experienced persistent headaches and breathing difficulties. Subsequent medical examinations at the hospital revealed that he had also suffered internal injuries, leading to further medical treatment and eventually a medically induced coma. He passed away on the morning of Sunday, September 20, 2026.
Nutty Josh was celebrated for using rap, music, and storytelling to share his Christian faith and connect with audiences. He played a notable role in pioneering and growing Gospel Hip Hop in Nigeria during its formative years when the genre was striving for broader recognition.
Throughout his impactful career, he released several well-known tracks—including N.U.T.T.Y Definition, Thankful (featuring Onos), Way Maker, OMG, and Too Much—alongside notable projects like Gospel Rap Affair (GRA), Yield, and Grace & Ease, cementing his legacy within the Christian Hip Hop community.
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Do Not Erase El-Rufai’s Role In Your 2023 Election Victory – Onoh Tells Tinubu.
Denge Josef Onoh, the former Southeast spokesman for the All Progressives Congress (APC) Presidential Campaign Council, has appealed to President Bola Tinubu to embrace statesmanship and prioritize reconciliation regarding the situation of former Kaduna State Governor, Nasir El-Rufai.....KINDLY READ THE FULL STORY HERE▶
In an open letter dated September 24, 2026, and addressed to President Tinubu through Chief of Staff Femi Gbajabiamila, Onoh emphasized that El-Rufai’s foundational contributions to the APC and the 2023 presidential campaign must not be forgotten. Highlighting El-Rufai’s instrumental role in securing Tinubu’s historic election victory, Onoh stated: “We cannot quickly erase from our memories the immense, foundational role Mallam El-Rufai played in ensuring the victory of the All Progressives Congress and your historic election in 2023.”
While describing El-Rufai as rigid, intensely opinionated, and notoriously difficult to work with, Onoh noted that these same traits reflected his deep loyalty once committed to a cause. He expressed concern that some of the former governor’s associates had distanced themselves due to political considerations, but stressed that he was unwilling to remain silent.
Drawing from history, Onoh urged Tinubu to follow examples of political reconciliation, such as Julius Caesar’s clemency and former President Shehu Shagari’s 1982 pardon of Chukwuemeka Odumegwu-Ojukwu, to demonstrate that mercy and unity can heal political divisions. He argued that presidential intervention would display profound political maturity rather than weakness, warning that leaving a key architect of the current democratic dispensation isolated risks deepening national fractures.
Concluding his appeal, Onoh urged the President to choose compassion over confinement and reconciliation over retribution, ensuring the situation fosters national healing instead of division. “Please, let us get value out of this. It matters,” he added.
entertainment
I Chase People With Knife – Peller Reveals What Happens Whenever He Smokes, Drinks
Popular content creator Peller has revealed why he strictly avoids smoking, sharing a shocking past experience where drinking cocktails led him to aggressively chase people with a knife.....KINDLY READ THE FULL STORY HERE▶
According to Naija News, Peller made the confession on Tuesday night during a hangout with Nigerian rapper Ani Jeremiah, widely known as Jeriq. When Jeriq encouraged him to smoke to boost his creativity, Peller firmly turned it down, explaining that it would drastically alter his behavior and cause him to lose control.
Recalling the past incident, Peller admitted that people close to him immediately advised him never to touch cigarettes. Explaining his wild reaction, he said: “I no dey smoke, if I dey smoke, you no go fit be with me, I go kill you. They know say if I smoke I go crazy, right? Me wey drink, ehm, cocktail, I dey pursue people with knife, you know. I swear to God. Knife? Yes. So since then, they said I should never in my life smoke.”
With those around him warning that he becomes dangerously unpredictable, the streamer maintains a strict boundary against smoking to keep himself and others safe.
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