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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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2027: No Law Stops Uzodimma From Contesting Senate Seat As Governor – APC Chieftain.

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The National Vice-Chairman of the All Progressives Congress (APC) in the South-East, Dr Ijeomah Arodiogbu, has maintained that there is no constitutional provision preventing Imo State Governor, Hope Uzodimma, from contesting the Imo West senatorial seat in the 2027 elections while still serving as governor.....KINDLY READ THE FULL STORY HERE▶

News reports that Arodiogbu, who also serves as the South-East Co-Zonal Coordinator of the APC Presidential Campaign Council, made the clarification while responding to arguments questioning the governor’s eligibility.

He cited Section 183 of the 1999 Constitution, which states that “the Governor shall not, during the period when he holds office, hold any other executive office or paid employment in any capacity whatsoever.”

According to him, the provision only prohibits a sitting governor from occupying two offices simultaneously and does not prevent the person from seeking a party nomination, contesting or winning another election.

Arodiogbu also referenced Section 68(1)(f) of the Constitution, which requires a lawmaker to vacate his legislative seat upon assuming an executive position.

He argued that the provision recognises the possibility of moving between executive and legislative offices, provided the two positions are not held at the same time.

He said, “There is no constitutional impediment against Senator Hope Uzodinma’s aspiration. The Constitution does not require a sitting governor to resign merely because he desires to contest another election. What it forbids is dual occupancy of offices.

“Should he win the senatorial election, he would resign as Governor before taking the oath of office as a Senator. That is the clear position of the law.”

The APC chieftain further stated that appellate courts, in interpreting Sections 66, 107, 137, 182 and 183 of the Constitution, had held that resignation was only necessary when a candidate was about to assume a new office.

He added that no provision of the Electoral Act imposes a general restriction on a sitting governor seeking election into the Senate.

Arodiogbu also argued that Uzodimma’s tenure, which is expected to end in January 2028, does not constitute a legal obstacle, insisting that any transition would be carried out in accordance with the Constitution after the inauguration of the new National Assembly.

He said, “The law is clear, the Constitution is clear, and the judicial authorities support this position.

“Those peddling the contrary view are either deliberately misinterpreting the Constitution or attempting to create political distraction. Senator Hope Uzodinma remains free to pursue his legitimate political aspiration without any constitutional disability.”

He reaffirmed the APC’s support for Uzodimma as its candidate for the Imo West senatorial seat and urged party members to disregard what he described as speculative legal arguments.

Meanwhile, the Federal High Court in Abuja had, on October 29, ruled that former Imo State Governor, Rochas Okorocha, won the APC senatorial primary for the district.

The Imo State Government has indicated that it would appeal the judgment.

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‘We Will Be Refined And Rugged In 2027’ – Aisha Yesufu Vows After Lagos NDC Attack.

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Human rights activist and chieftain of the Nigeria Democratic Congress (NDC), Aisha Yesufu, has vowed that the party will adopt a tougher approach ahead of the 2027 general elections.....KINDLY READ THE FULL STORY HERE▶

Yesufu declared that the NDC would be both refined and rugged, insisting that no group or individual had a “monopoly of madness.”

She warned that the party would not tolerate intimidation or attacks against its members, adding that supporters would stand their ground whenever they were threatened.

Naija News reports that she made the declaration on Thursday following an attack on NDC supporters ahead of the party’s town hall meeting at the Classic Event Centre in the Oregun area of Lagos State.

According to Yesufu, the political campaign was not solely about the party’s presidential candidate, Peter Obi, but belonged to everyone supporting the movement.

She said, “In 2023 we were refined, in 2027 we will be refined and rugged. Nobody has monopoly of madness and anybody wey say him dey crase we go send am go psychiatric hospital. We are not slaves, we are citizens. This campaign is not Peter Gregory Obi campaign, it is our campaign.”

Recall that the NDC town hall meeting in Oregun, Lagos State, turned violent after suspected political thugs invaded the venue and attacked party supporters.

According to The Cable, the attackers, who were armed with cutlasses, cudgels and stones, disrupted the event and forced participants to flee for safety.

Chairs and other items at the venue were reportedly scattered during the attack.

The incident allegedly left some supporters injured and several vehicles damaged. A journalist covering the event was also reportedly assaulted, while his recording equipment was taken.

The confrontation later spread to Kudirat Abiola Way, disrupting traffic before police operatives arrived and fired tear gas to disperse the crowd.

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Fresh Loss Hits Zamfara As Serving Commissioner Passes Away.

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The Zamfara State Commissioner for Commerce, Tasiu Musa Shinkafi, has died at the age of 50.....KINDLY READ THE FULL STORY HERE▶

Shinkafi reportedly passed away on Wednesday in Kaduna State following a brief illness.

News reports that Governor Dauda Lawal announced the commissioner’s death in a statement issued through his spokesperson, Sulaiman Bala Idris.

Reacting to the development, Lawal expressed sadness over the loss, describing Shinkafi’s death as an irreparable loss to the state government and the people of Zamfara.

The governor noted that the late commissioner’s contributions to governance, politics and public service would remain memorable.

He said, “With heavy hearts and in total submission to the will of Almighty Allah (T), we received the shocking news of the passing of the Commissioner for Commerce, Tasiu Musa Shinkafi.

“Tasiu’s death is a great loss not only to his family and the state government, but also to the people of Zamfara.

“He will be remembered for his dedication, honesty, and commitment to Zamfara State.

“He served diligently as Commissioner for Youth and Sport before being redeployed to the Ministry of Commerce.

“As a valued member of my administration and a brother in service, his contributions to governance, politics, and public service will be remembered.

“May Almighty Allah forgive his shortcomings and give his family the strength to bear this great loss.”

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