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Nigerian Govt Increases Landing Cost Of Petrol—-The Nigerian government has increased the landing cost for imported premium motor spirit (PMS), also known as petrol, by 4% to N956.13 per litre in October 2024, up from N919.55 in September 2024 .

This change is mainly driven by the fluctuating value of the Naira against the US dollar, with an exchange rate of N1,645/$ used for October, compared to N1,625/$ in September.

Breaking down the costs, the product cost is N887.45 per litre, with additional expenses including freight (N10.37), port charges (N7.37), NMDPRA Levy (N4.47), and storage cost (N2.58), totaling N913.12 per litre . Finance costs, such as letter of credit (N16.53) and total interest (N43.01), push the landing cost to N956.13 per litre.

Petroleum marketers are concerned that matching local and imported product prices may not be sustainable if exchange rates are left to market forces .

They advocate for openness and competitiveness to create a level playing field. With deregulation, marketers anticipate healthy competition in Nigeria’s domestic market, enabling them to source products from cheaper markets.

(VANGUARD)

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Sports

#BHACHE: Watch Free Livestream Match Between Brighton Vs Chelsea Here

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Brighton Vs Chelsea

#BHACHE: Watch Free Livestream Match Between Brighton Vs Chelsea Here—-Thecloudngr reports that free Premier League match between Brighton and Chelsea has emerged.

Watch the livestream match below:

CLICK HERE TO WATCH

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Entertainment

Nigerian Singer Tems Acquires Stake In American Football Club San Diego FC

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Tems Acquires Stake In American Football Club San Diego FC

Nigerian Singer Tems Acquires Stake In American Football Club San Diego FC—-San Diego FC (SDFC) has announced that Tems, the globally acclaimed, two-time GRAMMY Award-winning artist and Oscar-nominated singer, songwriter, and producer, has joined the club’s ownership group through her company, The Leading Vibe.

SDFC CEO Tom Penn expressed excitement about Tems joining, highlighting her influence as a cultural icon and her dedication to empowering young talent. “Her passion for creativity and community aligns perfectly with our mission,” Penn stated.

She joins a prestigious group of Club Partners, including Issa Rae, Juan Mata, Jocko Willink, and Manny Machado.

Her involvement is in collaboration with Pave Investments, an African private investment firm. Pave’s Chairman Tunde Folawiyo and Founding Director Kwamena Afful will also join the ownership group, further strengthening SDFC’s mission to inspire and empower communities through sport, culture, and opportunity.

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