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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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2027 Elections: Atiku Abubakar Backs Consensus Candidate for African Democratic Congress, Keeps Primaries as Option

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Atiku Abubakar Backs Consensus Candidate for African Democratic Congress

2027 Elections: Atiku Abubakar Backs Consensus Candidate for African Democratic Congress, Keeps Primaries as Option—-Former Vice President Atiku Abubakar says the African Democratic Congress (ADC) will prioritise a consensus approach in selecting its presidential candidate for the 2027 general elections, but may conduct primaries if internal talks fail.

Speaking on a prime-time programme on Arise TV, Atiku explained that party leaders are working to avoid internal disputes by rallying around a single candidate through dialogue and agreement.

He expressed confidence that stakeholders would reach a common ground, noting that experienced politicians within the party understand the importance of unity.

According to him, the ADC is focused on strengthening Nigeria’s democracy, with members committed to managing differences without causing division.

Atiku also reiterated his willingness to support whoever emerges as the party’s flagbearer, regardless of the selection method.

He further stated that he is open to stepping aside for any aspirant, including Peter Obi, if they emerge as the preferred choice, emphasizing that unity within the party remains the top priority ahead of the 2027 elections.

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Ousmane Dembélé Hits Brace as Paris Saint-Germain Knock Out Liverpool from UCL

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Paris Saint-Germain Knock Out Liverpool from UCL

 Ousmane Dembélé Hits Brace as Paris Saint-Germain Knock Out Liverpool from UCL—-Ousmane Dembélé starred with a brace as Paris Saint-Germain secured a 2-0 victory over Liverpool at Anfield, sealing a dominant 4-0 aggregate win to reach the UEFA Champions League semi-finals.

The French forward proved decisive on the night, scoring twice to end Liverpool’s European campaign and send the defending champions into the last four for a third consecutive season.

Liverpool’s night was further marred by a serious injury to Hugo Ekitiké, who was forced off in the first half with what appeared to be a severe leg issue, raising concerns over his availability for the remainder of the season.

Manager Arne Slot made bold selection calls, leaving Mohamed Salah on the bench initially, though the forward was introduced early following Ekitiké’s injury and nearly made an instant impact.

Despite flashes of pressure from Liverpool, PSG remained composed and dangerous on the counter. Dembélé broke the deadlock in the second half with a fine curling effort before adding a second in stoppage time from a Bradley Barcola assist.

Liverpool’s hopes of a comeback were also dashed when a penalty awarded for a challenge on Alexis Mac Allister was overturned following a VAR review.

The defeat confirms a disappointing end to Liverpool’s European campaign, while PSG continue their title defence and will face either Bayern Munich or Real Madrid in the semi-finals.

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