Nigerian Govt Increases Landing Cost Of Petrol

Published

2 years ago

October 12, 2024

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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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BREAKING: Erling Haaland Strike Sinks Arsenal as Manchester City Strengthen Title Grip

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2 days ago

April 19, 2026

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BREAKING: Erling Haaland Strike Sinks Arsenal as Manchester City Strengthen Title Grip—-Manchester City reignited the Premier League title race with a crucial 2-1 victory over Arsenal at the Etihad Stadium, powered by Erling Haaland’s second-half winner.

City took the lead in the 16th minute through Rayan Cherki, who finished smartly after weaving into the box. Arsenal responded almost immediately, as Kai Havertz capitalised on a mistake by Gianluigi Donnarumma to level the score.

The decisive moment came in the 65th minute when Haaland netted his league-leading 23rd goal, calmly finishing from a cross by Nico O’Reilly to hand City all three points.

The win cuts Arsenal’s lead at the top to just three points, with City holding a game in hand — a scenario that could see Pep Guardiola’s side move into first place.

Arsenal’s title hopes have now taken a hit, with Mikel Arteta’s men struggling for consistency, losing four of their last six matches in all competitions.

Elsewhere, Liverpool and Aston Villa boosted their Champions League ambitions with dramatic stoppage-time victories. Liverpool edged Everton 2-1 thanks to a late header from Virgil van Dijk, while Tammy Abraham struck late to give Villa a thrilling 4-3 win over Sunderland.

In the relegation battle, Morgan Gibbs-White scored a second-half hat-trick to inspire Nottingham Forest to a 4-1 comeback win over Burnley, boosting their survival hopes.

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BREAKING: Saudi Arabia Sack Hervé Renard Two Months Before World Cup

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4 days ago

April 18, 2026

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BREAKING: Saudi Arabia Sack Hervé Renard Two Months Before World Cup—-Saudi Arabia have dismissed head coach Hervé Renard in a shock decision less than two months before the 2026 FIFA World Cup.

The Saudi Arabian Football Federation confirmed the move, bringing an abrupt end to Renard’s second spell in charge despite successfully guiding the team to qualification for the tournament.

The 57-year-old Frenchman, who previously led the team between 2019 and 2023, had returned in late 2024 after a stint with the France women’s national team. He is widely remembered for overseeing Saudi Arabia’s famous 2-1 victory over eventual champions Argentina at the 2022 World Cup.

Reports suggest the decision follows a series of disappointing results in recent friendlies, raising concerns about the team’s readiness ahead of the global tournament.

Renard confirmed his exit, acknowledging the timing but expressing pride in his achievements, including leading Saudi Arabia to multiple World Cup qualifications.

With the World Cup fast approaching, Saudi Arabia are now expected to appoint a replacement quickly, with Greek coach Georgios Donis reportedly among the leading candidates.

The sudden managerial change leaves the team facing a race against time to stabilise preparations ahead of their Group H fixtures against Spain, Uruguay, and Cape Verde.

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