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)

_…as the Minister of State embarks on extensive security assessment tour of North West…_

The Honourable Minister of State for Defence H.E. Dr. Bello Muhammed Matawalle MON has assured the people of North West that Federal Government will not rest until peace is restored in the region and Nigeria in general.

The Minister who embarked on a comprehensive security assessment tour of Sokoto State said that the tour was part of the Federal Government’s strategic efforts to address the ongoing insecurity plaguing the North-West region.

During his visit to Gundumi village, Dr. Matawalle assured residents that the long-closed Gundumi-Isa road would be reopened without delay, with a military camp established along the route to enhance security and facilitate economic activities. “The President is fully committed to ending insecurity in Northern Nigeria, and we are here to ensure that no stone is left unturned.”

The Minister also visited Isa Local Government Area, where he urged residents to remain vigilant and collaborate with security agencies. In Turba village, he assured residents of additional military personnel deployment to reinforce security.

Dr. Matawalle commended troops at the Forward Operating Base in Sabon Birni for their resilience and dedication, promising prompt attention to their welfare and logistical needs.

In Sabon Birni, the Minister appealed to the local community to support the military and offer prayers for troops defending the nation. He announced plans to establish a military base between Sabon Birni and Tsamaye to enhance regional security.

Furthermore, the Honourable Minister also visited villages affected by banditry, including Hawan Duro and Mai Lalle, promising additional military personnel deployment and assurances for displaced residents to return home.

In Goronyo LGA, Dr. Matawalle reiterated the Federal Government’s determination to establish military camps along critical routes and also acknowledging Sokoto State Government’s support.

Throughout the tour, Dr. Matawalle emphasized President Bola Ahmed Tinubu’s commitment to restoring peace and security across Northern Nigeria. He expressed appreciation for military personnel’s sacrifices, urging communities to cooperate with security agencies.

The Federal Government remains resolute in restoring peace in the North-West, with additional troops and new military bases bringing hope for a future free from banditry.

In addition, the Honourable Minister of State was accompanied by the Sokoto State Deputy Governor, top government officials and military officers.

*Henshaw Ogubike Mnipr FCAi Fsca Fcpe*
Director Information and Public Relations