Business
Marketers Eye Imported Fuel … As Landing Cost God Below Dangote’s
Decrease in the landing cost of imported fuel compared to Dangote fuel is likely to make Marketers opt for the foreign fuel.
Oil marketers revealed that the landing cost of Premium Motor Spirit (petrol) on Friday was N922.65 per litre.
Dealers said this cost factors in various expenses, including shipping, import duties, and exchange rates.
The amount is a considerable reduction of N32.35 from the N955 per litre offered at the loading gantry of the Dangote Petroleum Refinery.
This decrease in landing cost is expected to influence the price at which petrol is sold to consumers and could increase marketers’ interest in returning to petrol imports.
According to a major marketer, who spoke anonymously, “The lower cost of imported petrol is often an incentive to dealers and you won’t blame marketers who import the product”.
On Sunday, the Dangote Petroleum Refinery said the rise in petrol price from N899.50 was due to an increase in the cost of crude oil, the major component for refined petroleum products.
However, this latest decline in landing cost, which reflects the price of importing and distributing the product, signals some relief from the pressures of global market fluctuations and supply chain challenges.
But despite this reduction, the retail price of petrol in Nigeria has remained high, with major marketers continuing to sell refined products between N990 and N1,010 per litre in the Federal Capital Territory.
According to the latest competency centre daily energy data released by the Major Energies Marketers Association of Nigeria on Friday and obtained by The Tide’s source on-spot estimated import parity into tanks was N922.65 per litre, a reduction of N21 or 2.2 per cent from the N943.75 per litre quoted on Thursday.
The average cost for 30 days rose to N939.52 per litre on Friday, up from N929.07 per litre on Thursday, and N900.74 per litre on Tuesday.
The document also noted that the price of Brent crude was benchmarked at $78.29 per barrel, down from $78.88 per barrel the previous day, with an exchange rate of N1,550 per dollar.
This cost is viewed as an improvement for importers, providing private depot owners and independent marketers with an alternative route to profitability and the opportunity to source cheaper products.
With the average ex-depot price across all locations ranging from N950 to N990 per litre, importers stand a chance to cover costs significantly lower than recent historical averages and generate sustainable margins.
The updated landing costs and aligned ex-depot pricing indicate a more profitable environment for stakeholders in the downstream oil and gas sector. However, it also highlights the ongoing influence of exchange rate fluctuations and freight costs on Nigeria’s energy market.
Further checks by our correspondent while analysing petrol price movements at loading depots for last week showed that the loading cost of the commodity was reduced by N10.
Nipco sold its product at N970 from N965 per litre earlier in the week. Aiteo closed the week at N960, while Sahara made a N20 reduction closing at N960 from N980 earlier in the week. Swift opened at N970 and closed at N960. Wosbab and AA Rano closed the week selling their products at N960 per litre.
In Port-Harcourt, Bulk Strategic Depot opened at N1,005 but closed at N981, indicating a reduction of N24. Also, depots in Delta and Calabar maintained a price range of N972 and N990.
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A boat accident in Bayelsa state has killed a serving Pastor, Wife and other church members along Brass waterways
The sad incident happened at Odioama in Brass local government area of Bayelsa State when the Pastor, wife and members of his church were in a programme.
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?Tide confirmed that the lifeless body of the Pastor’s wife has been found and deposited in a mortuary while the remains of her husband ,the Pastor is yet to be recovered
as search party are still ongoing.
Although the real cause of the boat Mishap is not yet known as at the time of this report, our Correspondent gathered that the identities of the Pastor, wife and church members were not disclosed to the public.
The mishap, Tide gathered occurred on Friday morning when the church members were on a boat transit
The Bayelsa State government and the state police command are yet to issue official statement’s on the sad accident
By: CHINEDU WOSU
The Rivers State Council of Nigeria Civil Service Union has called on the State Government to urgently scrap the contributory pension scheme, describing it as unfavourable to long-serving civil servants in the state.
Chairman of the union, Chukwuka Osuma, said this in an interview with newsmen in Port Harcourt, recently.
Osuma said the current pension structure has continued to worsen post-retirement hardship for workers.
He noted that the contributory pension scheme had failed to provide adequate retirement security for workers who had spent many years in service, especially those approaching retirement age.
According to him, civil servants who had served for more than 20 years were among the worst affected under the scheme, insisting that many retirees could no longer cope with prevailing economic realities.
He also informed that the Union has made moves to showcase their concerns, pleading with Governor Siminalayi Fubara to abolish the pension policy and introduce a more favourable arrangement for affected workers.
“The union was not opposed to pension reforms, the contributory scheme should only apply to newly employed workers or those with fewer years in service”, he said.
Osuma explained that workers who had already spent decades in the civil service ought to remain under a more secure pension structure capable of guaranteeing stability after retirement.
The labour leader further noted that inflation and the rising cost of living had continued to erode the value of retirement savings, thereby increasing the suffering of pensioners across the country.
He also appealed to the state government to consider extending the years of service in the civil service from 35 to 40 years and the retirement age from 60 to 65 years.
Osuma argued that such adjustment had become necessary in view of present-day economic realities and changing conditions in the workplace.
The unionist also reviewed that similar policies had already been adopted in some sectors and jurisdictions, expressing optimism that the State could also implement the reforms for the benefit of workers.
He however, commended Governor Fubara for approving an N85,000 minimum wage for workers in the state, noting that the amount was above the national benchmark of N70,000.
Osuma also acknowledged the government’s efforts in the area of workers’ promotions and bonuses, but insisted that pension reforms and extension of years of service remained critical to the long-term welfare and stability of civil servants in Rivers State.
By: King Onunwor
The Federal Government has launched the South-West zonal engagement and ministerial advocacy tour on the Cooperative Bank of Nigeria share capital mobilisation, sensitisation and cooperative sector digitalisation.
Reports say the initiative was launched through the Federal Ministry of Agriculture and Food Security.
According to reports, the advocacy tour, organised by the ministry’s Federal Department of Cooperatives, began on Monday in Lagos.
Speaking at the event, the Minister of State for Agriculture and Food Security and Supervising Minister of Cooperative Affairs, Dr Aliyu Abdullahi, said the initiative was part of President Bola Ahmed Tinubu’s Renewed Hope Agenda.
Abdullahi described the exercise as a strategic effort to reposition the cooperative sector as a key driver of inclusive economic growth, financial inclusion, enterprise development, food security and national prosperity.
“Today represents a defining moment in our collective determination to reposition the cooperative sector as a major driver of inclusive economic growth, financial inclusion, enterprise development, food security and national prosperity,” he said.
The minister noted the modern cooperative movement in Nigeria originated in the South-West following the 1934 Strickland Report, which led to the enactment of the Cooperative Societies Ordinance of 1935.
According to him, the decision to commence the sensitisation and share capital mobilisation tour in the region is symbolic, as it marks a return to the roots of cooperative development in the country.
Abdullahi said the advocacy tour was a direct outcome of resolutions reached at the 8th Regular Meeting of the National Council on Cooperative Affairs held in Abuja in March 2026.
He said the council approved the Renewed Hope Cooperative Reform and Revamp Programme, a comprehensive framework designed to strengthen the cooperative sector and align it with the administration’s goal of building a one-trillion-dollar economy.
“The reform programme focuses on seven strategic pillars, including governance reforms, cooperative financing and the establishment of the Cooperative Bank of Nigeria, digitalisation, capacity building, value chain development, inclusion of youths, women and persons with disabilities, and strategic partnerships,” he said.
He said the establishment of the Cooperative Bank of Nigeria and the digitalisation of the cooperative sector were the two major transformational initiatives under the programme.
“The Cooperative Bank of Nigeria is aimed at rebuilding a strong cooperative financial system capable of supporting cooperators, farmers, artisans, traders, SMEs, youths, women and persons with disabilities with accessible and affordable financial services,” he said.
Abdullahi emphasised that the proposed bank would be government-enabled but not government-funded.
“Government is not establishing the bank as an owner, nor will it rely on Treasury Single Account funds.
“The role of government through the FMAFS is to provide policy support, stakeholder coordination, regulatory facilitation and an enabling environment under the Renewed Hope Cooperative Reform and Revamp Programme,” he said.
Also speaking, the Lagos State Commissioner for Commerce, Cooperatives, Trade and Investment, Mrs Folashade Ambrose-Medebem, reaffirmed the state government’s commitment to cooperative sector transformation.
She described cooperatives as critical tools for promoting inclusive growth, grassroots productivity, food security, financial inclusion and community wealth creation.
Ambrose-Medebem said Lagos State would continue to support reforms and collaborate with stakeholders to ensure the successful implementation of the Renewed Hope Cooperative Reform and Revamp Programme (2025–2030).
“Together, let us build a cooperative ecosystem that is modern, transparent, digitally enabled, financially inclusive and globally competitive.
“Let us build cooperatives that not only mobilise savings, but also mobilise prosperity,” she said.
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