Business
NNPCL: petrol to sell for N462/litre without subsidy
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Corporation defends 68m-litre daily consumption claim
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Dares Customs CG, ready for forensic audit
Without subsidy, petrol will sell for N462 per litre, the Nigerian National Petroleum Company (NNPC) Limited said yesterday.
It said the average international market-determined landing cost in the second quarter of this year was $1,283 per metric tonne.
Marketing and distribution cost is N46/litre, it said.
A combination of the cost elements translates to a retail pump price of N462/litre, an average subsidy of N297/litre and an annual estimate of N6.5 trillion on the assumption of 60 million litres of daily premium motor spirit (PMS or petrol) supply.
The NPPC offered to submit itself for a forensic audit of fuel supply and subsidy management.
It insisted that the daily fuel supply is 68 million litres.
In a statement by Group General Manager, Mallam Garba Deen Muhammad, the NNPC said the average supply corresponded with the imports.
He was reacting to last Thursday’s comments by Comptroller-General of Customs Hameed Ali, who said he found it hard to understand why the NNPC, which put Nigeria’s daily fuel consumption at 60 million litres, releases 98 million litres into the market.
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He spoke during an interactive session with the House of Representatives Committee on Finance on the 2023-2025 Medium Term Expenditure Frame and Fiscal Strategy Paper.
Ali said: “If we are consuming 60 million litres of PMS per day by their own computation, why would you allow the release of 98 million litres per day?
“If you know this is our consumption, why would you allow that release?
“Scientifically, you cannot tell me that if I fill my tank today, tomorrow I will fill the same tank with the same quantity of fuel.
“If I am operating a fuel station today and I go to Minna depot, lift petrol and take it to Kaduna, I may get to Kaduna in the evening and offload that fuel.
“There is no way I would have sold off that petrol immediately to warrant another load.
“So, how did you get to 60 million litres per day? That is my question.
“On the issue of smuggling, if you release 98 million litres in actual and 60 million litres is used, the balance should be 38 million litres.
“How many trucks will carry 38 million litres every day? Which road are they following and where are they carrying this thing to?”
Minister of Finance, Zainab Ahmed, speaking when she appeared before the panel on August 18, put the projected daily payment for fuel subsidy at N18.39 billion.
“The total amount of subsidy per day is N18.397 billion per day,” she said.
“So, if you are projecting for the full year, it would be N6.715 trillion. If you are projecting for half a year, it would be 50 per cent of that.”
According to the minister, this was calculated using the information provided by the NNPC.
She said the information showed that 64.96 million litres of fuel are the projected average daily truck out.
She also said N1.774 trillion was paid to independent oil marketers as subsidy in four years.
Yesterday, the NPPC said between January and August 2022, “the total volume of PMS imported into the country was 16.46 billion litres, which translates to an average supply of 68 million litres per day”.
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It added: “Similarly, import in the year 2021 was 22.35 billion litres, which translated to an average supply of 61 million litres per day”.
The NNPC said the average daily evacuation (depot truck out) from January to August 2022 “stands at 67million litres per day as reported by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA)”.
It added: “Daily evacuation (depot load outs) records of the NMDPRA do carry daily oscillation ranging from as low as four million litres to as high as 100 million litres per day.”
The company said rising crude oil prices and PMS supply costs above the NMDPRA cap had caused oil marketing companies’ withdrawal from PMS import since the fourth quarter of 2017.
“In the light of these challenges, NNPC has remained the supplier of last resort and continues to transparently report the monthly PMS cost under-recoveries to the relevant authorities,” it said.
On cost, NNPC said the average international market-determined landing cost in Q2 2022 was US$1,283/MT, while the approved marketing and distribution cost is N46/litre.
It said the combination of these cost elements “translates to the retail pump price of N462/litre, an average subsidy of N297/litre and an annual estimate of N6.5 trillion on the assumption of 60 million litres daily PMS supply”.
The NNPC promised to ensure “compliance with an existing governance framework that requires the participation of relevant government agencies in all PMS discharge operations”.
These include the Nigerian Ports Authority (NPA), Nigerian Midstream and Downstream Petroleum Regulatory Authority, Nigerian Navy, Nigeria Customs Service, and the Nigerian Maritime Administration and Safety Agency (NIMASA), among others.
It acknowledged the possibilities of criminal activities in the PMS supply and distribution value chain.
“As a responsible business entity, NNPC will continue to engage and work with relevant agencies of the government to curtail smuggling of PMS and contain any other criminal activities,” it said.
The company also pledged to deliver “on our mandate of ensuring energy security for our country with integrity and transparency”.
Daily Trust
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Auto
Jetour Set to Storm Abuja Show with Rugged Luxury T2
Jetour Set to Storm Abuja Show with Rugged Luxury T2
Abuja is set for a taste of rugged luxury as Jetour Nigeria puts its adventure-ready T2 SUV in the spotlight at the Jetour Experience Abuja from September 22 to 24, 2026, giving motorists in the Federal Capital Territory and neighbouring states an opportunity to test its blend of off-road capability, premium comfort and advanced technology.
The three-day showcase at Maha Event Centre, Area 8, Garki, will feature test drives, live demonstrations and direct interaction with Jetour product specialists, offering prospective buyers a closer look at the T2 and other models in the automaker’s growing Nigerian line-up.
Positioned as a premium SUV combining off-road capability with comfort and advanced technology, the Jetour T2 is designed for motorists seeking a vehicle capable of handling both city driving and challenging terrain.
Jetour Nigeria is distributing the T2 and other models via its seven accredited dealers — Elizade Nigeria Limited, New Era AutoVehicle Services Limited, Germaine Auto Centre, Kojo Motors, Mandilas Autos, R.T. Briscoe Motors and Tab Autos Limited.
The T 2 SUV is powered by a 2.0-litre turbocharged engine producing 254 horsepower and 390 Nm of torque. The engine is paired with a seven-speed dual-clutch transmission and BorgWarner sixth-generation intelligent four-wheel-drive system.
It also features five driving modes — Eco, Sport, Mud, Rock and X Smart — designed to provide improved adaptability across different road and terrain conditions.
Measuring 4,758mm in length, 2,006mm in width and 1,880mm in height, the SUV offers 220mm ground clearance and a 70-litre fuel tank, giving it the capability for extended journeys and off-road adventures.
Inside the cabin, the T2 combines rugged styling with modern comfort, featuring ergonomic seating and a 15.6-inch touchscreen infotainment system with Apple CarPlay, Android Auto and intelligent voice control.
Its safety and driver-assistance features include a 360-degree panoramic camera, rear parking sensors, Lane Departure Warning, Blind Spot Detection, Anti-lock Braking System and Emergency Brake Assist.
The SUV also comes with off-road crawl control as well as push-button and remote-start functions.
The Abuja experience follows Jetour Nigeria’s recent showcase in Lagos as the automaker continues to expand its presence and customer reach across the country.
With its combination of performance, technology, safety and luxury, the Jetour T2 is expected to attract motorists seeking an SUV capable of combining everyday urban mobility with adventure and off-road driving.
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Business
NCAA Moves Against Airlines Over Rising Flight Delays
NCAA Moves Against Airlines Over Rising Flight Delays
Thousands of Nigerian air passengers faced delays in August as domestic airlines struggled to keep to their scheduled flight times.
Now, the Nigerian Civil Aviation Authority (NCAA) says it is taking regulatory steps that could lead to sanctions against airlines responsible for persistent delays.
The regulator’s August data showed that 4,765 of 7,961 scheduled domestic flights were delayed. In other words, nearly 60 per cent of the flights did not leave as scheduled.
Air Peace and United Nigeria Airlines recorded some of the highest delay rates, with 71 per cent and 76 per cent of their flights respectively affected.
NCAA Warns Airlines
NCAA Director of Public Affairs and Consumer Protection, Michael Achimugu, said that the regulator had already engaged some of the airlines involved.
According to him, the NCAA met with Air Peace, United Nigeria Airlines and Max Air and issued stern warnings over their operations.
The authority is now weighing further regulatory measures as the problem continues to affect passengers.
Achimugu also urged travellers to consider other airlines when repeated delays make a particular carrier unreliable.
“When one airline is continuously misbehaving, buy tickets on another airline and make your flight” he said.
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Passenger Rights Put Enforcement Under Spotlight
However, aviation consultant Capt. John Ojikutu believes the recurring problem exposes a wider weakness in the sector.
Ojikutu said Nigeria has regulations intended to protect air travellers, but questioned how consistently those rules are enforced.
“The regulation is there to protect the customer. What is the enforcement?” he said.
He noted that passengers can report violations to the appropriate authorities. But, in his view, regulators must follow up on those complaints with meaningful action.
The aviation expert also recalled experiencing severe delays himself.
He said he once travelled to Abuja and passengers had to board an aircraft three times before another plane was brought in to complete the journey.
The disruption, he said, left him returning to Lagos considerably later than expected.
Are Airlines Planning Their Routes Properly?
Ojikutu also linked the industry’s problems to the way some airlines plan their operations.
He questioned the number of carriers competing on the Lagos-Abuja route, particularly when several airlines operate multiple flights each day.
His argument is that airlines should first establish the level of passenger demand before selecting routes, aircraft sizes and flight frequencies.
According to him, deploying aircraft capable of carrying more than 100 passengers without sufficient demand can put additional financial pressure on an airline.
He therefore advised carriers to consider routes with enough passengers but less competition.
Smaller Aircraft Could Serve Regional Routes
Ojikutu said the industry could also learn from the operational model used by the former Nigerian Airways.
He recalled that the airline used larger aircraft on major routes while smaller planes connected regional destinations to major airports.
He suggested that modern carriers could adopt a similar approach by connecting cities such as Sokoto, Kaduna, Jos and Minna to larger aviation hubs.
Rather than having every airline compete directly on major routes, he said carriers could develop regional networks that feed passengers into bigger airports.
He also called for more airlines to establish bases outside Lagos.
According to him, encouraging operations in other parts of the country could reduce the heavy concentration of airlines in Lagos and create stronger regional connections.
Concern Over Airline Survival
Ojikutu further questioned the short lifespan of many Nigerian airlines.
He attributed part of the problem to weak business planning and argued that airlines should present credible, sustainable plans before receiving regulatory approval to operate.
The latest development therefore puts both airlines and the aviation regulator under scrutiny, as passengers continue to deal with delays despite existing rules designed to protect them.
NCAA Moves Against Airlines Over Rising Flight Delays
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Business
Fuel Prices Climb to ₦1,500 per Litre Across Nigeria, Sparking Calls for Urgent Action
Fuel Prices Climb to ₦1,500 per Litre Across Nigeria, Sparking Calls for Urgent Action
Workers’ unions and fuel sellers appeal to the government to protect families from soaring transportation and food costs.
Fuel stations across Nigeria have raised the price of petrol to as high as ₦1,500 per litre, creating fresh financial strain for working people, small business operators, and families. Across cities such as Kano, Maiduguri, Damaturu, and Sokoto, drivers and commercial riders now pay higher rates at the pump, while stations in central and southern communities also report steady increases.
Because transportation costs directly influence the price of everyday essentials, bus drivers and tricycle operators have raised passenger fares to cover their fuel bills. As a result, parents and commuters face steeper daily travel expenses and rising grocery bills.
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To address this pressure, the Nigeria Labour Congress urged federal authorities to step in quickly with practical relief measures. These proposals include providing cost-of-living allowances to workers, ensuring local refineries can purchase crude oil directly in local currency, and using surplus oil earnings to keep pump prices affordable.
At the same time, fuel sellers warned that pump prices could rise even further if international oil markets remain volatile. Retail associations noted that recent wholesale adjustments from local refineries have increased costs for station owners, who must pay more to restock their tanks.
To keep fuel affordable for the general public, union leaders and station operators are encouraging the government to reduce shipping and regulatory fees, helping ensure that reliable energy remains accessible to every community across the country.
Fuel Prices Climb to ₦1,500 per Litre Across Nigeria, Sparking Calls for Urgent Action
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