LASG HOSTS Y2024 WOMEN'S ASSEMBLY TO EMPOWER, CELEBRATE WOMEN. (PHOTO). #PRESS RELEASE.

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 LASG HOSTS Y2024 WOMEN'S ASSEMBLY TO EMPOWER, CELEBRATE WOMEN Lagos State Governor, Mr. Babajide Sanwo-Olu, has reaffirmed his administration's commitment to advancing and empowering women, describing them as the pillars of communities, contributing in numerous ways as mothers, entrepreneurs, educators and leaders.  Governor Sanwo-Olu stated this in his keynote address at the 2024 Women's Assembly for Local Government and Local Council Development Areas organised by the Ministry of Women's Affairs and Poverty Alleviation (WAPA) at the De Blue Roof, LTV 8 complex, Agindigbi Ikeja.  The Governor, represented by the Secretary to the State Governor, Bimbola Salu-Hundeyin, described the Assembly as a critical platform for celebrating women’s contributions and tackling challenges affecting their well-being. He restated his administration’s commitment to prioritising women through policies and programmes aimed at economic empowerment, political inclusion, and grassroots engag...
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PETROL LANDING COST DROPS TO N970 PER LITRE-MARKETERS. (PHOTO).

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 Petrol Landing Cost Drops to N970 per Litre – Marketers


In a positive sign for the downstream sector's stability, the Major Energy Marketers Association of Nigeria (MEMAN) has announced a slight decrease in the landing cost of Premium Motor Spirit (PMS), or petrol, which fell to N970 per litre in December 2024, down from N971 per litre in November 2024.


This decrease comes amid a similar drop in crude oil prices, which fell to $73.77 per barrel from $74 per barrel the previous week.


According to MEMAN's daily energy bulletin, which was shared with Vanguard, the new landing cost is based on a crude oil price of $73.91 per barrel (Brent) and an exchange rate of N1,533.57/$.


However, MEMAN also cautioned that international petroleum product prices are subject to significant volatility, influenced by geopolitical and economic factors, including developments in the Middle East, market trends in China, and the recent outcome of the U.S. elections. The foreign exchange rate is also fluctuating, and since landing costs are highly influenced by these factors, prices may change multiple times throughout the day.


Despite this, the retail price of petrol in Lagos remains unchanged at N1,025 per litre.


Ehimen Joseph, Chairman of the Lagos State Chapter of MEMAN, emphasized that petrol prices are determined by market forces in a deregulated market. He noted that price reductions are possible depending on market conditions.


Similarly, Dr. Muda Yusuf, CEO of the Centre for the Promotion of Private Enterprise (CPPE), explained that petrol prices cannot drop suddenly due to marketers holding large stocks. Price reductions are more likely to occur gradually, driven by market forces and foreign exchange fluctuations. He added that price adjustments will not happen immediately and will depend on the depletion of stock by marketers and sustainable foreign exchange conditions, which could take one to two months.

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