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 f...
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SOUTH AFRICA WILL FOCUS ON AFRICA'S DEVELOPMENT DURING G20 PRESIDENCY, RAMAPHOSA STATES. (PHOTO).

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 South Africa Will Focus on Africa's Development During G20 Presidency, Ramaphosa States


Starting from December 1, South Africa took over the G20 presidency from Brazil for a 12-month period. The theme of the presidency is "Solidarity, Equality and Sustainability." South Africa is the first African country to take the G20 presidency.


The President of South Africa, Cyril Ramaphosa, pledged to use the country's G20 presidency to draw the group's attention to the development of Africa and the Global South, Sputnik reported.


"We will use this moment to bring the development priorities of the African Continent and the Global South more firmly onto the agenda of the G20," he said at the media briefing.


During its presidency, South Africa will host over 130 events in various formats and at various levels. Among them will be four meetings of heads of finance ministries and central banks, two meetings of G20 foreign ministers— the first of which will take place in February. The culmination will be the G20 summit in Johannesburg, preliminarily scheduled for November 21-22, 2025.


G20 agenda issues are addressed in 22 sectoral working groups and at forums representing the interests of member parliaments, businesses, the scientific community, women, youth, and civil society. South Africa also plans to establish a G20 media forum. South Africa's presidency will end on November 30, 2025, and will be handed over to the United States.

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