Business
As cooking gas price rises further, kerosene, diesel drop
As prices of cooking gas otherwise known as Liquefied Petroleum Gas (LPG) across Nigeria continue to rise despite significant increase in local production of the product, the average pump price of National Household Kerosene (NHK) has dropped to N400.01 per litre, representing a 7.9 per cent decline compared to N434.39 per litre in September this year.
Prices of Automotive Gas Oil (diesel) also fell by 0.16 per cent this week to N254.21 from N254.64 as of September ending 2021.
According to the latest report on the LPG by the Nigerian National Petroleum Corporation, the product supplied in September 2021 increased to 49,453.081 metric tonnes, MT, shows an increase of 23 per cent when compared to 38,040.457MT recorded in August 2021.
A survey by newstrends shows that 12.5 kilogramme of cooking gas, which was sold at N4,000 in January 2021, rose to N7,200 in August 2021 and currently N7,700.
On kerosene, latest data from globalpetrolprices.com indicated that as of this week, the price per gallon of kerosene stood at N1,514.20 while price per gallon of diesel stood at N962.29.
When compared to statistics from National Bureau of Statistics (NBS) the kerosene and diesel watch for September, prices paid per gallon of the NKH fell by 1.73 per cent.
The NBS September report, “Average price per liter paid by consumers for National Household Kerosene increased by 8.6 per cent month-on-month and by 24.8 per cent year-on-year (YoY) to N434.39 in September 2021 from N400.01 in August 2021.
“Similarly, average price per gallon paid by consumers for National Household Kerosene increased by 16.25 per cent MoM and by 25.3 YoY to N1, 540.82 in September 2021 from N1, 325.39 in August 2021.
“States with the highest average price per gallon of kerosene were Abuja (N2, 766.67), Bauchi (N1, 981.54) and Adamawa (N1,975.00).
“States with the lowest average price per gallon of kerosene were Delta (N1218.13), Imo (N1991.23) and Yobe (N1,080.00).”
On diesel, the NBS said, “Average price paid by consumers for Automotive Gas Oil (diesel) increased by 0.17 per cent MoM and by 15.9 per cent YoY to N254.64 in September 2021 from N254.21 in August 2021.”
Business
PH refinery: 200 trucks will load petroleum products daily, says Presidency
PH refinery: 200 trucks will load petroleum products daily, says Presidency
No fewer than 200 trucks are set to load petroleum products at the government-owned Port Harcourt Refinery, the presidency has said.
A presidential spokesperson, Sunday Dare, made this known in a statement through his official X handle on Tuesday.
Newstrends had reported that the Nigerian National Petroleum Company on Tuesday announced that Port Harcourt Refinery has resumed operations and crude oil processing after years of inactivity.
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Reacting, Dare said, “200 trucks are expected to load products daily from the refinery, Renewing the Hopes of Nigeria.”
He added that “the Port Harcourt refinery has two wings.
“The Old Refinery comes on stream today with an installed production capacity of 60, 000 barrels per day of crude oil.”
PH refinery: 200 trucks will load petroleum products daily, says Presidency
Business
Breaking: CBN increases interest rate to 27.50%
Breaking: CBN increases interest rate to 27.50%
The Central Bank of Nigeria (CBN) has raised the lending interest to 27.50 per cent from 27.25 per cent.
This latest increase in the Monetary Policy Rate came after a meeting of the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) on Monday and concluded Tuesday.
The Monetary Policy Rate measures the benchmark interest rate.
The CBN Governor, Yemi Cardoso, announced this in Abuja on Tuesday after the MPC meeting, last for the year, held at the apex bank’s headquarters.
He said the MPC voted unanimously to raise the MPR by 25 basis points from 27.25% to 27.50%; and retain the Cash Reserve Ratio (CRR) at 50% for Deposit Money Banks and 16% for Merchant Banks.
The CBN governor also said the MPC retained the Liquidity Ratio (LR) at 30% and Asymmetric Corridor at +500/-100 basis points around the MPR.
Business
Nigeria’s unemployment rate dropped to 4.3% in Q2 – NBS
Nigeria’s unemployment rate dropped to 4.3% in Q2 – NBS
Nigeria’s unemployment rate stood at 4.3 per cent in the second quarter of 2024, the National Bureau of Statistics (NBS) has said in its latest report.
The report released on Monday said the unemployment rate decreased compared to the 5.3 per cent recorded in the Q1 of 2024.
The NBS defined the unemployment rate as the share of the labour force (the combination of unemployed and employed people) who are not employed but actively searching and are available for work.
“The unemployment rate for Q2 2024 was 4.3%, showing an increase of 0.1 percentage point compared to the same period last year,” the report stated.
“The unemployment rate among males was 3.4% and 5.1% among females.
“By place of residence, the unemployment rate was 5.2% in urban areas and 2.8% in rural areas. Youth unemployment rate was 6.5% in Q2 2024, showing a decrease from 8.4% in Q1 2024.”
Report also said the unemployment rate among persons with post-secondary education was 4.8 per cent; 8.5 per cent among those with upper secondary education, 5.8 per cent for those with lower secondary education, and 2.8 per cent among those with primary education in Q2 2024.
Employment rate – 76%
The report showed that the employment-to-population ratio, which measures the number of employed workers against the total working-age population, increased to 76.1 per cent in Q2 2024.
“In Q2 2024, 76.1% of Nigeria’s working-age population was employed, up from 73.1% in Q1 2024,” the report stated.
Self-employment – 85.6%
The report further showed that Nigeria’s labour market saw a notable shift as the proportion of self-employed individuals increased in Q2 2024.
It stated, “The proportion of persons in self-employment in Q2 2024 was 85.6%.”
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