Business
Dangote, marketers discussing fuel purchase arrangements – IPMAN
Dangote, marketers discussing fuel purchase arrangements – IPMAN
At the backdrop of a fresh controversy over lifting of petrol from Dangote Refinery, the Independent Petroleum Marketers Association of Nigeria, IPMAN, has said it is still negotiating with the refinery on terms for the lifting.
President of the Refibery, Alhaji Aliko Dangote, has alleged that the Nigerian National Petroleum Company Limited, NNPCL, along with other petroleum marketers have been importing petrol from other refineries outside the country while refusing to come to his facility to lift products.
Dangote added that his refinery has 500 million litres of petrol in storage, sufficient for domestic needs.
But the Public Relations Officer of IPMAN, Chief Chinedu Ukadike, told Vanguard that the independent marketers have not yet begun direct sourcing from the Dangote Refinery, adding that talks with the refinery are ongoing.
He stated: “We haven’t received products from Dangote Refinery yet, but the processes are underway, and I’ll update you once they’re finalized.”
He added, “The product isn’t available to independent marketers yet. I think he (Dangote) is adopting a systematic marketing approach, but our discussions are progressing.”
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In a related development, he noted that the hike in pump price of petrol by NNPCL two days ago should not be a surprise to the people because of market forces.
He stated: “People shouldn’t be surprised. Deregulation is driven by demand and supply factors, and your supply source will dictate the selling price.”
Meanwhile, despite the N30 per litre pump price mark up (a 3% hike) to N1, 060 per litre in Abuja, marketers have largely maintained their October, 2024 prices.
Checks by Vanguard in the nation’s capital showed that major marketers, such as Conoil and TotalEnergies, continued to sell at N1,109, while others like NIPCO (N1,115), Adova Plc (N1,125), and most independent marketers (N1,150-N1,230) have kept the prices set at the beginning of October.
NNPC had previously raised petrol prices by 14.8% on October 9, 2024, increasing the rate from N897 to N1, 030 per litre following the Federal Government’s decision to end the petrol subsidy. This increase contradicted expectations that the “crude-for-Naira” deal between the Federal Government and Dangote Refinery would reduce pump prices starting October 1, 2024.
The latest hike came on the heels of a previous price jump on September 3, 2024, when NNPC raised the petrol price by 45% from N617 to N897 per litre.
Dangote, marketers discussing fuel purchase arrangements – IPMAN
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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