Business
More filling stations shut down as petrol pump price hits N630/litre
More filling stations shut down as petrol pump price hits N630/litre
Amid the ongoing crisis regarding the availability of fuel across the country, the pump price of Premium Motor Spirit (PMS) now stands at approximately N625 to N630 per litre.
Oil marketers continue to voice concerns about the mass shutdown of filling stations and the inability to transport petroleum tankers due to the skyrocketing costs associated with importation, lifting, transportation, and distribution of petroleum products.
Due to a lack of foreign exchange, marketers are struggling to import petroleum products, compounded by their inability to access products from the Nigerian National Petroleum Company Limited (NNPCL), leading to the current scarcity.
Investigations reveal that most filling stations within the Federal Capital Territory (FCT) are either not dispensing products or are selling them in the N625-N630 per litre range.
In response, the Nigerian National Petroleum Company Limited (NNPCL), the sole importer of fuel, has insisted that there is an ample supply of the product, with a 30-day sufficiency.
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Commenting on the situation, Chief Chinedu Ukadike, the Spokesperson of the Independent Petroleum Marketers Association of Nigeria (IPMAN), commended the government’s decision to maintain the current PMS price, considering the various crises afflicting the sector. However, he cautioned that if the current rate persists, petrol prices should be between N900 and N1,000 per litre, potentially creating a dire situation for Nigerians.
Ukadike explained, “The Federal Government has shifted away from deregulation and is now subsidizing petroleum products due to importers’ inability to source dollars from the parallel market, where the dollar rate is nearly N1,300. The government’s intervention, through its subsidiary NNPCL, has emerged as the country’s sole fuel importer, thus ensuring continued subsidy for Nigerians.”
He highlighted other factors contributing to the price increase, stating, “In Abuja, marketers are selling at N630 per litre because they are buying from Lagos, and the transportation cost from Lagos is now approximately N2.3 million, depending on the truck’s capacity, compared to the previous N400,000.”
Billy Gillis Harry, President of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), noted that as of Friday, the PMS price from the depot was N605 per litre, justifying the noticeable adjustment in the retail price. He advised consumers that if they find PMS at N640 or N650, they should consider it a fair deal due to the challenges faced by retailers in sourcing and distributing the product.
More filling stations shut down as petrol pump price hits N630/litre
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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