“As an advocacy group for fair and just treatment, MURIC should have verified the facts before making statements that are entirely flawed and has the potential to incite ordinary Nigerians against the NNPC Ltd.”
Business
Petrol price rose to N750.17/litre in June – NBS
![](https://newstrends.ng/wp-content/uploads/2021/11/petrol-pump-scaled.jpg)
Petrol price rose to N750.17/litre in June – NBS
The National Bureau of Statistics (NBS) has disclosed that the average retail price for a liter of petrol increased to N750.17 in June – up from the N545.83 recorded in the same month last year.
According to a report tagged ‘Premium Motor Spirit (Petrol) Price Watch (June 2024)’ which was released on Wednesday, the development signifies a 37.44 percent year-on-year increase.
“Likewise, comparing the average price value with the previous month (.i.e. May 2024), the average retail price decreased by 2.53% from N769.62,” the report reads.
NBS on the state profile analysis said Benue had the highest average retail price for petrol at N854.55. Jigawa and Rivers came next with N847 and N810, respectively.
“On the other side, Lagos, Kwara, and Ogun States had the lowest average retail prices for Premium Motor Spirit (Petrol), at N626.94, N650.00, and N670.63 respectively,” NBS said.
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“Lastly, on the Zonal profile, the South-South Zone had the highest average retail price of N794.64, while the South-West Zone had the lowest price of N696.42.”
On July 5, Mele Kyari, group chief executive officer (CEO) of the Nigerian National Petroleum Company (NNPC) Limited, said the evacuation of petrol to border states reduced by seven million in two months.
Kyari said the evacuation of petrol dropped from 32 million litres per day to about 25 million litres amid customs’ anti-smuggling operations.
Petrol queues recently resurfaced in parts of Lagos and Abuja due to a scarcity of the commodity. The NNPC attributed the shortage to the disruption of ship-to-ship (STS) transfer of petrol between mother vessels and daughter vessels.
This, the national oil firm, said was due to recent thunderstorms and the consequential flooding of trucking routes which constrained the movement of petrol to Abuja from coastal corridors.
Petrol price rose to N750.17/litre in June – NBS
Business
Dangote Refinery can sell petrol to any marketer – NNPC
![](https://newstrends.ng/wp-content/uploads/2023/12/Dangote-Refinery-Welcomes-First-Crude-Oil-Shipment-scaled.jpg)
Dangote Refinery can sell petrol to any marketer – NNPC
The Nigerian National Petroleum Company Limited (NNPC Ltd) has said it has no desire or intention to be the sole offtaker of petrol produced by the Dangote Refinery Limited, DRL.
NNPC Ltd said this while reacting to claim by the Muslim Rights Concern, MURIC, which claims that the Dangote Refinery Limited (DRL) is being undermined by actions of the NNPC Ltd.
MURIC had in a statement issued on Friday claimed that recent changes to the pump price of petrol will prevent the Dangote Refinery from selling the product at lower prices to Nigerians.
The group also claimed NNPC Ltd. has become the sole offtaker of all products from the refinery.
However, Olufemi Soneye, Chief Corporate Communications Officer, NNPC Ltd in a statement on Saturday dismissed the claims of MURIC.
While puncturing the claims of MURIC, NNPC LTD in the statement noted that the pricing of petroleum products from any refinery, including the Dangote Refinery Ltd. (DRL), is determined by global market forces.
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The company thefore noted that recent changes in PMS prices have no impact on the DRL or any other domestic refinery’s access to the Nigerian market.
Business
Forex: CBN sells $20,000 to each BDC at N1,580/$
![](https://newstrends.ng/wp-content/uploads/2021/07/dollars.jpg)
Forex: CBN sells $20,000 to each BDC at N1,580/$
The Central Bank of Nigeria (CBN) has announced plans to inject more liquidity into the foreign exchange market by approving the sale of US$20,000 to each eligible Bureau De Change (BDC) operator.
This move is aimed at meeting the growing demand for foreign exchange in the retail market, particularly for invisible transactions.
In a circular issued on September 6, 2024, and signed by Dr. W.J. Kanya, Acting Director of the CBN’s Trade and Exchange Department, the bank stated that eligible BDC operators would purchase the foreign currency at the rate of N1,580 per US dollar.
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The BDCs are permitted to sell the forex to end-users at a margin not exceeding 1% above the purchase rate.
To facilitate the process, the bank said eligible BDCs must make Naira payments into designated CBN deposit accounts and submit the required documentation at the appropriate CBN branches in Abuja, Awka, Kano, and Lagos for the collection of the approved $20,000.
This measure is part of CBN’s ongoing efforts to stabilize the forex market and meet demand for invisible transactions such as payment for personal travel, medical bills, and school fees.
Forex: CBN sells $20,000 to each BDC at N1,580/$
Business
Naira falls by N34 to dollar in 24hrs
![](https://newstrends.ng/wp-content/uploads/2023/06/Naira-back-market-dollar-to-naira-scaled.jpg)
Naira falls by N34 to dollar in 24hrs
The Nigerian currency, Naira, has plummeted to an unprecedented low, trading at a staggering N1,639.41 per dollar at the official market on Thursday.
This marks a sharp decline from the previous day’s rate of N1,606, reflecting a dramatic loss of N34.
In a parallel trend, the black market also saw the naira fall, with the exchange rate reaching N1,645 per dollar, down from N1,640.
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The worsening exchange rates signal deepening economic challenges and growing concerns over the stability of the national currency.
As the naira continues its downward spiral, analysts and market watchers are closely monitoring the situation, with implications for both the economy and daily lives of Nigerians.
Naira falls by N34 to dollar in 24hrs
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