Business
Private depots have raised petrol price to N770/litre – Marketers
Private depots have raised petrol price to N770/litre – Marketers
Independent Petroleum Marketers Association of Nigeria (IPMAN) at the weekend raised the alarm as private depots increased the cost of Premium Motor Spirit (PMS) petrol to N770 per litre.
According to him, the depots are complaining that the cost of cargo freight at the high sea has increased and affected their prices.
He said this accounted for the high cost of petrol nationwide, despite its availability.
For those lifting the product as far as Kebbi State, Maigandi said the cost of haulage to Lagos is about N70/litre.
According to him, petrol sells at between N900 and N1,000 per litre in Birni Kebbi.
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His words: “It is a little bit available now because there is no queue. But the only thing is the cost in the private depots. They sell it at N770/litre.
“They are complaining about the transportation for their cargoes from the high sea. That is the reason they increased the price.
“At that rate, the pump price depends on the distance. Where you will spend N30 like in Lagos, if you add N770 plus N30, it is N800.
“Then they have to add the margin for the profit because the capital you are going to use is almost N30 million plus. The capital to buy the product. “Like 45,000 litres. If you multiply 45,000 times by N770, you will see the amount. Within Lagos, you have to pay N30 or N35. Then when you are coming to the Northern part, it is N60 to N70. In Kebbi, a litre of petrol is N900 to N1,000/litre.”
Asked to proffer a solution to the petrol price crisis, the IPMAN National President said respite would come when Dangote and the Port Harcourt Refineries started production.
“The solution is let Dangote start its PMS. And if the Port Harcourt Refinery starts producing, the price will be lesser,” he said .
Private depots have raised petrol price to N770/litre – Marketers
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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