By Dipo Olowookere

The ex-depot price of Premium Motor Spirit (PMS), commonly known as petrol, has been slashed by the Dangote Petroleum Refinery by N60 per litre to from N950 to N890.

The private oil facility located in Lagos confirmed this development in the statement issued on Saturday night, noting that this crash in price is effective February 1, 2025.

It disclosed that the ex-depot price was crashed in a bold move to drive economic relief for Nigerians, adding that it is expected to play a vital role in stabilising the country’s economy, ensuring that the benefits of lower fuel prices are felt across all sectors.

Dangote Refinery said the price adjustment, which is in response to favourable developments in the global energy sector and a significant decline in international crude oil prices, reflects its commitment to aligning with market realities and ensuring that consumers benefit from changes in international crude oil prices, which currently is below $80 per barrel.

In the statement signed by the Chief Branding and Communications Officer of Dangote Group, Mr Anthony Chiejina, it was explained that this latest move follows a similar decision made on January 19, when a modest price increase was implemented due to rising crude oil costs.

However, with recent global market trends indicating a decline, Dangote Refinery has once again adjusted its pricing structure, providing relief to Nigerians.

The statement also noted that the price reduction would significantly lower the cost of petrol across the country, generating a positive ripple effect throughout the broader economy.

“Dangote Petroleum Refinery firmly believes that this reduction from N950 to N890 will result in a meaningful decrease in the cost of petrol nationwide, thereby driving down the prices of goods and services, as well as the overall cost of living, with a positive ripple effect on various sectors of the economy,” the statement said.

The refinery has also called on marketers across the country to ensure that the benefits of the reduced price are passed on to the Nigerian public, while reiterating its support for the economic revival spearheaded by President Bola Tinubu, whose administration is focused on making Nigeria self-sufficient in refined petroleum products and positioning the country as a leading oil export hub.

“This collective initiative will contribute to the wider economic recovery plan led by President Tinubu, who is dedicated to making Nigeria self-sufficient in refined petroleum products and positioning the country as a leading oil export hub,” it added.

By Dipo Olowookere

The last trading session of the week and January 2025 on the Nigerian Exchange (NGX) Limited ended on a negative note on Friday with a 0.24 per cent loss.

Selling pressure from investors taking profit contributed to the downfall of Customs Street during the session the market participants chew on the financial statements of companies on the exchange.

Yesterday, the banking counter depleted by 1.15 per cent, the energy space evaporated by 1.28 per cent, and the insurance sector fell by 0.48 per cent.

However, the consumer goods index appreciated on Friday by 0.78 per cent, and the industrial goods sector went up by 0.08 per cent.

At the close of business, the All-Share Index (ASI) was down by 240.31 points to 104,496.12 points from 104,744.43 points and the market capitalisation declined by N159 billion to N64.709 trillion from N64.868 trillion.

The market ended with 38 price gainers and 28 price losers, indicating a positive market breadth index and strong investor sentiment.

Oando topped the laggards’ group after it shed 10.00 per cent to close at N68.40, Stanbic IBTC depreciated by 9.94 per cent to N64.35, Ikeja Hotel shed 9.84 per cent to trade at N11.00, UPDC fell by 9.66 per cent to N1.87, and Regency Alliance slumped by 9.21 per cent to 69 Kobo.

Conversely, Beta Glass appreciated by 10.00 per cent to N71.50, Vitafoam Nigeria gained 9.98 per cent to trade at N31.95, Northern Nigeria Flour Mills increased by 9.98 per cent to N60.60, Chellaram expanded by 9.93 per cent to N6.53, and The Initiates rose by 9.90 per cent to N3.44.

A total of 1.3 billion shares worth N15.4 billion exchanged hands in 14,540 deals during the session compared with the 497.4 million shares valued at N11.8 billion traded in 13,716 deals on Thursday, representing a rise in the trading volume, value and number of deals by 154.37 per cent, 30.51 per cent and 6.01 per cent, respectively.

Secure Electronic Technology topped the activity chart with 599.5 million units worth N413.8 million, Japaul traded 108.4 million units valued at N237.6 million, FBN Holdings exchanged 85.5 million units for N2.5 billion, Veritas Kapital sold 67.3 million units worth 72.7 million, and GTCO transacted 32.7 million units valued at N2.0 billion.

By Adedapo Adesanya

The NASD Over-the-Counter (OTC) Securities Exchange extended its stay in the southern territory with 0.14 per cent loss in the final session of the week and the month on Friday, January 31.

This arose from the decline in the share prices of two securities on the trading platform, which overturned the gains posted by three stocks at the close of transactions.

Central Securities Clearing System (CSCS) Plc depreciated yesterday by 58 Kobo to close at N21.70 per unit versus N22.28 per unit and Acorn Petroleum Plc dropped 2 Kobo to finish at N1.38 per share compared with the preceding day’s N1.40 per share.

On the flip side, First Trust Microfinance Plc rose by 5 Kobo to trade at 52 Kobo per unit versus 47 Kobo per unit, Geo-Fluids Plc added 4 Kobo to settle at N4.42 per share versus N4.38 per share, and FrieslandCampina Wamco jumped by 7 Kobo to N39.01 per unit from N38.94 per unit.

When the market closed for the session, the market capitalisation of the exchange went down by N2.4 billion to N1.766 trillion from N1.769 trillion and the NASD Unlisted Security Index (NSI) decreased by 4.24 points to 3,118.81 points from the 3,123.05 points quoted at the last session.

There was a 32.6 per cent drop in the volume of securities traded during the session at the bourse to 1.1 million units from 1.7 million units, there was also a decline of 61.7 per cent in the value of securities bought and sold by investors to N16.9 million from N44.1 million, and the number of deals increased by 19.4 per cent to 37 deals from 31 deals.

Impresit Bakolori Plc was the most active stock by value (year-to-date) with 406.5 million units sold for N386.1 million, followed by FrieslandCampina Wamco Nigeria Plc with 4.3 million units valued at N170.4 million, and Geo-Fluids Plc with 9.1 million units worth N44.3 million.

Impresit Bakolori Plc was also the most active stock by volume (year-to-date) with 406.5 million units worth N386.1 million, trailed by Industrial and General Insurance (IGI) Plc with 26.3 million units sold for N6.3 million, and Geo-Fluids Plc with 9.2 million units valued at N44.3 million.