Economy
Fuel at N145/Litre No Longer Viable—NNPC
By Modupe Gbadeyanka
Former and present Group Managing Directors of the Nigerian National Petroleum Corporation have expressed fears that the current pump price of N145 per litre is no longer feasible.
They said the amount does not correspond with the price-determining components of the commodity and the fluctuations of the foreign exchange rate.
They stated this after a one-day meeting they held with the Minister of State for Petroleum Resources, Dr Ibe Kachikwu, in Abuja.
The NNPC in its statement said, “They (the GMDs) noted that the petrol price of N145/litre is not congruent with the liberalisation policy especially with the foreign exchange rate and other price determining components such as crude cost, Nigerian Ports Authority charges, etc remaining uncapped.”
The declaration of the NNPC present and past bosses confirmed an exclusive report by SUNDAY PUNCH on August 7, 2016, in which oil marketers revealed that the actual or real cost of petrol was N151.87 when all the pricing components are adequately captured.
The marketers had stated that they were struggling to maintain petrol price at N145 per litre because of the stiff competition in the downstream oil sector, but stressed that the practice was not sustainable.
The GMDs, however, commended the NNPC for resolving the fuel supply crisis and urged the corporation to come up with measures that will ensure sustenance of seamless supply of petroleum products nationwide.
According to the corporation, the GMDs expressed concerns about the declining crude oil production level and its consequences on the environment and the nation’s revenue.
They further agreed that if the current situation remains unchecked, it could lead to the crippling of the corporation and the nation’s oil and gas sector which is the mainstay of the Nigerian economy.
The Nigeria Labour Congress, Trade Union Congress, Afenifere, former federal lawmakers, security experts and rights activists, however, warned the President Muhammadu Buhari administration not to contemplate any further increase in the pump price of petroleum products in the country
The General Secretary of the NLC, Dr Peter Ozo-Eson, who stated this in an interview with SUNDAY PUNCH, said Nigerians would not accept further fuel price increment.
Ozo-Eson had warned the government earlier this week against increasing the pump price of petroleum products in the country.
He said, “We had given a warning before that Nigerians cannot take any further increase, that they shouldn’t do it.
“That remains our position, and if they go ahead and do it, it is up to Nigerians to say how they want to respond to it. But we remain opposed to any new increase in the price of petroleum product.”
Source: http://punchng.com/fuel-n145litre-no-longer-sustainable-nnpc/
By Modupe Gbadeyanka
The price of Premium Motor Spirit (PMS), otherwise known as petrol, has been increased by at least N100 per litre at the pump.
This followed the recent increase in the price of crude oil in the global market as a result of the bombardment of Iran by the United States and Israel over the weekend.
The air strikes killed the Supreme Leader of Iran, Mr Ayatollah Ali Khamenei, and several others.
Iran has responded by firing missiles at US facilities in some Gulf countries, including Saudi Arabia, Qatar, Kuwait, Bahrain, the UAE, and others.
Crude oil prices rose to about $80 per barrel on the market from about $70 per barrel before the Middle East crisis.
Oil marketers in Nigeria have responded to the tension and have raised the prices of petroleum products.
At most MRS Oil retail stations in Lagos, the new price notice showed an increase of about N100 per litre.
As of Monday, the price of PMS was N837 per litre, but on Tuesday morning, it had changed to N938 per litre, while at NNPC retail stations, it was N930 per litre instead of the previous N830 per litre.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange remained in the positive territory on Monday after it closed higher by 1.41 per cent at the close of business.
During the session, the NASD Unlisted Security Index (NSI) added 57.66 points to close at 4,141.53 points compared with last Friday’s 4,083.87 points, and the market capitalisation added N44.50 billion to settle at N2.477 trillion versus the preceding session’s N2.433 trillion.
Yesterday, the volume of securities went down by 60.7 per cent to 1.8 million units from 4.5 million units, the value of securities decreased by 79.3 per cent to N17.1 million from N82.5 million, and the number of deals dropped 38.6 per cent to finish at 27 deals compared to the preceding session’s 44 deals.
Closing the day as the most traded stock by value on a year-to-date basis was with Central Securities Clearing System (CSCS) Plc with 35.1 million units exchanged for N2.1 billion, trailed by Okitipupa Plc with 6.3 million units traded for N1.1 billion, and Geo-Fluids Plc with the sale of 122.8 million units valued at N480.4 million.
On the flip side, the most traded stock by volume on a year-to-date basis was Resourcery Plc with 1.05 billion units sold for N408.7 million, followed by Geo-Fluids Plc with 122.8 million units valued at N480.4 million, and CSCS Plc with 35.1 million units worth N2.1 billion.
On the first trading day of the week, there were three price gainers and three price losers led by FrieslandCampina Wamco Nigeria Plc, which lost N1.46 to quote at N110.00 per share versus the previous N111.46 per share, Afriland Properties Plc tumbled by 14 Kobo to close at N18.74 per unit versus N18.88 per unit, and Industrial and General Insurance (IGI) depreciated by 5 Kobo to close at 45 Kobo per share versus 50 Kobo per share.
The price gainers were led by MRS Oil Plc, which added N10.00 to trade at N210.00 per unit versus N200.00 per unit, CSCS Plc appreciated by N6.88 to N77.00 per share from N70.12 per share, and First Trust Mortgage Bank Plc gained 16 Kobo to close at N1.75 per unit versus N1.59 per unit.
By Dipo Olowookere
The hunt for dividend-paying stocks rebounded the Nigerian Exchange (NGX) Limited by 1.39 per cent on Monday after a spate of sell-offs last week.
According to data, energy equities were the toast of investors yesterday, with the sector closing higher by 4.68 per cent when the closing gong was struck at 2:30 pm on the stock exchange.
Further, the industrial goods space appreciated by 2.49 per cent, the consumer goods index improved by 0.36 per cent, and the banking segment appreciated by 0.26 per cent, while the insurance counter lost 1.49 per cent to profit-taking.
As a result, the All-Share Index (ASI) gained 2,687.46 points to finish at 195,514.23 points compared with the 192,826.77 points it ended last Friday, and the market capitalisation grew by N1.725 trillion to N125.488 trillion from N123.763 trillion.
NGX Group, which announced a final dividend of N2 and a bonus share of 1-for-3 last Friday, was the best-performing equity on Monday after it gained 10.00 per cent to trade at N136.40.
In addition, Aradel Holdings appreciated by 9.99 per cent to N1,192.30, Union Homes REIT grew by 9.96 per cent to N76.15, Sovereign Trust Insurance advanced by 9.95 per cent to N2.43, and PZ Cussons rose 9.72 per cent to N79.00.
On the flip side, Custodian Investment ended as the worst-performing equity with a 10.00 per cent loss to settle at N61.20, McNichols shed 9.92 per cent to N7.63, Africa Prudential depleted by 9.75 per cent to N16.20, Chams crashed by 9.11 per cent to N4.09, and Neimeth depreciated by 8.23 per cent to N10.60.
The most active stock for the session was Fortis Global Insurance with 109.1 million units sold for N109.2 million, Japaul traded 54.7 million units valued at N218.9 million, UBA transacted 43.0 million units worth N2.1 billion, Access Holdings exchanged 30.7 million units for N799.4 million, and Oando sold 28.5 million units worth N1.3 billion.
In all, market participants bought and sold 789.9 million shares valued at N35.1 billion in 84,259 deals yesterday compared with the 823.8 million shares worth N34.8 million traded in 63,759 deals in the preceding session, indicating a decline in the trading volume by 4.16 per cent, and growth in the trading value and number of deals by 0.86 per cent, and 32.15 per cent apiece.
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