Economy
Petrol, Diesel, Cooking Gas Prices Jump
By Adedapo Adesanya
Nigerians had to contend with an increase in the prices of energy fuels in the month of November, with the cost of purchasing Premium Motor Spirit (Petrol), Automotive Gas Oil (Diesel), and Liquefied Petroleum Gas (Cooking Gas) rising.
This was gathered by Business Post from the latest data sets provided by the National Bureau of Statistics (NBS) on Tuesday.
The average retail price paid by consumers for petrol for November 2022 was N202.48, indicating a 29.8 per cent increase when compared to the value recorded in November 2021 (N167.60). Likewise, comparing the average price value with the previous month (October 2022), the average retail price increased by 3.7 per cent from N195.29.
This is as the country battled fuel scarcity which saw Nigerians queued for fuel due to the unavailability of the commodity despite claims of self-sufficiency by the Nigerian National Petroleum Company (NNPC) Limited.
On the state profiles analyses, Kwara State had the highest average retail price for the commodity at N217.14. Enugu and Gombe States were next, with N215.71 and N215.00, respectively.
On the other side, Ekiti, Akwa Ibom and Delta States had the lowest average retail prices at N189.06, 189.33 and 190.00, respectively.
By the zonal profile, the NBS report showed that the North-Central zone had the highest average retail price of N207.35, while the South-South zone had the lowest price of N194.58.
For diesel, the average price paid by consumers in the month under review was N808.87 per litre. This shows an increase of 191.14 per cent on a year-on-year basis from a lower cost of N277.83 per litre recorded in the corresponding month of last year.
While on a month-on-month basis, the price increased by 0.97 per cent from N801.09 recorded in the preceding month of October 2022. Looking at the variations in the state prices, the top three states with the highest average price of the product in November 2022 include Ebonyi (N869.00), Plateau (N865.00) and Nasarawa (N858.89).
Furthermore, the top three lowest prices were recorded in the following State, namely Akwa Ibom (N750.00), Benue (N772.00) and Borno (N780.50)
The zonal representation of the average price of diesel also showed that North-Central has the highest price of N826.88 while the South-South zone has the lowest price of N783.73 when compared with other zones.
The average retail price for refilling a 5kg cylinder of LPG, otherwise known as cooking gas, sold for N4,549.14 in November 2022, which on a year-on-year basis, indicated a 37.3 per cent rise from N3,312.42 in November 2021.
The price, however, increased by 1.46 per cent on a month-on-month basis from N4,483.75 recorded in October 2022.
On State profile analysis, Niger recorded the highest average price for refilling a 5kg cooking gas with N4,983.33, followed by Kwara with N4,963.33, and Adamawa with N4,960.00. On the other hand, Abia recorded the lowest price with N4,125.00, followed by Delta and Anambra with N4,202.78 and N4,204.17, respectively.
In addition, analysis by zone also showed that the North-Central recorded the highest average retail price for refilling a 5kg cylinder of LPG with N4,852.74, followed by the North-East with N4,606.80, while the South-East recorded the lowest with N4,357.18.
By Modupe Gbadeyanka
The federal government has been asked by the Nigerian Bar Association (NBA) to suspend the implementation of the controversial tax laws.
In a reaction to the tax reform acts, the president of the group, Mr Afam Osigwe (SAN), the suspension of the laws would allow for a proper investigation into allegations of alterations in the gazetted and harmonised copies.
A member of the House of Representatives, Mr Abdussamad Dasuki, alleged that some parts of the laws passed by the parliament were different from the gazetted copy.
To address the issues raised, the NBA said it is “imperative that a comprehensive, open, and transparent investigation be conducted to clarify the circumstances surrounding the enactment of the laws and to restore public confidence in the legislative process.”
“Until these issues are fully examined and resolved, all plans for the implementation of the Tax Reform Acts should be immediately suspended,” the association declared.
It noted that the controversies “raise grave concerns about the integrity, transparency, and credibility of Nigeria’s legislative process.”
“These developments strike at the very heart of constitutional governance and call into question the procedural sanctity that must attend lawmaking in a democratic society,” it noted.
“Legal and policy uncertainty of this magnitude has far-reaching consequences. It unsettles the business environment, erodes investor confidence, and creates unpredictability for individuals, businesses, and institutions required to comply with the law. Such uncertainty is inimical to economic stability and should have no place in a system governed by the rule of law.
“Nigeria’s constitutional democracy demands that laws, especially those with profound economic and social implications, emerge from processes that are transparent, accountable, and beyond reproach. Anything short of this undermines public trust and weakens the foundation upon which lawful governance rests.
“We therefore call on all relevant authorities to act swiftly and responsibly in addressing this controversy, in the overriding interest of constitutional order, economic stability, and the preservation of the rule of law,” the organisation stated.
By Adedapo Adesanya
Demand for hot stocks, including MRS Oil Plc, buoyed the NASD Over-the-Counter (OTC) Securities Exchange by 0.52 per cent on Tuesday, December 23.
The energy company was one of the three price gainers for the session as it chalked up N19.69 to sell at N216.59 per share versus the previous day’s value of N196.90 per share.
Further, FrieslandCampina Wamco Nigeria Plc gained N2.95 to close at N56.75 per unit versus N53.80 per unit and Golden Capital Plc appreciated by 84 Kobo to N9.29 per share from Monday’s N8.45 per share.
Consequently, the market capitalisation went up by N10.95 billion to N2.125 trillion from N2.125 trillion and the NASD Unlisted Security Index (NSI) rose by 18.31 points to 3,570.37 points from 3,552.06 points.
Yesterday, the NASD bourse recorded a price loser, the Central Securities Clearing System Plc (CSCS), which gave up 17 Kobo to close at N33.70 per unit against the previous trading value of N33.87 per unit.
The volume of securities traded at the session went down by 97.6 per cent to 297,902 units from the previous day’s 12.6 million units, the value of securities decreased by 98.5 per cent to N10.5 million from N713.6 million, and the number of deals remained flat at 32 deals.
By value, Infrastructure Credit Guarantee Company (InfraCredit) Plc ended as the most actively traded stock on a year-to-date basis with 5.8 billion units exchanged for N16.4 billion. This was followed by Okitipupa Plc, which traded 178.9 million units valued at N9.5 billion, and MRS Oil Plc with 36.1 million units worth N4.9 billion.
In terms of volume, also on a year-to-date basis, InfraCredit Plc led the chart with a turnover of 5.8 billion units traded for N16.4 billion. Industrial and General Insurance (IGI) Plc ranked second with 1.2 billion units sold for N420.7 million, while Impresit Bakolori Plc followed with the sale of 536.9 million units valued at N524.9 million.
By Dipo Olowookere
It was another bullish trading session for the Nigerian Exchange (NGX) Limited as it closed higher by 0.59 per cent on Tuesday.
The market further rallied due to continued interest in large and mid-cap stocks on the exchange by investors rebalancing their portfolios for the year-end.
Yesterday, Aluminium Extrusion sustained its upward trajectory after it further appreciated by 9.96 per cent to N14.90, as Austin Laz gained 9.81 per cent to close at N2.91, Custodian Investment improved by 9.69 per cent to N38.50, and First Holdco soared by 9.35 per cent to N50.30.
Conversely, Royal Exchange declined by 7.22 per cent to N1.80, Champion Breweries shrank by 6.57 per cent to N15.65, NASCON lost 5.36 per cent to trade at N105.05, Sovereign Trust Insurance depreciated by 5.28 per cent to N3.77, and Japaul went down by 4.51 per cent to N2.33.
At the close of business, 29 shares ended on the gainers’ table and 27 shares finished on the losers’ log, representing a positive market breadth index and bullish investor sentiment.
This raised the All-Share Index (ASI) by 895.06 points to 153,354.13 points from 152,459.07 points and lifted the market capitalisation by N579 billion to N97.772 trillion from the previous day’s N97.193 trillion.
VFD Group finished the day as the busiest stock after it recorded a turnover of 192.0 million units worth N2.1 billion, GTCO exchanged 63.5 million units valued at N5.6 billion, Access Holdings traded 49.8 million units for N1.0 billion, First Holdco sold 45.8 million units valued at N2.3 billion, and Secure Electronic Technology transacted 38.3 million units worth N28.4 million.
In all, market participants bought and sold 677.4 million units valued at N20.8 billion in 27,589 deals compared with the 451.5 million units worth N13.0 billion traded in 33,327 deals on Monday, showing an improvement in the trading volume and value by 50.03 per cent and 60.00 per cent apiece, and a shortfall in the number of deals by 17.22 per cent.
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