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Petrol, Diesel, Cooking Gas Prices Jump



cooking gas

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.

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.


NASD OTC Exchange Closes 0.36% Higher as Trading Volume Surges



NASD OTC exchange

By Adedapo Adesanya

The NASD Over-the-Counter (OTC) Securities Exchange closed the Friday session on March 17 in the positive territory as three stocks pushed the market up by 0.36 per cent.

The three price gainers were led by Niger Delta Exploration and Production (NDEP) Plc, which added N15.00 to move up to N205.00 per unit from N190.00 per unit.

FrieslandCampina Wamco Nigeria Plc appreciated during the trading day by N1.11 to close at N75.11 per share compared with the previous day’s value of N74.00 per share, while Afriland Properties Plc went up by 2 Kobo to settle at N2.09 per unit versus Thursday’s value of N2.07 per unit.

The trio pushed down the N4.00 lost by 11 Plc yesterday, as the stock price of the energy firm ended at N150.00 per share, in contrast to the preceding day’s N154.00 per share.

At the close of business, the market capitalisation of the NASD OTC exchange rose by N3.48 billion to close the day at N961.12 billion compared with the preceding day’s N957.64 billion.

In the same vein, the NASD Unlisted Securities Index (NSI) appreciated by 2.65 points to wrap the session at 731.44 points compared with 728.79 points of the previous session.

Yesterday, there was a jump in the volume of securities traded by 2,115.1 per cent to 739,755 units from 33,396 million units, the value of transactions increased by 15,683.7 per cent to N30.6 million from N193,846, and the number of deals jumped by 150 per cent to 10 deals from the four deals carried out a day earlier.

Geo-Fluids Plc remained the most traded stock by volume (year-to-date) by trading 425.2 million units valued at N448.5 million, UBN Property Plc was in second place for selling 365.8 units worth N309.5 million, and NRMC Plc was in third place for exchanging 25.0 million units valued at N137.5 million.

On a year-to-date basis by value, VFD Group Plc was on top of the chart after trading 7.3 million units worth N1.7 billion, trailed by Geo-Fluids Plc with 425.2 million units worth N448.5 million, and UBN Property Plc with 365.8 million units valued at N309.5 million.

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Naira Appreciates at Black Market, Peer-to-Peer, I&E



Peer-to-Peer lending

By Adedapo Adesanya

The Naira appreciated against the United States currency in the Peer-to-Peer (P2P), the black market and the Investors and Exporters (I&E) windows of the foreign exchange (FX) window on Friday, March 17.

The Naira gained N2 against the US Dollar during the session as it closed at N754/$1, in contrast to the previous session’s value of N756/$1.

In the parallel market, the domestic currency improved its value by N1 against the American Dollar on Friday to quote at N747/$1 compared with Thursday’s exchange rate of N748/$1.

It was a similar outcome for the Nigerian currency at the I&E segment of the market as it closed stronger against the greenback by 17 Kobo or 0.04 per cent to sell at N461.83/$1 versus the N462.00/$1 it was quoted at the previous session.

This happened as there was a 10.2 per cent or $9.97 million in the value of forex transactions recorded during the session to $87.81 million from the $97.78 million reported a day earlier.

In the interbank segment of the market, the Naira witnessed no movement against the Pound Sterling and the Euro, closing at N556.45/£1 and N487.99/€1, respectively.

In the cryptocurrency market, Bitcoin (BTC) moved to a fresh nine-month high on Friday at above the $27,000 level. The surge followed the US Federal Reserve’s decision to backstop embattled banks to a record of $152.9 billion.

BTC recorded a 6.0 per cent rise to trade at $27,546.42, Ethereum (ETH) improved by 5.8 per cent to sell at $1,813.37, Solana (SOL) chalked up 11.9 per cent to quote at $22.48, Litecoin (LTC) went up by 6.4 per cent to trade at $86.62, and  Cardano (ADA) rose by 6.2 per cent to trade at $0.3523.

Further, Dogecoin (DOGE) made a 4.8 per cent appreciation to quote at $0.0776, Ripple (XRP) recorded a 3.9 per cent gain to settle at $0.3843, and Binance Coin (BNB) added 3.8 per cent to sell for $344.22, while the US Dollar Tether (USDT) and Binance USD (BUSD) traded at $1.00 each.

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Oil Market Settles Lower in Toughest Week Yet



crude oil market

By Adedapo Adesanya

The oil market settled lower on Friday, reversing early gains of more than $1 a barrel as banking sector fears caused both benchmarks to reach their biggest weekly declines in months.

Brent crude futures lost $1.73 or 2.3 per cent to close at $72.97 per barrel, and the US West Texas Intermediate crude fell by $1.61 or 2.4 per cent to settle at $66.74 per barrel.

Brent fell nearly by 12 per cent in the week, its biggest weekly fall since December, and on its part, WTI futures fell 13 per cent, its biggest since last April.

The market has remained jittery following the collapse of Silicon Valley Bank (SVB) and Signature Bank and with trouble at Credit Suisse and First Republic Bank.

The latest help went to First Republic Bank, which was rescued by a group of major US lenders, easing worries about the current banking turmoil.

The news calmed the markets, which were on edge over a potential banking crisis following the collapse of two US banks and the storm at Credit Suisse over the past week.

The bank is set to receive a $30 billion lifeline from a group of America’s largest banks, including JPMorgan Chase, Bank of America, Wells Fargo, Citigroup, and Truist.

Investors are now awaiting the Federal Reserve’s rate decision next week. They widely expect the US central bank to raise rates by 25 basis points.

Analysts still expect constrained global supply to support oil prices in the foreseeable future.

Members of the Organisation of the Petroleum Exporting Countries and its allies (OPEC+) attributed this week’s price weakness to financial drivers rather than any supply and demand imbalance, adding that they expected the market to stabilise.

Saudi Arabia and Russia, in a meeting on Thursday, affirmed their commitment to OPEC+’s decision last October to cut production targets by two million barrels per day until the end of 2023.

This comes ahead of an OPEC+ monitoring panel meeting that is due to meet on April 3.

There are also expectations that China’s demand recovery will continue to support prices, with US crude exports to China in March heading towards their highest in nearly two and a half years.

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