Petrol Prices Drop to N164.91/L in August

Image

By Sodeinde Temidayo David

The average price paid by consumers for Premium Motor Spirit (PMS) popularly known as petrol experienced a calm last month as it decreased by 0.6 per cent to N164.91 per litre from N165.91 in July 2021.

However, on a year-on-year basis, the average price increased by 10.9 per cent as the value stood at N148.78 in August 2020.

Business Post gathered from the data released by the National Bureau of Statistics (NBS) in its Premium Motor Spirit (Petrol) Price Watch for August 2021 that Abia, Ebonyi and Lagos States recorded the highest average price.

It was observed that consumers in Abia bought fuel for N173.14 per litre, Ebonyi residents bought at the rate of N170.13 and Lagos petrol users paid N168.31 for every litre bought.

Meanwhile, the states with the lowest average price were Niger State at N162.00 a litre, Borno State at N161.71 per litre and Kano State at N158.75 for one litre.

In terms of the geo-political zones, the South East recorded the highest average price at N167.95 per litre, with Abia selling at N173.14 and Enugu recording the lowest at N164.62 per litre.

The South-West zone trailed at an average price of N165.48 per litre with Lagos selling at the peak price of N168.31 while Ondo state residents bought at the lowest price of N163.53 for one litre.

The average price of petrol in the South-South in August was N165.02 per litre, with Edo and Cross River States tied as the highest at N166.00 while the lowest was Rivers State at N163.41.

Business Post understands that petrol was cheaper in the northern part of the country with North West consumers buying the fuel at N163.41 for a litre in the month under review. It was followed by the North East at N164.39 and North Central traded at N164.09 per litre.

The changes in the price can be attributed to the performance of international oil prices which dropped in August due to concerns on global demand caused by the rapid spread of the Delta variant of the coronavirus.

Share
Related Stories
Image
28-November-2023

Naira Falls at Across FX Market Segments as CBN Vows to Clear Backlogs

By Adedapo Adesanya The Naira depreciated in the opening session of the week in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Monday, November 27 against the Dollar by N19.71 or 2.5 per cent as the Governor of the Central Bank of Nigeria (CBN), Mr Olayemi Cardoso, said the lender was committed to clearing a backlog of foreign exchange (forex). “We have initiated the payment of unsettled forward foreign exchange obligations, and these payments will continue until all obligations are cleared,” he told bankers last Friday during a dinner speech in Lagos. However, his assurance could not ease the pressure

Image
28-November-2023

Unlisted Securities Close 0.84% Higher

By Adedapo Adesanya The duo of Aradel Holdings Plc and 11 Plc landed the NASD Over-the-Counter (OTC) Securities Exchange in the green territory by 0.84 per cent on Monday, November 27. The two energy stocks overpowered losses posted by two other securities admitted to the alternative stock exchange, leaving the NASD Unlisted Security Index (NSI) closing higher by 7.22 points to 864.51 basis points from 857/29 points, as the market capitalisation of the exchange increased by N9.78 billion to N1.171 trillion from N1.162 trillion. Aradel Holdings Plc saw its share price continue to soar as it rose by N28.80 to

Image
28-November-2023

Investors’ Bullish Optimism Further Lifts NGX Index by 0.17%

By Dipo Olowookere The positive momentum witnessed at the Nigerian Exchange (NGX) Limited continued on Monday with a 0.17 per cent leap at the close of business. Buying pressure, particularly in a few blue-chip equities, kept the bulls at Customs Street during the trading session, though the consumer goods space succumbed to profit-taking by 0.99 per cent. But hope was kept alive by the gains reported by the other key sectors of the market, with the banking counter growing by 1.71 per cent, and the industrial goods index appreciating by 0.01 per cent, while the insurance and energy sectors remained

More Stories
Image
28-February-2023

Cashless Policy: Stanbic IBTC Promises Seamless Transactions

By Modupe Gbadeyanka Nigerians have been assured of seamless transactions by Stanbic IBTC Bank as the cashless policy of the Central Bank of Nigeria (CBN) aimed to reduce the amount of physical cash circulating in the economy and increase the adoption of electronic payments takes effect. The apex bank stated that the policy encourages a reduction in the cost of banking services, drives financial inclusion, makes monetary policy effective in managing inflation, drives to modernise payment systems, and enables economic growth. According to the central bank, cash-based transactions attract a cash handling charge for daily cash transactions above N500,000 for

Image
06-March-2023

NASD Investors Gain N12.92bn in Five Days

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange extended its stay in the positive territory for another week (Week 9) as it rose by 1.37 per cent. The improvement was supported by the trio of Afriland Properties Plc, FrieslandCampina Wamco Nigeria Plc, and Geo-Fluids, while Central Securities Clearing Systems (CSCS) Plc depreciated. Afriland Property Plc gained 16.3 per cent to settle at N2.00 per share versus N1.72 per share, FrieslandCampina Wamco Nigeria Plc rose by 9.6 per cent to N74.50 per unit versus N68.00 per unit, and Geo-Fluids Plc increased by 6.2 per cent to N1.20 per share versus

Image
31-July-2018

No Plans to Expand BRICS Membership—Putin

**As Leaders Applaud Performance By Kester Kenn Klomegah Leaders of BRICS (Brazil, Russia, India, China, Russia, India and South Africa) have expressed full-fledged satisfaction of the Group’s performance using its current format that includes the Big Five, BRICS Plus and Outreach, and consequently have no plans to increase its numerical strength in the near future. Russian leader, Mr Vladimir Putin, made the Group’s position known during his final media conference held at the 2018 BRICS summit in Johannesburg, South Africa. He highlighted that “BRICS is an organic association of countries that have many things in common: they have many shared

Image
16-September-2017

BREAKING: D’Tigers Beat Senegal to Play Tunisia in 2017 Afrobasket Final

By Modupe Gbadeyanka Nigeria’s basketball national team, D’Tigers, on Friday night, defeated its tough West African opponent, Senegal, in the semi-final match in the ongoing 2017 Afrobasket in Tunisia. The Nigerian team won the semi-final match against Senegal 76-71 to clinch a spot in the final of the competition. Senegal won the final quarter 26-24 but it wasn’t good enough to stop Nigeria from proceeding in the quest to defend the trophy they won in 2015. Before meeting Senegal, Nigeria had defeated another West African neighbour, Cameroon 106-91 in the quarterfinal match of the tournament. Nigeria is one the verge

Image
09-February-2018

GTBank Begins Dusty Manuscript Contest

By Dipo Olowookere An opening has been created for budding writers in the country by foremost African financial institution, Guaranty Trust Bank (GTBank) Plc with the introduction of the Dusty Manuscript Contest (www.csr.gtbank.com/dustymanuscript). The platform is to allow writers win publishing deals for their finished, but yet-to-be published manuscripts. The contest was organized in partnership with publishing houses, Okada Books and Farafina, and it is part of the bank’s YouREAD initiative which is aimed at promoting the culture of reading. The Dusty Manuscript Contest is the latest in a long line of GTBank initiatives geared towards promoting the appreciation of

Image
25-November-2020

FG Begs Beneficiaries of TraderMoni, Others to Repay Loans

By Adedapo Adesanya The federal government has called upon the beneficiaries of TraderMoni, FarmerMoni, MarketMoni under the Government Enterprise and Empowerment Programme (GEEP) to repay their loans in order to enable them to get a higher credit facility. According to a disclosure on Tuesday via its Twitter account noted that the call followed concerns over the repayment of the empowerment funds as stipulated in the terms and condition of disbursement. The government agency added that the repayment will make them have access to other GEEP products. GEEP, through its verified tweet, said: “Beneficiaries are advised to repay their loan to

Image
16-October-2017

US Stocks Poised to Stretch Upward Trend

By Investors Hub The major US index futures are pointing to a higher opening on Monday, with stocks poised to extend the upward trend seen in recent sessions. The markets may continue to benefit from recent upward momentum, which has propelled the major averages to record highs. Trading activity may be somewhat subdued, however, with traders reluctant to make significant moves ahead of the key earnings news later this week. Traders are also digesting remarks by Federal Reserve Chair Janet Yellen, who spoke at the Group of 30 International Banking Seminar on Sunday. Despite subdued inflation, Yellen reiterated her belief

Image
09-September-2022

Renewed Bargain Lifts Hopes at Nigerian Exchange

By Dipo Olowookere The Nigerian Exchange (NGX) Limited came alive on Thursday after investors started to show interest again in local stocks, especially in financial equities. At the close of trades, the domestic market finished higher by 0.11 per cent as the All-Share Index (ASI) rose by 52.52 points to settle at 49,652.25 points in contrast to the preceding day’s 49,599.73 points. Also, the market capitalisation appreciated yesterday by N29 billion to close at N26.782 trillion as against the preceding session’s N26.753 trillion. The banking sector grew by 1.07 per cent, the insurance space rose by 0.76 per cent, the

Ad
Ad
Recent Stories
Image
28-November-2023

Cytek Advocates Cybersecurity Resilience in Nigeria’s Financial Services Sector

By Adedapo Adesanya Leading global provider of technological solutions YNV Group, through its cybersecurity brand, Cytek, has advocated that stakeholders in the financial services sector prioritise cybersecurity and highlighted key strategies for resilience at a recently hosted webinar for the industry. The session which was held on November 22, was themed Ensuring Cybersecurity Resilience in Financial Services Companies in Nigeria, and served as a pivotal platform for fostering collaboration and knowledge exchange in the sector. Led by cybersecurity experts in the industry, the webinar analysed some of the pressing challenges and emerging threats faced by financial services companies in Nigeria while

Image
28-November-2023

BetWGB Empowers Youths With Omo Adugbo Initiative

By Aduragbemi Omiyale An innovative initiative called Omo Adugbo, designed to tackle the high rate of unemployment among youths across Nigeria, has been introduced by a foremost bookmaker, BetWGB. This schemed, which is part of the company to bridge the youth unemployment gap in the country, involves the provision of an outlet in each local government across the country to serve as the organisation’s contact office within the local area. By establishing these outlets across the country, BetWGB Nigeria aims to impact positively on the local economy and bridge the unemployment gap that has affected many young Nigerians. With a

Image
28-November-2023

Zenith Bank Seeks Operating Licence for Subsidiary in France

By Aduragbemi Omiyale Zenith Bank Plc has taken a huge step to establish a subsidiary in France, and to make this a reality, it has sealed a Memorandum of Understanding (MoU) with the French government. The Chairman of the company, Mr Jim Ovia, confirmed that the lender may commence operations in the European nation next year, though it is working hard to secure a banking licence. This will add to other countries Zenith Bank has presence in, including Ghana, Sierra Leone, The Gambia, and a Representative Office in China. Speaking at a signing ceremony on Friday, November 24, 2023, Mr

Image
28-November-2023

Stanbic IBTC Capital Shines at AIHN Awards

By Modupe Gbadeyanka Like a golden fish, which has no hiding place, Stanbic IBTC Capital, the investment banking subsidiary of Stanbic IBTC Holdings, was the cynosure of all eyes at the recently concluded Association of Issuing Houses of Nigeria (AIHN) Investment Banking Dinner and Awards ceremony. At the event held in Lagos, the company went home with five awards, named as the Best Investment Bank in Nigeria, the Equity Deal of 2022, the Best Equity House of 2022, the Best Corporate Bond House 2022 and the M&A Deal of the Year 2022. The recognitions spread across Stanbic IBTC Capital’s Advisory,

Image
28-November-2023

Slave Wages for Contract Private Security Guards in Nigeria

By Emmanuel Udom Today, most contract security guards are earning slave wages, putting their lives in danger while ensuring the safety of other people, corporate bodies, government agencies, etc, 24/7. It is noted that all over the world, security business is deadly, risky, slippery, dangerous and sophisticated. Like in other business concerns, owners of registered and yet-to-be-registered private security companies are in for raw deals. They are driven by profits, the laws of supply and demand and the desperate hustle for big, juicy contracts, our investigations have shown. Private contract security companies hire all sorts of people, give them one

Image
28-November-2023

Tinubu Writes Reps for $8.6bn, €100m Foreign Loans

By Adedapo Adesanya  President Bola Tinubu has written to the House of Representatives seeking the approval for an $8.6 billion and €100 million external borrowing plan for critical infrastructure in areas such as power, roads, water, railway, and health. The President also forwarded the Federal Capital Territory (FCT) Supplementary Budget to the lower chamber for consideration. Meanwhile, the President will present the 2024 budget to the National Assembly on Wednesday. This was after the Federal Executive Council (FEC) approved a 2024 budget of N27.5 trillion. The approval followed the review of the Medium-Term Expenditure Framework (MTEF) earlier passed by the

Image
28-November-2023

Nigeria to Develop Integrated Electricity Policy, Implementation Plan

By Adedapo Adesanya Nigeria will develop a new integrated national electricity policy and strategic implementation plan, as mandated by the Electricity Act 2023, according to the Minister of Power, Mr Adebayo Adelabu. President Bola Tinubu had on June 9 assented to the Electricity Bill, now an Act empowering states, companies and individuals to generate, transmit and distribute electricity. This, in turn, repealed the Electric Power Sector Reform Act (EPSR A), 2005 and create a comprehensive legal and institutional framework to guide the Nigerian Electricity Supply Industry (NESI). Mr Adelabu, while speaking on Monday at the Nigeria Electricity Management Services Agency

Image
28-November-2023

Zenith Bank Lights Up Ajose Adeogun Street With Beautiful Decorations

By Aduragbemi Omiyale The popular Ajose Adeogun Street and Roundabout on Victoria Island, Lagos, is wearing a new look, thanks to Zenith Bank Plc, which designed the areas with beautiful Christmas decorations. The yearly ritual of the financial institution is a part of its Corporate Social Responsibility initiatives aimed at setting the tone for the Christmas and Yuletide seasons. Performing the Light-Up ceremony, the 17th of its kind recently, the chief executive of Zenith Bank, Mr Ebenezer Onyeagwu, expressed his delight in heralding the 2023 Yuletide season by lighting up the iconic Ajose Adeogun Street and Roundabout. He urged everyone

Image
28-November-2023

FG Rehabilitate TinCan, Onne Port, Others With $1.1bn

By Adedapo Adesanya  The federal government, through the Nigerian Ports Authority (NPA), has announced plans to invest $1.1 billion to fully rehabilitate decaying port infrastructure at TinCan, Apapa, Rivers, Delta, Calabar, and Onne ports as part of efforts to improve the efficiency of the nation’s existing ports. Out of the estimated 47,000 kilometres of coastline in Africa, Nigeria makes up about 853 kilometres, creating the perfect opportunity to get access to its much-needed revenue. This coastline and a 200 nautical mile exclusive economic zone make up Nigeria’s coastline in the Gulf of Guinea. The coastline equals a maritime area of

Image
28-November-2023

EFCC Educates Public About Ways to Prevent ATM Card Swap Fraud

By Adedapo Adesanya The Economic and Financial Crimes Commission (EFCC) has alerted Nigerians of unauthorised bank withdrawals linked to Automated Teller Machine (ATM) card swap fraud. The commission issued the alert on Monday in a statement by the Head of Media and Publicity, Mr Dele Oyewale. According to the EFCC, fraudsters engaged in this activity typically keep a debit card from the same bank and, under the guise of assisting a confused bank customer at an ATM point, swiftly swap the card while memorising the PIN used with fake cards. “These cards get stuck in the machine due to a