Economy

Price of Kerosene Jumps 7.3% to N397/Litre

Published

3 years ago

23/08/2021

By Ashemiriogwa Emmanuel

The average amount paid by consumers in Nigeria for kerosene increased in July by 7.3 per cent to N397.34 per litre from N370.29 per litre recorded in June 2021.

This was revealed by the National Bureau of Statistics (NBS) in its recently released National Household Kerosene Price Watch for July 2021.

Analysis of the data by Business Post showed that there was an 18.4 per cent year-on-year increase in the average cost of the commodity per litre when compared to the N335.5 recorded in July last year.

In Ebonyi State, the average price of kerosene was N520.83 per litre in the month under review, 46.9 per cent higher than N354.44/litre it cost July 2020, but 8.9 per cent higher than N478.33/litre paid in June 2021.

This was followed by Taraba and Jigawa state where it was sold for N491.8 and N457.4 per litre, indicating an increase of 26.2 and 47.55 per cent year-on-year and 0.68 and 14.06 per cent month-on-month, respectively.

The case was quite different in Bayelsa state where the commodity was sold at the lowest average of N241.7 per litre, which is a 3.7 per cent drop from the N250.95 it was sold for at the same period last year, but a 7.7 per cent higher than the price last month.

Similarly, the lowest average price of kerosene per litre was recorded in Adamawa and Niger state, where it was sold for N316.67 and N338.64 respectively.

According to the data, the average price of the commodity paid by consumers nationwide per gallon increased by 3.8 per cent to N1,302.7 in July from N1,255.2 last month. This relatively indicates a 7.9 per cent increase from the N1218.5 recorded at the same in 2020.

Observing the highest average price at which kerosene was sold per gallon, it was revealed that states within this bracket were Ekiti at N1,591.7, Plateau at N1,556.25, and Abuja at N1,480.00.

Meanwhile, Yobe, Rivers, and Bayelsa states were areas where it was sold at the lowest as residents in those states paid, on average, N1,080, N1,081.6, and N1,088.5 respectively for the commodity per gallon.

Kerosene has remained a very vital source of energy for cooking for most families, both in rural areas and cities. The report showed that consumers of the commodity in the South-West zone of the country paid less at N374.9 per litre, while it cost the highest at N410.5 in North Central Zones.

Economy

Equity Market Gains 0.75% as Investors Mop up MTN, Others

Published

2 hours ago

22/01/2025

Dipo Olowookere

By Dipo Olowookere

Transactions on the floor of the Nigerian Exchange (NGX) Limited rallied on Tuesday by 0.75 per cent after investors intensified their demand for local stocks.

It was a tough battle between the bulls and the bears during the session, but the former overcame by a whisker after the bourse recorded 29 appreciating equities and 28 depreciating equities, indicating a positive market breadth index and strong investor sentiment.

The growth posted by Customs Street yesterday could be attributed to the appetite for MTN Nigeria shares, which chalked up 10.00 per cent to settle at N256.30.

SCOA Nigeria appreciated by 9.93 per cent to N2.99, Omatek grew by 9.88 per cent to 89 Kobo, Universal Insurance rose by 8.70 per cent to 75 Kobo, and CAP gained 8.52 per cent to trade at N47.75.

Conversely, Secure Electronic Technology lost 9.88 per cent to quote at 73 Kobo, Abbey Mortgage Bank declined by 9.09 per cent to N3.30, Sunu Assurances tumbled by 8.21 per cent to N6.15, Deap Capital slumped by 7.08 per cent to N1.05, and C&I Leasing depreciated by 6.82 per cent to N4.10.

A total of 440.3 million equities valued at N12.0 billion exchanged hands in 13,087 deals compared with the 1.3 billion equities worth N17.7 billion transacted in 13,891 deals on Monday, representing a decline in the trading volume, value and number of deals by 66.79 per cent, 32.20 per cent and 5.79 per cent, respectively.

Lasaco Assurance ended the session as the most traded stock after it sold 108.1 million units valued at N338.7 million, Access Holdings traded 44.0 million units for N1.1 billion, UBA exchanged 27.9 million units worth N945.7 million, Zenith Bank transacted 26.7 million units for N1.3 billion, and Universal Insurance traded 22.7 million units valued at N16.7 million.

On Tuesday, the insurance, banking and industrial goods sectors jumped by 1.03 per cent, 0.30 per cent, and 0.03 per cent, respectively, and the consumer goods and energy counters lost 0.38 per cent and 0.36 per cent apiece.

The All-Share Index (ASI) went up yesterday by 767.63 points to 103,137.99 points from 102,370.36 points and the market capitalisation increased by N472 billion to N63.333 trillion from N62.861 trillion.

Economy

Nigeria Led Africa’s Upstream Oil, Gas Investments in 2024

Published

18 hours ago

21/01/2025

Adedapo Adesanya

By Adedapo Adesanya

Nigeria ranked as Africa’s leading destination for upstream oil and gas investment in 2024, new research from market intelligence firm, Wood Mackenzie, has shown, accounting for three out of four Final Investment Decisions (FIDs) announced by global oil and gas majors, totaling $13.5 billion.

The FIDs announced within the Nigerian market included Shell’s $122 million investment in the Iseni Gas Project, TotalEnergies’ $566 million commitment to the Ubeta Gas Project and Shell’s approval of the Bonga North Tranche 1 project valued at around $5 billion.

According to the Special Adviser to President Bola Tinubu on Energy, Ms Olu Verheijen, these investments reflected Nigeria’s ongoing efforts to unlock its hydrocarbon potential through investor-friendly policies and strategic global partnerships.

Last year, Nigeria introduced several initiatives to create a conducive environment for oil and gas investors, including new tax incentives aimed at attracting up to $10 billion in natural gas investments.

Nigeria, which is Africa’s largest oil producer, also offered tax relief for gas investors, reducing corporate income tax and extending capital allowance benefits – for deepwater gas projects.

Other policies include the Presidential Directive on Local Content Compliance Requirements 2024 to address the reduction in oil and gas investments caused by high operating costs compared to global markets.

Also, the Presidential Directive on Reduction of Petroleum Sector Contracting Costs and Timelines 2024 reduces the time spent to award contracts for oil and gas projects.

In addition to the directives, Nigeria also launched its 2024 oil and gas licensing round, offering 19 blocks for exploration, demonstrating its commitment to continued collaboration with local, regional and international partners.

Market analysts note that with this momentum, further FIDs are anticipated, including TotalEnergies’ expected $750 million commitment to the Ima Shallow Gas Project in 2025.

Economy

UBN Property Triggers 0.22% Loss at NASD OTC Exchange

Published

22 hours ago

21/01/2025

Adedapo Adesanya

By Adedapo Adesanya

The NASD Over-the-Counter (OTC) Securities Exchange recorded a 0.22 per cent decline on Monday, January 20, with the market capitalisation shedding N2.35 billion to close at N1.073 trillion compared with the preceding session’s N1.075 trillion and the NASD Unlisted Security Index (NSI) going down by 6.79 points to wrap the session at 3,105.12 points compared with 3,111.91 points recorded in the previous session.

It was observed that the loss recorded on the first trading day of the week was triggered by UBN Property Plc, which crashed by 20 Kobo to trade at N2.00 per share versus last Friday’s N2.20 per share.

However, the share price of Industrial and General Insurance (IGI) Plc went up by 4 Kobo to 40 Kobo per unit from 36 Kobo per unit, it could not stop the bourse from going down at the close of transactions.

The activity chart showed that on Monday, the volume of securities traded by investors increased by 57.9 per cent to 767,610 units from the 486,215 units traded in the preceding session, while the value of shares traded yesterday slumped by 17.7 per cent to N2.3 million from the N2.8 million recorded in the preceding trading day, as the number of deals declined by 14.3 per cent to 12 deals from the 14 deals carried out in the previous trading day.

At the close of transactions, FrieslandCampina Wamco Nigeria Plc remained the most active stock by value on a year-to-date basis with the sale of 4.1 million units worth N162.9 million, followed by Geo-Fluids Plc with a turnover of 9.1 million units valued at N44.0 million, and 11 Plc with the sale of 55,358 for N14.5 million.

Also, Industrial and General Insurance (IGI) Plc closed the day as the most active stock by volume on a year-to-date basis with 25.3 million units sold for N5.9 million, Geo-Fluids Plc came next with 9.1 million units valued at N44.0 million, and FrieslandCampina Wamco Nigeria Plc with 4.1 million units worth N162.9 million.