Business

FG retains N125/litre petrol price despite crude oil crash

FG retains N125/litre petrol price despite crude oil crash

Okechukwu Nnodim, Abuja The Federal Government has failed to review the N123.5 to N125/litre pump price of petrol for the month of May 2020 despite continued crash of crude oil price. The Petroleum Products Pricing Regulatory Agency had stated that the cost of petrol would be reviewed monthly in accordance with the fluctuation of crude…

Naira under pressure, banks withholding Dollar supply

Naira under pressure, banks withholding Dollar supply

The decision of the Foreign Portfolio Investors, FPIs, to exit the country in the wake of the Coronavirus (COVID-19) pandemic as well as the huge decline in the price of crude oil in the international market have put severe pressure on both external reserves and the exchange rate. As at last weekend, oil price lost…

Tension as CBN increases exchange rate for cargo imports

Tension as CBN increases exchange rate for cargo imports

There was unease in the seaports on Thursday following the recent increase of the exchange rate for import duty payment  from N326 per dollar to N361. Our correspondent gathered that in line with the increment, the Nigeria Customs Service has effected an increase in duty payable on cargoes imported through the ports. The development has…

FG pays N200bn to offset Gencos’ gas bill

FG pays N200bn to offset Gencos’ gas bill

Okechukwu Nnodim, Abuja The Federal Government has in the past two to three days paid over N200bn for power supply in Nigeria, the Group Managing Director, Nigerian National Petroleum Corporation, Mele Kyari, declared on Wednesday. Also, the Association of Nigerian Electricity Distributors, the umbrella body for Discos, has said the proposed two-month free electricity for…

Stock market extends gain by N77bn

Stock market extends gain by N77bn

Nigerian stocks on Wednesday sustained its positive outlook as the overall performance measures, NSE ASI and market capitalisation, rose further by 0.71 per cent each. Market watchers attributed the development to renew of confidence as bargain hunters leverage undervalued stocks. Consequently, the All-Share Index gained 148.07 basis points or 0.71 per cent to close at…

Ignore new fuel price, IPMAN tells marketers

Ignore new fuel price, IPMAN tells marketers

Following the reduction of pump price of petrol from N125 per litre to N123.50 per litre, the Independent Petroleum Marketers Association in Kano State has directed its members to ignore the directive on new price and sell the product at N125 per litre until their old stocks are exhausted. IPMAN’s Chairman for Kano State, Alhaji…