The Naira on Thursday resumed its downward trend against the United States dollar, depreciating to N1,309/$ at the official market and N1,420 at the parallel market. The new rate which indicates a depreciation of N90 or 6.8 per cent from N1,330 quoted by currency traders on Wednesday followed renewed dollar demand pressure in the foreign … Read more
The Nigerian Electricity Regulatory Commission, NERC, has approved 481 Band A areas for the purpose of implementing the new tariff. Documents obtained from the regulator indicated that the Abuja Electricity Distribution Company, AEDC, emerged the highest with 107. Yola Electricity Distribution Company, YEDC, has 15, apparently the least. A breakdown indicated that the Ikeja Electricity … Read more
Liquefied Petroleum Gas (LPG), also known as cooking gas, has increased by 38% month on month (MoM), to N16,250 for a 12.5kg cylinder, up from N11,735.72 in January 2024. Furthermore, the price of one kilogram of gas increased by 37% to N1,300 from N950 during the same period. The latest data from the Nigeria Bureau … Read more
The Dangote Petroleum Refinery, on Monday, announced its readiness to commence production of refined petroleum products as it received the 6th batch of one million barrels of crude oil required by the plant for its initial operations. “Dangote refinery appears set to commence production of refined petroleum products with the receipt of the sixth batch … Read more
The Nigerian National Petroleum Company Limited (NNPC Ltd) has stated that there would be no increase in the price of petrol in the near future. Olufemi Soneye, the company’s chief corporate communications officer, also warned motorists against panic buying. The statement came amid reports that the corporation battled with petroleum merchants under the auspices of … Read more