BUSINESS
Petrol Sells for N220 Per Litre in Lagos, N235 in Abuja as Scarcity Worsens
Some filling stations sold premium motor spirit (PMS), also known as petrol, for as high as N220 a litre in Lagos and N235 a litre in Abuja on Monday, our correspondent reports.
Despite displaying the N165 a litre on their pumps, it was noticed that some filling stations sold the product above the regulated price.
The decision to continue to regulate the pump price of petrol has cost the nation about N1.
27 trillion since the beginning of the year.Recently, the price of petrol has increased on the insistence of oil marketers that transportation costs for the commodity have skyrocketed due to a spike in diesel price.
“For you to load a litre of petrol, you will pay N162 per litre.
You will have to add the cost of transportation which is between N6 to N8, depending on the distance within Lagos. If it is outside Lagos, it is much more than that,” Akin Akinrinade, chairman, Lagos satellite depot, Independent Petroleum Marketers Association of Nigeria (IPMAN), had said.“Also, some others shut down services.”
While some petrol stations are selling, some shut services in Lagos and Abuja, reducing the number of available stations dispensing petrol to commuters.
On Monday, G and G petrol station at Ogba sold petrol for N220 a litre, while the Nigerian National Petroleum Company (NNPC) filling station at Ogba sold the product at N180 a litre.
Over the weekend, at Rosebol petrol station, Ipaja, petrol was sold at N180 a litre and N190 at Mao filling station, Kola.
Ardova filling station, Ayobo, dispensed the product at N200, while the company’s filling station at 21 Road, Festac, sold the product at a regulated price of N165 a litre.
At MRS filling station, 6th Avenue, Festac, in the past few weeks, the product has been between N175 and N185 a litre.
On Lekki Expressway, the pump price stood between N180 and N200 per litre at Ardova and MRS filling stations.
A motorist who, on Friday, bought petrol for N200 a litre at Remdabson, Ikorodu, said that he waited for more than five hours in the rain to be able to fuel the tank.
Although some stations sold petrol at N165 a litre in Abuja, at some other petrol stations, the product retailed for about N235 a litre.
At some filling stations in Lugbe, AMAC as well as Pykassa, Lugbe, Abuja, petrol was sold between N230 and N235.
Petrol sells for N190 per litre at Sola dola filling station, located in Ajilosun, Ado-Ekiti. At another filling station located at Similolu, Ado-Ekiti, the product was sold for N200.
At One Man Village, Nassarawa, stations dispensed at N230 per litre.
The Nigerian Exchange Ltd. (NGX) continued its bullish trend on Wednesday, gaining N183 billion.
Accordingly, the market capitalisation, which opened at N59.532 trillion, gained N184 billion or 0.31 per cent to close at N59.715 trillion.
The All-Share Index also added 0.31 per cent or 303 points, to settle at 98,509.
68, against 98,206. 97 recorded on Tuesday.Consequently, the Year-To-Date (YTD) return increased to 31.
74 per cent.Gains in Aradel Holdings, Zenith Bank, United Bank For Africa(UBA), Oando Plc, Nigerian Breweries among other advanced equities drove the market performance up.
Market breadth closed positive with 34 gainers and 17 losers.
On the gainers’ chart, Africa Prudential, Conoil and RT Briscoe led by 10 per cent each to close at N14.30, N352 and N2.42 per share, respectively.
Golden Guinea Breweries followed by 9.95 per cent to close at N7.18, while NEM Insurance rose by 9.74 per cent to close at N10.70 per share.
On the other hand, Julius Berger led the losers’ chart by 10 per cent to close at N155.25, Secure Electronic Technology Plc trailed by 9.52 per cent to close at 57k per share.
Multiverse lost 7.63 per cent to close at N5.45, Haldane McCall dropped 6.07 per cent to close at N4.95 and Honeywell Flour shed 5.62 per cent to close at N4.70 per share.
Analysis of the market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 49.44 per cent.
A total of 320.10 million shares valued at N6.48 billion were exchanged in 7,943 deals, compared with 939.41 million shares valued at N12.81billion traded in 9,098 deals posted in the previous session.
Meanwhile, ETranzact led the activity chart in volume with 70.27 million shares, while Aradel led in value of deals worth N1.22 billion.(NAN)
The central parity rate of the Chinese currency renminbi, or the Yuan, weakened 22 pips to 7.1870 against the dollar on Monday.This is according to the China Foreign Exchange Trade System.In China’s spot foreign exchange market, the Yuan is allowed to rise or fall by two per cent from the central parity rate each trading day.
The central parity rate of the Yuan against the dollar is based on a weighted average of prices offered by market makers before the opening of the interbank market each business day. (Xinhua/NAN)
Arewa Youths Initiative for Energy Reforms (AYIFER), has urged Nigeria National Petroleum Corporation Limited (NNPCL) to do everything possible to bring Kaduna Refinery back into operation.
National Coordinator of the group, Mr Bashir Al’Amin, stated this in a statement issued on Friday in Abuja.
Al’Amin specifically called on the Chief Executive Officer of NNPCL, Mallam Mele Kyari, to do all within his powers to rejuvenate the refinery and bring it up to global standard.
He said that having delivered the Port Harcourt refinery, coupled with the establishment of Dangote Refinery in Lagos, attention should be shifted to Kaduna refinery for easy spread of petroleum products.
“We are calling on Malam Mele Kyari to expedite action on Kaduna refinery so we can be at par with other regions in the country.
“We equally beg the NNPCL to do professional work in rehabilitating the old refinery and deliver a standard and functional petrochemical refinery and not a blending plant.
“Kyari should resist any temptation that could make him do something that can jeopardise his good image,” he said.
Al’Amin said that since the extinction of groundnut pyramid and textiles in Kano State as well as PAN in Kaduna State and with the Kaduna refinery getting moribund, a lot of youths had lost their jobs.
According to him, all their hopes in the north are tied to the legacy refinery, expressing the hope that God would use Kyari to deliver it well and on time.
He said that the group was solidly behind NNPCL in prayer and would be ready to celebrate the company if its expectations were met. (NAN)
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