Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Get Data
    • Macro-Economic News
    • Research Analysis
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Get Data
    • Macro-Economic News
    • Research Analysis
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
Nairametrics
No Result
View All Result
Home Business News

What the NNPC failed to mention after saying fuel prices had dropped

Onome Ohwovoriole by Onome Ohwovoriole
September 4, 2017
in Business News
NNPC RESTRUCTURES: Meet The New Unit Heads
Share on FacebookShare on TwitterShare on Linkedin

The Nigerian National Petroleum Corporation (NNPC) has announced the results of a survey it recently carried out which showed a drop in petrol and cooking gas prices across the country. According to the survey, petrol prices have fallen from N145 to between N142-N143 per litre.

Cooking gas prices have also fallen from N2500 for a 12.5kg cylinder to N2215.96.
The statement signed by Ndu Ughamadu, the Group General Manger Corporate Affairs also stated that the corporation had embarked on a rehabilitation of some of its critical pipeline and networks.

Recent data released by the National Bureau of Statistics (NBS) also shows that the average petrol price paid by motorists fell from N150.3 in June 2017 to N148.2 in July 2017. The average cost of refilling a 12.5kg cylinder decreased from N4479.91 in June 2017 to N4374.91 in July 2017.
Minister of State for Petroleum, Ibe Kachikwu had in a recent podcast also suggested that petrol prices would trend lower as private sector operators enter in the industry and operate more efficiently.

RelatedPosts

Cost of diesel in Nigeria surges by 28.1% in January 2022, as fuel scarcity lingers

NNPC focusing on low carbon technology to reduce poverty – Kyari

The fall in price isn’t a permanent one

Even though the drop in pump prices is good news, the fall is a marginal one and may not be permanent. A significant proportion of the petrol consumed in the country is imported. Petrol prices are thus closely related to crude oil prices and the country’s exchange rate. An Increase in crude oil prices, will lead to an increase in the landing cost of petrol.

Nigeria’s dollar revenue is closely tied to the volume of crude oil exported and prices in the international market. A drop in either variables, could lead to a depreciation of the Naira. A depreciation of the Naira against the dollar, will lead to more expensive petrol. The survey does not take into consideration the prices of petrol in rural areas which tend to be significantly higher.

The NNPC is able to deliver petrol at a cheaper rate, since it has access to foreign exchange and is not struggling with previous subsidy payments which have weighed down major petroleum marketers. Petroleum marketers in the country recently called on the government to pay arrears of subsidy payment to prevent a mass retrenchment of workers.

Related

Tags: Gas price reductionNews ReviewNigerian National Petroleum CorporationNNPC Nigeria Newspetroleum price

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Mega Millions
Hot forex
Cornerstone
Polaris Bank
Access Bank
Bankers Committee
First bank


FCMB




    Business News | Stock Market | Money Market | Cryptos | Financial Literacy | SME |

    Recent News

    • TrustBanc raises N5.85bn from Series 7 and 8 Commercial Papers; Issue Achieves 117% subscription
    • FIRS extends deadline for filing of 2022 Companies Income Tax returns to 31st August 2022
    • Lagos state government shuts down Redeemers School over death of pupil

    Follow us on social media:

    Recent News

    TrustBanc pays N4.2bn Commercial Paper proceeds at maturity

    TrustBanc raises N5.85bn from Series 7 and 8 Commercial Papers; Issue Achieves 117% subscription

    July 4, 2022
    FIRS calls for comprehensive revenue aggregation

    FIRS extends deadline for filing of 2022 Companies Income Tax returns to 31st August 2022

    July 4, 2022
    • ABOUT US
    • CONTACT US
    • PRODUCTS
    • ANDROID APP
    • iOS APP
    • DISCLAIMER
    • CAREERS
    • PRIVACY POLICY

    © 2022 Nairametrics

    No Result
    View All Result
    • Home
    • Exclusives
      • Financial Analysis
      • Corporate Stories
      • Interviews
      • Investigations
      • Metrics
    • Markets
      • Cryptos
      • Commodities
      • Equities
        • Dividends
        • Stock Market
      • Fixed Income
      • Market Views
      • Securities
    • Industries
      • Company News
      • Consumer Goods
      • Content Partners
      • Corporate deals
      • Corporate Press Releases
      • Energy
      • Entertainment
      • Financial Services
      • Hospitality & Travel
      • Manufacturing
      • Real Estate and Construction
      • Tech News
    • Economy
      • Get Data
      • Macro-Economic News
      • Research Analysis
    • Business News
    • Financial Literacy
      • Career tips
      • Personal Finance
    • Lifestyle
      • Billionaire Watch
      • Profiles
    • Opinions
      • Blurb
      • Op-Eds

    © 2022 Nairametrics

    Social Media Auto Publish Powered By : XYZScripts.com