Business News
Price Watch: Petrol pump prices fall again in February
The average pump price of premium motor spirit (Petrol) decreased by 0.3% in February, according to the latest data from the NBS.
The average pump price of premium motor spirit (Petrol) decreased by 0.3% in February, according to the latest price watch data released by the National Bureau of Statistics (NBS).
Specifically, the average pump price decreased from ₦145.70 in January 2019 to ₦145.30 in February. Year-on-year, the average price for PMS also decreased by 15%.
Basic Highlights
- Petrol pump price fell to an average price of ₦145.30 in February
- States with the highest average price of Petrol were Oyo (₦146.50), Plateau (₦146.55) and Taraba (₦150.55).
- States with the lowest average price of Petrol were Ogun (₦143.06), Imo (₦143.18) and Ekiti (₦143.47)
Petrol Pump Price was highest in Taraba State
Taraba state witnessed the highest average price, as petrol was sold at an average of ₦150.55 per liter. Month-on-month, the average prices of Petrol in the state dropped by 0.37%.
Also, Plateau state ranked second, with an average pump price of ₦146.55 per liter. Month-on-month, the average price of Petrol in the state dropped by 0.09%.
Oyo state also witnessed a high average Petrol pump price of 146.50 per liter. In February, the state witnessed a decline of 2.66% as against 3.40% price increase in January 2019.
Petrol consumers in Ekiti State witnessed low pump prices
The average pump price of petrol in Ekiti State was the lowest in the country, as the commodity was sold at just ₦143.47. Month-on-Month, the average pump price dropped by 0.37%. Year-on-year, it also dropped by 20.81%.
Imo state ranked second with an average petrol pump price of ₦143.18 in February. This represents a 0.67% price decline month-on-month.
Also, the average pump price of Petrol in Ogun was ₦143.06 in February. Month-on-month, it declines by 2.72%.
Northeast Zone witnessed highest average pump price
Across the six geopolitical zones, the Northeast once again maintained the highest average pump price of ₦145.74 in February. The North East zone ranked second with the highest average pump price of ₦145.74,
The remaining zones are ranked in these order – Northwest (₦145.41), South-South (₦145.09), Southwest (₦144.90) and South-South (₦145.09).
What the reduction in petrol price could imply
Petrol is an important source of alternative energy for both individuals and firms. Hence, the reduction in the pump price of the commodity could lead to the corresponding reduction in the operating cost of small and medium scale enterprises (SMEs). This means a reduction in the cost of production, leading to an increase in revenue.
Also, the reduction in the price of petrol could result in a reduction in the prices of goods and by extension, an increase in the purchasing power of consumers.
How stocks and firms react
Major stakeholders operating in the downstream oil and gas sector are likely to be affected by the slight reduction in the prices of Petrol. Essentially, the downstream oil and gas operators are involved in the marketing and distribution of refined petroleum product.
Hence, if the drop in the average price of Petrol is not complemented with an increase in demand for Petrol consumption, revenues will fall and companies stocks also affected.
On the other side, the non-oil companies, particularly the manufacturing and firms in the fast moving consumer goods (FMCG) space may be positively affected by reducing their operating costs.
Business
Lagos Commissioner of Police dismantles road blocks on Lagos-Badagry expressway
The Commissioner warned the concerned Area Commanders to take action on full compliance as any defaulter will be sanctioned accordingly.
The Commissioner of Police in Lagos State, CP Hakeem Odumosu, has ordered the immediate dismantling of all illegal roadblocks by police teams from the command on the Lagos-Badagry expressway.
The directive is to checkmate the illegal activities of the police on that route which have been condemned by the government, some stakeholders and international bodies and also bring sanity and decency to their operations along that axis.
That disclosure is contained in a statement signed by the Police Public Relations Officer of the Lagos State Police Command, CSP Olumuyiwa Adejobi, on Saturday, April 10, 2021.
Adejobi in the statement said that CP Odumosu gave the order on Friday while addressing Area Commanders and Divisional Police Officers in the command on the general security situation in the state and reviewing the anti-crime strategies of the command in order to sustain its feats on crime control.
What the statement from the Lagos State Police Command is saying
The statement from the Lagos Police Command partly reads, “In his bid to restore sanity and decency to the operations of the police along the ever-busy international route, Lagos/Badargy Expressway, the Commissioner of Police, Lagos State, CP Hakeem Odumosu, has ordered for the immediate dismantling of illegal roadblocks by the police teams from the Lagos State Police Command.
The police boss, while reacting to some complaints from the general public and some security reports on the police activities along the international route, ordered the Area Commanders and Divisional Police Officers whose jurisdictions fall along the Badargy Expressway; Festac and Area K, Marogbo, to withdraw their men from the illegal roadblocks and embark on aggressive motorised patrol and surveillance to police their areas and the route.
The Commissioner of Police confirmed that the illegal police roadblocks along the route have been condemned by the government, international bodies and interest groups and they must be dismantled without delay,” he said.
The Commissioner, however, noted that other police operatives from other police formations, outside the supervision of the Lagos State Police Command who operate along the route, would be contacted to adjust and do the needful to restore sanity to their operations.
The CP Odumosu then warned the concerned Area Commanders to desist and take necessary action on full compliance with his order as any defaulter will be sanctioned accordingly.
REF NO. CZ: 5650/LS/PPRO/VOL.3/85
LAGOS CP DISMANTLES ILLEGAL ROAD BLOCKS ON BADAGRY EXPRESSWAY
*Threatens to Sanction Defaulters*In his bid to restore sanity and decency to the operations of the police along the ever-busy international route, Lagos/Badargy
— Lagos State Police Command (@LagosPoliceng) April 10, 2021
Business News
COVID-19 Update in Nigeria
On the 10th of April 2021, 84 new confirmed cases and death was recorded in Nigeria
The spread of novel Corona Virus Disease (COVID-19) in Nigeria continues to record significant increases as the latest statistics provided by the Nigeria Centre for Disease Control reveal Nigeria now has 163,736 confirmed cases.
On the 10th of April 2021, 84 new confirmed cases and 1 death was recorded in Nigeria.
To date, 163,736 cases have been confirmed, 154,098 cases have been discharged and 2,060 deaths have been recorded in 36 states and the Federal Capital Territory.
A total of 1.8 million tests have been carried out as of April 10th, 2021 compared to 1.7 million tests a day earlier.
COVID-19 Case Updates- 10th April 2021,
- Total Number of Cases – 163,736
- Total Number Discharged – 154,098
- Total Deaths – 2,060
- Total Tests Carried out – 1,803,177
According to the NCDC, the 84 new cases are reported from 13 states- Lagos (26), Akwa Ibom (16), Rivers (10), Ebonyi (9), Abia (6), Kano (6), Osun (3), Bauchi (2), Delta (2), Edo (1), Jigawa (1), Kaduna (1), and Ogun (1)
Meanwhile, the latest numbers bring Lagos state total confirmed cases to 57,950, followed by Abuja (19,703), Plateau (9,030), Kaduna (8,984), Rivers (6,986), Oyo (6,838), Edo (4,892), Ogun (4,620), Kano (3,924), Ondo (3,226), Kwara (3,120), Delta (2,615), Osun (2,547), Nasarawa (2,378), Enugu (2,259), Katsina (2,097), Gombe (2,034), Ebonyi (2,008), Anambra (1,909), Akwa Ibom (1,794), and Abia (1,677).
Imo State has recorded 1,655 cases, Bauchi (1,538), Borno (1,337), Benue (1,188), Adamawa (1,051), Niger (930), Taraba (910), Bayelsa (871), Ekiti (868), Sokoto (774), Jigawa (525), Kebbi (450), Cross River (385), Yobe (365), Zamfara (234), while Kogi state has recorded 5 cases only.
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Lock Down and Curfew
In a move to combat the spread of the pandemic disease, President Muhammadu Buhari directed the cessation of all movements in Lagos and the FCT for an initial period of 14 days, which took effect from 11 pm on Monday, 30th March 2020.
The movement restriction, which was extended by another two weeks period, has been partially put on hold with some businesses commencing operations from May 4. On April 27th, 2020, Nigeria’s President, Muhammadu Buhari declared an overnight curfew from 8 pm to 6 am across the country, as part of new measures to contain the spread of the COVID-19. This comes along with the phased and gradual easing of lockdown measures in FCT, Lagos, and Ogun States, which took effect from Saturday, 2nd May 2020, at 9 am.
On Monday, 29th June 2020 the federal government extended the second phase of the eased lockdown by 4 weeks and approved interstate movement outside curfew hours with effect from July 1, 2020. Also, on Monday 27th July 2020, the federal government extended the second phase of eased lockdown by an additional one week.
On Thursday, 6th August 2020 the federal government through the secretary to the Government of the Federation (SGF) and Chairman of the Presidential Task Force (PTF) on COVID-19 announced the extension of the second phase of eased lockdown by another four (4) weeks.
Governor Babajide Sanwo-Olu of Lagos State announced the closed down of the Eti-Osa Isolation Centre, with effect from Friday, 31st July 2020. He also mentioned that the Agidingbi Isolation Centre would also be closed and the patients relocated to a large capacity centre.
Due to the increased number of covid-19 cases in Nigeria, the Nigerian government ordered the reopening of Isolation and treatment centres in the country on Thursday, 10th December 2020.
On 26th January 2021, the Federal Government announced the extension of the guidelines of phase 3 of the eased lockdown by one month following the rising cases of the coronavirus disease in the country and the expiration of phase 3 of the eased lockdown.
On 28th February 2021, the federal government confirmed that the first tranche of Covid-19 vaccines will arrive in Nigeria on Tuesday, March 2nd, 2021.
On Tuesday, 2nd March 2021, the National Primary health Care Development Agency announced the arrival of the expected COVX Astrazeneca/Oxford covid-19 vaccines.
On Saturday, 6th March 2021, President Muhammadu Buhari and his vice, Yemi Osinbajo received vaccination against the covid-19 as the State House in Abuja.
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