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Price Watch: The average prices of Kerosene, Diesel and Gas in Nigeria

The average price per litre of Kerosene in Nigeria has dropped to ₦305.55 in February 2019 from ₦306.28 in January 2019.

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Price Watch: Average prices of Kerosene, Diesel and Gas in Nigeria

The average price per litre of Kerosene in Nigeria dropped to ₦305.55 in February 2019, compared to ₦306.28 in January 2019. This is revealed in the National Bureau of Statistics’ Price watch report released for the month of February 2019.

The price of automotive gas oil (diesel), however, inched up to ₦225.61 in February 2019 up from ₦225.09 in January 2019. Similarly, the average price for refilling a 5kg cylinder for Liquefied Petroleum Gas (Cooking Gas) also increased to ₦2,067.68 in February 2019; up from ₦2,039.82 in January 2019.

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Basic Highlights 

  • The average price per litre of Kerosene paid by consumers decreased to ₦305.55
  • But the average price paid by consumers for diesel increased to ₦225.61
  • Average price for the refilling of a 5kg cylinder for gas increased to ₦2,067.68
  • Gombe topped the list of states with the lowest average price per litre of kerosene
  • Jigawa topped the list of stats with the highest average price per gallon of kerosene
  • Niger State witnessed the lowest average price per gallon of kerosene
  • Bauchi State recorded highest average price for the refilling of a 5kg cylinder Cooking Gas
  • Osun state recorded the lowest average price for the refilling of a 5kg cylinder for Cooking Gas
  • kaduna recorded the highest average price of diesel
  • Adamawa state witnessed the lowest average price of diesel in February 2019.

Average prices of Kerosene dropped, while that of gas and diesel increased

The price watch report showed that the average price per litre that consumers paid for Kerosene decreased by -0.27% month-on-month, and 5.85% year-on-year to ₦305.55 in February 2019 compared to ₦306.28 in January 2019. Also, the average price per gallon paid by consumers for Kerosene increased by 2.71% month-on-month and 15.90% year-on-year to ₦1209.73 in February 2019 from ₦1187.75 in January 2019.

The average price paid by consumers for diesel increased by 0.23% month-on-month, and 7.49% year-on-year to ₦225.61 in February 2019 from ₦225.09 in January 2019.

Also, the average price for the refilling of a 5kg cylinder for Liquefied Petroleum Gas (Cooking Gas) increased by 1.37% month-on-month and decreased by -4.09% year-on-year to ₦2,067.68 in February 2019, as against ₦2,039.82 in January 2019.

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However, the average price for the refilling of a 12.5kg cylinder for Cooking Gas decreased to ₦4,244.91 in February 2019 from ₦4,277.86 in January 2019.

Consumers in Enugu state paid more for Kerosene

The Bureau’s report showed that States with the highest average price per litre of kerosene were Plateau (₦335.55), Anambra (₦332.22), and Enugu (₦329.17). While Gombe (₦265.74), Niger (₦268.42) and Lagos (₦274.35) were states with the lowest average price per litre of kerosene.

States with the highest average price per gallon of kerosene were Jigawa (₦1331.25), Borno (₦1325.00) and Katsina (₦1305.00). Conversely, States with the lowest average price per gallon of kerosene were Niger (₦1,110.00), Kogi (₦1,051.43) and Bayelsa (₦1,105.00).

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Diesel was most expensive in Borno State

States with the highest average price of diesel were Borno (₦243.67), Kaduna (₦239.55) and Osun(₦237.14). However, States with the lowest average price of diesel were Adamawa (₦204.38), Ekiti (₦205.72) and Plateau (₦207.50).

Price of cooking gas was highest in Bauchi and Akwa Ibom

The states with the highest average price for the refilling of a 5kg cylinder for cooking gas were Bauchi (₦2,500.00), Cross River (₦2,450.00) and Adamawa/Borno (₦2,400.00). However, states with the lowest average price for the refilling of a 5kg cylinder for Cooking Gas were Osun (₦1,811.11), Kaduna (N1,725.00) and Enugu (₦1,680.00).

States with the highest average price for the refilling of a 12.5kg cylinder for Cooking Gas were Akwa Ibom (₦4,700.00), Abia (₦4,688.89) and Cross River (₦4,759.09). Lastly, states with the lowest average price for the refilling of a 12.5kg cylinder for Cooking Gas were Oyo (₦3,805.88), Ogun (₦3,835.71) and Kano (₦3,775.00)

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Comparing prices across the country:

South West paid the lowest price of Cooking Gas – The average price for refilling 5kg of cooking gas was highest in North East (₦2325). Followed by South-South (₦2275.00), North Central (₦2009.52), North West (₦1986.43), South East (₦1959.43) and South West (₦1855.48).

The average price of Kerosene per litre was highest in the South East:

South East recorded the highest average price of Kerosene at ₦322.49 per litre, South West (₦307.21), South-South (₦307.20), North West (₦304.95), North Central (₦303.53) and North East (₦290.47).

Consumers in South East zone paid more for diesel:

Diesel was sold highest in South East at an average price of ₦230.99, North East (₦227.38), South West (₦227.02), North West (₦226.87), SouthSouth (222.64) and North Central (₦220.88).

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Patricia

Samuel is an Analyst with over 5 years experience. Connect with him via his twitter handle

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Corporate Press Releases

From real estate to lifestyle: Purple extends brand to more sectors

Maryland Mall in Lagos will now be known as Purple Maryland.

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In line with strategic repositioning of the company, the management of Purple Group has announced the rebranding of Purple Capital Partners Limited and change of name to Purple.

With this change, its flagship multi-use centre, Maryland Mall in Lagos will now be known as Purple Maryland while the ongoing development in Lekki will be known as Purple Lekki.

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Announcing the changes in Lagos, the Chief Executive Officer, Mr. Olayide Agboola, noted the rebranding and repositioning takes effect from July 1, and would be implemented across all the company’s physical and digital touchpoints.

The decision, he said, was in line with the group’s core belief in continuous innovation and customer satisfaction.

‘’We are refocusing our brand, and extending our reach beyond just real estate development. We see the need to curate affordable lifestyle experiences by leveraging our expertise in real estate development.

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“With MarylandMall, now Purple Maryland and our ongoing development with PurpleLekki, we are integrating retail, arts, entertainment, media and advertisement, family fun, food and drinks, e-commerce and financial services all in one through superior mixed-use centres and services. Our new focus is clear; working with our range and network of partners, we are creating affordable lifestyle experiences for our consumers across all income levels,” the CEO explained.

Agboola further pointed out that all the group’s facilities and ongoing development were also rebranded and would be addressed with the Purple prefix (PurpleMaryland, PurpleLekki) while its new services would also bear a touch of the Purple Identity as well. He however added that to keep in touch with the group’s brand heritage; they had kept the same colors and logo symbol.

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Speaking on what the new identity connotes, Agboola stated that the new Purple identity signified growing strength, resilience and elegance, which he noted accurately represents the significant growth and successes it has recorded over the past few years.

He said: “Ours is a story of sheer resilience, best practices and excellent service delivery to our partners and clients across the group. With this brand repositioning, we are re-committing to our core beliefs and ensuring unwavering commitment to our values, to our investors and to our esteemed partners. Our refreshed brand clearly communicates these values. We are also excited to unveil the brand identities for our new services and ongoing development projects”.

According to him, with the new development, PurpleLekki, PurpleNano, Purple.shop and PurplePlay, have all been designed to give customers more value for money. For instance, he explained that  PurpleLekki; the all-new lifestyle centre in Lekki, Lagos, currently under development, will occupy a land size of about 10,000 sqm and a few floors which will be mixed use – retail, entertainment, serviced accommodation, and private offices.

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For PurpleNano, Agboola stated that the premium and standard studio apartments was conceived with the modern professional in mind and available in 2 bedrooms, 3 bedrooms and 1 bedroom variants. “These ‘nanos’ are furnished to fit the peculiarities and taste of the Lekki Market and provide a peaceful, cozy space for occupants and visitors,” he stated.

Speaking of the future, the company also has plans to venture into the e-commerce space with brand ‘purple.shop’. Purlple.shop will work with the base of retail, fashion, food and entertainment partners and service providers in Purple centres. With this, they can reach even more customers through online channels. The e-commerce platform will also provide marketing tools and real-time analytics to optimize growth.

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While pointing out that the group’s identity may have been refreshed, he was quick to add that the company’s focus remained unwavered. “We are creating affordable lifestyle experiences for our consumers through our principal investments in these superior mixed-use centres and services. We also remain thankful and committed to our partners and we will continue to utilize our expertise and experience to deliver alpha returns and provide best service to our customers across the group,” he concluded.

About Purple

Formerly known as Purple Capital Partners, Purple Group is an ecosystem of companies focused on creating best-in-class lifestyle experiences for our consumers through our principal investments in superior mixed-use facilities and services.

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Our lifestyle services spans through real estate, retail, e-commerce, media and advertising, entertainment and family fun, financial services amongst others; all focused on driving our mission to create lifestyle experiences for our consumers with convenience, affordability and finesse. Our lifestyle portfolio of developments include purplemaryland, purplelekki, purplenano.

 

Patricia
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Companies

Lafarge Africa Plc. announces its board meeting and closed period for Q2 2020 

The notification which was duly signed by General Counsel & Company Secretary.

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Lafarge Africa

Lafarge Africa Plc. notified the Nigerian Stock Exchange and the investing public that he closed period will commence on Wednesday, 8th July 2020 until the unaudited financial statement for the second quarter ended 30th June 2020, is released to the Nigerian Stock Exchange. 

In a disclosure on the Nigerian Stock Exchange, it wrote: “We hereby notify the Nigerian Stock Exchange and the investing public that a meeting of the Board of Directors of Lafarge Africa Plc has been scheduled to hold on Thursday, 23rd July 2020 to consider the second quarter financial results of the Company for the quarter ended 30th June 2020.”  

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The notification which was duly signed by General Counsel & Company Secretary, Mrs. Adewunmi Alode explained further stating that “Accordingly, no Director, employee, persons discharging managerial responsibility and Advisers of the Company and their connected persons may directly or indirectly deal in the shares of the Company in any manner during the closed period.” 

Over the past few months, it made a few board changes with the retirement of two of its Non-Executive Directors, as well as the appointment of three new DirectorsIt had also spun off its South African subsidiary, Lafarge South Africa Holdings (LSAH), last year. 

Lafarge Africa’s Q1 2020 revenue was up 9.8% year-on-year to N63.7 billion, driven by higher Cement Sales (a figure up 11% year-on-year to N62.3 billion) which offset the weakness in Aggregate and Concrete (down 21% y/y to N1.4bn). Its EBITDA grew by 2.4% year-on-year to N19.3 billion as well. As at Tuesday the 7th of July, the share price of the company was N10.00 

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Patricia
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Companies

AXA Mansard Insurance Plc gives notice of Annual General Meeting 

The AGM will be live-streamed to enable shareholders and stakeholders participate.

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Insurance firm, AXA Mansard Insurance Plc., has given notice of its board of its Annual General Meeting (AGM) scheduled for Wednesday, July 29, 2020, at 10:00 a.m.  

The announcement which was disclosed by Nigerian Stock Exchange (NSE) in a corporate disclosure on July 7th, 2020 and signed by Company Secretary, Omowunmi Mabel Adewusi read, “Notice is hereby given that the twenty-eighth annual general meeting of AXA Mansard Insurance Plc. will hold at the Oriental Hotel, no. 3, Lekki Road, Victoria Island, Lagos on Wednesday, July 29, 2020, at 10:00 a.m.” 

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As noted, the purpose of the AGM is to transact the following business: 

  1. To receive the Audited Financial Statements for the year ended December 31, 2019, and the Reports of the Directors, Auditors and Statutory Audit Committee thereon 
  2. To authorise Directors to fix the remuneration of the Auditors 
  3. To elect Directors and 
  4. To elect members of the Statutory Audit Committee.  

In order to ensure that all relevant stakeholders can be a part of the AGM, the company will also be streaming the AGM live. It noted that “This will enable shareholders and other stakeholders who will not be attending physically to follow the proceedings.” 

The link for the live streaming of the Meeting will be made available on the Company’s website at www.axamansard.com. 

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Recall that a few months ago, in March, the company’s Board of Directors announced the appointment of John Dickson as the company’s new Non-Executive Director. A month earlier, it also disclosed its plan to sell its pension management subsidiary (AXA Mansard Pensions Ltd) and some undisclosed real estate investments. 

Its unaudited financials for the period Q1 2020 reveal a growth across revenue and profit lines. Gross written premium grew by 21% from N17.4 billion earned in Q1 2019 to N21 billion in Q1 2020. Profit for the year for the group grew by a commendable 120% from N890 million in Q1 2019 to N1.9 billion in Q1 2020. 

As at Tuesday, the 7th of July when markets closed, the share price of the company was N1.59. The company’s EPS stood at 0.33 while its price to book ratio stood at 0.6082. 

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Patricia
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