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Business News

Price Watch: Petrol pump prices remain unchanged in March

The average pump price of premium motor spirit (Petrol) remain unchanged in March 2019. According to the NBS, the average pump price was ₦145.30 in March

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Petrol Pump price watch

The average pump price of premium motor spirit (Petrol) remained unchanged in March 2019. This is revealed in the latest PMS price watch data released by the National Bureau of Statistics (NBS).

According to the NBS data, the average pump price was ₦145.30 in March, the same price recorded in the previous month. This indicates a 0.0% month-on-month change.

However, Year-on-year, the average price of PMS further decreased by 11.1% from 15% recorded in February.

Basic Highlights

  • Petrol pump price remained unchanged at ₦145.30 in March
  • States with the highest average price of Petrol are: Yobe (147.55), Taraba (₦147.00), and Kebbi (₦146.75).
  • States with the lowest average price of Petrol are: Zamfara (₦144.39), Abuja (₦144.00), and Bauchi (₦143.89)

Petrol Pump Price was highest in Yobe State

Yobe state witnessed the highest average price, as petrol was sold at an average of N147.55 per liter. Month-on-month, the average prices of Petrol in the state increased by 1.70 percent.

Also, Taraba state ranked second, with an average pump price of ₦147.00 per liter. Month-on-month, the average price of Petrol in the state dropped by 2.36 percent.

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Lastly, Kebbi state also witnessed a high average Petrol pump price of 146.75 per liter.  Month-on-month, the state witnessed an increase of 0.82 percent.

Petrol consumers in Zamfara state witnessed the lowest pump prices

The average pump price of petrol in Zamfara State was the lowest in the country, as the commodity was sold at ₦144.39. Month-on-Month, the average pump price dropped by 0.76 percent. Year-on-year, it also dropped by 5.22 percent.

Abuja state ranked second with an average petrol pump price of ₦144.00 in March. This represents a 0.35 percent price month-on-month increase.

Also, the average pump price of Petrol in Bauchi made the list as the product was sold at ₦143.89 in March. Month-on-month, it increased by 0.42 percent.

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Consumers in the Northeast Zone witnessed highest average pump price

Across the six geopolitical zones, the Northeast once again maintained the highest average pump price of ₦145.96 in March from ₦145.74 recorded in February. The southeast zone ranked second with the highest average pump price of ₦145.39.

The remaining zones are ranked in these order – South-South (₦145.32), North West (₦145.26), North Central (₦145.04) and South West (₦145.03).

Brace up for new pump price, as Petrol Price may rise

Lately, there have been reported cases of queues at some petrol service stations across the country. Some Nigerians are reportedly already thinking about the hardship they may encounter if the emerging fuel queues in Lagos, Abuja, Ibadan, and Port Harcourt extend to other cities.

Note that as at the time of filing this  report, queues have reportedly cleared in some major cities

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Also, recall that since the International Monetary Fund’s (IMF) called for Nigeria’s removal of the fuel subsidy, there has been a renewed national debate on the matter. There has also been growing rumors that the Federal Government of Nigeria is about to announce a new pump price regime for PMS.

New pump price may just be here 

The Nigerian Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, recently disclosed that the landing cost of PMS is N35 higher than the pump price of N145 per litre. To prepare the mind of Nigerians and their businesses, the minister further disclosed the following:

“I think the labour union has never really said they would not be supportive of an attempt to take away this subsidy element; the union has always said, ‘If you are doing it, show me what you [will] do with those new receipts of income. Two, what do you do with the refineries?’ Therefore, we need to address those to even get their buy-in.”

The reported possible increase in  pump price has been subject to media scrutiny in recent days, to avoid a repeat of the current administration’s earlier unexpected increase of petrol pump price from N87/liter to N145/liter in 2016.

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

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Coronavirus

President Buhari signs COVID-19 Health Protection Regulations 2021

President Buhari has signed the COVID-19 Health Protection Regulations 2021 policy.

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Buhari sacks DG National Directorate of Employment, Nasiru Argungu

President Muhammadu Buhari has signed the COVID-19 Health Protection Regulations 2021 policy, citing powers conferred to the Presidency, by Section 4 of the Quarantine Act, Cap. Q2 Laws of the Federation of Nigeria 2010, “…and in consideration of the urgent need to protect the health and wellbeing of Nigerians in the face of the widespread and rising numbers of COVID-19 cases in Nigeria.”

The signing of the regulations was disclosed in a statement by the FG on Wednesday evening.

The law, which comes in 5 parts, includes; Part 1- Restrictions on Gatherings; Part 2- Operations of Public Places; Part 3- Mandatory Compliance with Treatment Protocols; Part 4 – Offences and Penalties; Part 5 – Enforcement and Application; and Part 6 -Interpretation and Citation.

Restrictions on Gatherings

The regulations require that physical distance of at least two metres shall be maintained at all times between persons. No gathering of more than 50 persons shall hold in an enclosed space, except for religious purposes, in which case the gathering shall not exceed 50% capacity of the space.

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“The provisions of these Regulations may be varied by Guidelines and Protocols as may be issued, from time to time, by the Presidential Task Force (PTF) on Covid-19 on the recommendation of the Nigeria Centre for Disease Control (NCDC)”

Operations of Public Places 

  • No person shall be allowed within the premises of a market, mall, supermarket, shop, restaurant, hotel, event centre, garden, leisure park, recreation centre, motor park, fitness centre or any other similar establishment except the person is using a facemask and has washed hands.
  • Managers of hostels, boarding houses, nursing homes, correctional centres, remand homes, holding cells, military detention facilities, and such centres for care and custody of persons, shall ensure compliance with the provisions of these regulations.
  • Managers of such facilities shall ensure that suspected cases of Covid-19 are promptly and appropriately separated from others and are reported to medical officers of the State Ministry of Health for necessary action.

Mandatory Compliance with Treatment Protocols 

  • Persons confirmed to have tested positive to COVID-19 by an NCDC accredited laboratory, may not refuse isolation and or admission to a designated health establishment for management of the disease.
  • All public secondary and tertiary health facilities shall designate a space or holding bay for the initial triage or assessment of suspected persons with COVID-19 in line with the approved protocol for case management.
  • All public secondary and tertiary health facilities shall establish sample collection centres, where test samples from suspected cases can be collected and transmitted to an accredited testing laboratory in the State.

Offences and Penalties

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  • Any person who contravenes the provisions of these regulations commits an offence.
  •  Any person who, without reasonable cause, contravenes a direction given under Parts 1 and 2 of these regulations commits an offence.
  • An offence under these regulations is punishable, on summary conviction, by a fine or a term of six months imprisonment or both in accordance with Section 5 of the Quarantine Act.

Enforcement and Application 

  • Personnel of the Nigeria Police Force, the Nigeria Security and Civil Defence Corps, the Federal Road Safety Corps, the Nigeria Immigration Service, the Federal Airport Authority of Nigeria, and other relevant Local Government, State and Federal Government agencies are hereby directed to enforce the provisions of these regulations.
  • Any officer of the enforcement agencies who fails, neglects, or refuses to enforce the provisions of these regulations shall be subject to disciplinary action
  • State Governors may issue regulations on further steps as may be considered necessary.

On interpretations of the law, the FG said, “Offence” means any act, which may constitute a violation of the provisions of these regulations, while “Enforcement Agency” means any law enforcement or security agency vested with the statutory power to investigate and prosecute. The law also stated that the regulations would go into effect immediately and remain in effect until otherwise determined.

What you should know 

  • Nairametrics reported this week that the Federal Government had announced the extension of the guidelines of phase 3 of the eased lockdown by one month with effect from Tuesday, January 26, 2021.

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Facebook, Instagram and WhatsApp user base top 3.3 billion, Q4 revenue of $28 billion

More people are spending their time online on the bias COVID-19 pandemic has negatively disrupted social mobility.

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The world’s biggest social media company, Facebook, recently posted its fourth-quarter earnings which were better than what many stock market experts had expected, against a backdrop of growing regulatory and political challenges.

Facebook, Instagram, and WhatsApp now have a combined user base of 3.3 billion to get their messages out.

Facebook itself has about 2.8 billion monthly users, beating the Wall Street market prediction of 2.76 billion, as humans spend more of their activities online on the basis that the COVID-19 pandemic has negatively disrupted social mobility.

Here are highlights of key metrics expected versus the comparable year-ago quarter, according to a Bloomberg consensus forecast of Wall Street analysts:

  • Revenue: $28 billion vs $26.407 billion estimated; $21.082 billion in Q4 2019.
  • Earnings per share (Adjusted): $3.88 vs $3.54 expected; $2.56 in Q4 2019.
  • Ad Revenue: $27.19 billion vs. $26.07 billion expected; $20.74 billion in Q4 2019.
  • Daily Active Users (DAU): 1.84 billion vs 1.828 billion estimates; 1.66 billion in Q4 2019.

“We believe our business has benefited from two broad economic trends playing out during the pandemic. The first is the ongoing shift towards online commerce.

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“The second is the shift in consumer demand towards products and away from services.” Facebook CFO, Dave Wehner, said.

Capital expenditures including principal payments on finance leases, were $4.82 billion and $15.72 billion for the fourth quarter and full year of 2020, respectively.

Cash and cash equivalents and marketable securities were $61.95 billion as of December 31, 2020.

However, in spite of an impressive earning resulted posted by the world’s most valuable social media company, Facebook shares tanked by more than 3% on the consideration that the company printed a blurry outlook amid growing regulatory concerns and stiff competition.

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“We also expect to face more significant ad targeting headwinds in 2021. This includes the impact of platform changes, notably iOS 14, as well as the evolving regulatory landscape. While the timing of the iOS 14 changes remains uncertain, we would expect to see an impact beginning late in the first quarter,” Dave Wehner said.

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Market Views

iPhone users top 1 billion, Apple posts revenue of $111.4 billion

The company passed 1.65 billion total installed devices worldwide in the quarter, with the installed base of iPhone topping 1 billion.

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Apple iPhone 11

The world’s most valuable listed company, Apple, printed better-than-expected results for its fiscal first quarter on the basis that users acquired more Macs, iPads, iPhones, and other Apple products at a record pace. Apple’s sales also beat stock market experts’ expectations.

However, Apple shares were down on account that the company failed to provide guidance for the December quarter, which made some investors jittery, thereby shorting the stock.

  • On a conference call with stock market experts and journalists, Apple’s CEO, Tim Cook, disclosed the company passed 1.65 billion total installed devices worldwide in the quarter, with the installed base of iPhone topping 1 billion.
  • Overall, Apple printed a revenue of $111.4 billion, up 21% from the year-earlier quarter, and profits of $1.68 a share. That was well above the Wall Street consensus of $102.8 billion and $1.40 a share.

“This quarter for Apple wouldn’t have been possible without the tireless and innovative work of every Apple team member worldwide,” said Tim Cook. “We’re gratified by the enthusiastic customer response to the unmatched line of cutting-edge products that we delivered across a historic holiday season.”

The three months ended Dec. 31 were also strong for Apple laptops and tablets. For iPads, sales were $8.4 billion, up 41%, and ahead of the stock market expert prediction of $7.4 billion.

Apple sales gained about 12% in the Americas, 57% in Greater China, and 17% in Europe, with gains of 33% in Japan and 11.5% in the rest of Asia.

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The tech company’s wearables sales posted incredible numbers as well, with gains of 30% to $13 billion, ahead of the stock market experts’ prediction at $11.5 billion. And services revenue jumped 24% to $15.7 billion, ahead of the Street consensus at $15.2 billion.

“We are also focused on how we can help the communities we’re a part of build back strongly and equitably, through efforts like our Racial Equity and Justice Initiative as well as our multi-year commitment to invest $350 billion throughout the United States.”

“Our December quarter business performance was fueled by double-digit growth in each product category, which drove all-time revenue records in each of our geographic segments and an all-time high for our installed base of active devices,” said Luca Maestri, Apple’s CFO.

“These results helped us generate a record operating cash flow of $38.8 billion. We also returned over $30 billion to shareholders during the quarter as we maintain our target of reaching a net cash neutral position over time.”

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Apple’s Board of Directors has declared a cash dividend of $0.205 per share of the company’s common stock. The dividend is payable on February 11, 2021, to shareholders of record as of the close of business on February 8, 2021.

The most valuable tech company had posted gains of over 80% in 2020 as the Dow Jones Industrial Average, of which it is a component, has risen about 6%.

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