Cooking gas price rises by 114% in 16 months
Since June 2023, the price of Liquefied Petroleum Gas (LPG) in Nigeria has surged by over 114%, climbing from N700/kg to N1,500/kg by October 2024. The hike is closely tied…
Petrol marketers import 123m litres, continue talks with Dangote
Between October 18 and October 20, 2024, four vessels carrying a total of 123.4 million litres of Premium Motor Spirit (PMS), also known as petrol, docked at two Nigerian seaports,…
Petrol Import In Nigeria Drops By 3.58 Billion Litres After ‘Subsidy Removal’
Nigeria has experienced a significant decrease in petrol imports following President Bola Tinubu’s removal of the fuel subsidy in May 2023. According to the latest report from the National Bureau…
Canada tightens foreign worker eligibility, reduces study permit issuance by 10% for 2025
The Canadian government will reduce the issuance of study permits by 10% for 2025, lowering the cap from 485,000 in 2024 to 437,000. This reduction aims to manage the volume…
Shell’s $1.3bn asset sale to Renaissance not completed yet – FG
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has clarified that Shell’s $1.3 billion deal to sell its onshore assets to Renaissance has not been finalized. In a statement by NUPRC…
United Capital’s Share Price Soars 31% in August, Becoming Third Best-Performing Stock of 2024
United Capital’s share price rose by 31% in August 2024, reaching N17, making it the third best-performing stock this year, after Geregu Power and Presco. The stock initially dropped to…
FCCPC accuses Coca Cola Nigeria of misleading trade description, unfair marketing tactics
The Federal Competition and Consumer Protection Commission (FCCPC) has accused Coca-Cola Nigeria Ltd and the Nigerian Bottling Company (NBC) of misleading trade descriptions and unfair marketing tactics in their products…
Fuel Rises To N1,300/Litre As Depots Run Dry
Fuel scarcity has hit Nigeria hard, causing long queues at petrol stations in major cities like Lagos, Ogun, Abuja, and other states. Black marketers are capitalizing on the situation, selling…
Support for Dangote Refinery Swells, Kyari Denies Owning Blending Plant in Malta
Amid ongoing disagreements between Dangote Refinery and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), prominent Nigerians are voicing strong support for Alhaji Aliko Dangote. They urge the government…
Toyota Reveals 2025 Crown Signia
Toyota has introduced the 2025 Toyota Crown Signia, a new addition to the Crown family that promises “effortless elegance” and versatility for modern car enthusiasts. This new hybrid-powered crossover, positioned…
Honeywell to buy aerospace and defense firm CAES Systems for $1.9 bln
Honeywell has agreed to purchase aerospace and defense technology firm CAES Systems from Advent International for $1.9 billion in an all-cash deal. This acquisition, Honeywell’s second recent move to strengthen…
Nigeria’s Petrol Prices Surge by 223% in May
Month-on-month, the price increased by 9.75%, up from N701.24 in April 2024. The report highlights that the national average retail price for petrol in May 2024 was N769.62, a significant…
Oil steady as downbeat Chinese data offset demand hopes
Oil prices remained steady on Monday as mixed Chinese economic data tempered hopes for increased demand during the northern hemisphere’s summer driving season. Despite a boost in Chinese retail sales,…
Changan posts 3.29% rise in May sales, gets more popular in Nigeria
Chinese automaker Changan Automobile reported a modest increase in May sales. According to a production and sales report released on June 7, Changan’s sales reached 206,792 units in May 2024,…
Hyundai Upgrades 2025 Santa Fe
Hyundai has unveiled the fifth generation of the popular Santa Fe, featuring significant upgrades including a new 1.6-liter hybrid engine and enhanced safety with the addition of four more airbags,…
We secured about $5.5 billion in bank loans to build Dangote Refinery – Aliko Dangote
Africa’s richest individual, Aliko Dangote, disclosed that his company secured approximately $5.5 billion in bank loans from domestic banks across Africa to build the Dangote refinery. Speaking at the ‘AfriCaribbean…
FG Considers Duty Suspension and VAT Cuts to Fight Inflation
In an effort to combat inflation, the Nigerian government is proposing a six-month suspension of import duties on essential goods. This includes staple food items, drugs, and other necessities. The…
Oil price drops below budget benchmark, as output stagnates
Nigeria’s 2024 national budget is under significant funding pressure due to a sustained decline in oil prices and stagnant crude oil output. With over 70% of the national budget funded…
CNG will reduce petrol imports by $4.4bn–FG
Nigeria is making a strong push to transition towards Compressed Natural Gas (CNG) as a transportation fuel. The government aims to significantly reduce reliance on imported petrol and leverage the…
Petrol: Landing cost rises 46.8 per cent to N1,026.71 — Investigation
Despite claims of subsidy removal, the landing cost of petrol in Nigeria has risen sharply over the past year. In May 2024, the cost to import petrol reached N1,026.71 per…
Oil prices steady as solid U.S. crude demand offsets rate concerns
Oil prices remained relatively unchanged today as conflicting factors influenced the market. Upward pressure came from a recent decline in U.S. crude oil inventories, indicating strong domestic demand. However, this…
Oil GDP slows to 5.7% as production problems linger
Nigeria’s oil sector, a critical source of government revenue and foreign exchange, is experiencing a significant slowdown. The first quarter of 2024 saw oil GDP growth drop to 5.7%, a…
Brewers post N170bn loss on weaker naira, rate hikes
Nigeria’s major brewers face financial difficulties after a combined loss of N169.7 billion in the first quarter of 2024. This significant setback, compared to a total loss of N54.3 billion…
Royal Electronics launches new products in Nigeria
Royal Electronics is bringing a wave of innovation to Nigerian homes with the launch of five new product categories. These include air conditioners, refrigerators, washing machines, Google TVs, and built-in…
Prices of basic food items rise 140% — NBS
Nigerians are facing a significant rise in food prices, according to the latest report by the National Bureau of Statistics (NBS). The Selected Food Price Watch for April 2024 shows…
Kerosene Prices Jump to N1,439.64/ltr: North Central Hit Hardest
The cost of kerosene, a vital fuel for many Nigerian households, has risen significantly. According to the National Bureau of Statistics (NBS), the average price per liter of kerosene increased…
Naira slide pushes Dangote diesel to N1,100/litre
The price of diesel from the Dangote Refinery has jumped! It went from N940 per litre in April to N1,100 per litre now. Some dealers are even paying N1,200 per…
NNPC, Natural Oilfield Services Begin Oil Production in Akwa Ibom
Nigerian National Petroleum Company Exploration and Production Limited (NNPCL) and Natural Oilfield Services Limited (NOSL) have announced the commencement of oil production at Oil Mining Lease 13 in Akwa Ibom…
Nigeria Plans Full Operation of Two Refineries by End of 2024
Senator Ifeanyi Ubah, Chairman of the Senate Committee on Petroleum (Downstream), announced plans for two Nigerian refineries – Port Harcourt and Warri – to be fully operational by the end…
Petrol Scarcity in Lagos Sparks Frustration
The petrol scarcity in Lagos is causing frustration among motorists, who face long commutes and struggle to find fuel for daily errands. Tunde Ayeni, a Lagos resident, describes the situation…