BREAKING: Marketers adjust pumps to N650 in Ondo as NNPCL announces new price per litre
The pump price of Premium Motor Spirit, popularly called petrol, was raised from N537/litre to N617/litre at some filling stations operated by the Nigerian National Petroleum Company Limited in Abuja on Tuesday. Independent oil marketers confirmed the increase in the cost of the commodity, as they stated that any shift in price by NNPCL stations was an indication of a rise in the pump price of PMS. “This is because NNPCL is still the major importer of petrol into Nigeria currently, though other marketers are gradually importing the commodity. The price this (Tuesday) morning at some NNPCL stations is N617/litre,”
Again, cement prices hit N6,000 over logistics, haulage costs
Fresh increases in cement prices and associated products were implemented recently by distributors across the country, as high inflation impacted the building materials market. Dealers and retailers were jolted by the new regime of prices, as they were allegedly not given any prior notice. They were apprehensive at the weekend, and many went out shopping for increased stocks in anticipation of further price increases. Nigeria’s inflation rose to 22.4 per cent in May from April’s 22.2 per cent, moving further above the upper band of the Central Bank’s 6.0 – 9.0 per cent target. Most of the building materials are
Tokunbo vehicle sales drop by 70%, as buyers opt for Nigerian-used cars
The recent 40 per cent hike in the exchange rate for cargo clearance at the seaports and the increase in tariff on imported cars by a terminal operator, Ports & Terminal Multipurpose Limited, has led to about 70 per cent drop in the sale of second-hand imported cars. The PUNCH reported last week that the Central Bank of Nigeria and the Nigeria Customs Service had taken the ongoing foreign exchange reforms to the maritime sector with a 40 per cent increase in the exchange rate used for calculating the import duty. The NCS had a few weeks ago raised the
