PETROL AT N145? BAD ONLY FOR LAGOSIANS.

So, in the wake of the final decision to deregulate petrol marketing? Well, according to the National Bureau of statistics, it is bad news only for lagosians, and a great relief for all other Nigerians.
From the Premium spirit price watch report for April released recently by the NBS, only Lagos state had an average price for one litre of petrol any where the official recommended price of N86 plus.
From the report, petrol was sold in Lagos at an average price of N92.59 per litre in April.
This was 2.79% higher than the average of N90.08 per litre in March but certainly far below the N145 per litre the deregulation has now taken off with.
On the average for the whole nation, petrol sold for N162.82 per litre in April, up 20% on the N135.65 in March. Of course, the official cap of N145 per litre which the almost free market took off with represents 10.9% drop on the April national average.
Apart from Lagosians likely to feel more uncomfortable with the new price, 11 other states including Abuja had average price per litre below N145 by April but none was in the class of Lagosians
Most relieved were the eleven states with not less than N180 per litre by April.
According to the NBS report the leading state here was Imo  state where the average figure was N203.48 per litre. It was closely followed by Ekiti state with N202.78 per litre by April.
Edo state petrol consumers also had good reason to be relieved because by April average price per litre of petrol was N194.29 just a little ahead of the N193.85 average recorded in Anambra and Osun states.
At Abia the average by April was also high at N191.67 per litre followed not too far off by Kwara with N189.57, Ondo with N185.47 per litre average and Yobe with N183.75.
Also in the top bracket of those likely to be relieved by even the new N145 per litre were Kogi residents who paid N182 per barrel on the average by April and Akwa Ibom residents who coughed our N180 on the average to top their vehicles.
Year on year, the leap in petrol price in March and then April was really alarming and frustrating.
The national average price per litre jumped by 30.65% in March year on year after staying within single digit growth from January. Then in April, it hit 56.36% leap.
No wonder, the response to the Organised labours call for nationwide strike did not quite find many on the dance floor.
As for government erstwhile recommended price, many knew it was on paper alone and enforced in Lagos because the press in Lagos remains the most influential and inclined to see Nigerian realities only when they become visible in Lagos.
Besides, because it is commercial and industrial headquarters of the nation, cripple Lagos and you cripple Nigeria, including Abuja of course.
But soon, hopefully, the pains of today will help engender more value added from other states.

Comments

Post a Comment

Popular posts from this blog

2018: TWO BLOWS TO UNITED CAPITAL PLC.

When a child who in a previous examination scored 80%, comes home with a new report in which he now scores 67.2%, the parents have a right to sit him down and ask how come. So it must be between Nigeria's United Capital Plc and its discerning shareholders since the release of the company's 2018 audited figures. In 2018, all said and done, says the annual report, United Capital ended with 67.2 % profit margin compared to 80.2% in 2017. How come? What comes across from the figures was that the company received 2 blows to the jugular in 2018: Sharp drops in Investment income and fair value gain. Investment income dropped by 10.8% to N4422.8m from N4965.2m while fair value on financial assets plunged by 79.7% to N6.173m from 2017's N30.387m. In view of both drops, the group's gross earnings grew by only 33.9% to N9259.4m despite strong growths in net trading income, and net operating income leap to N757.5m from N143.5m  Other income streams ended with single digit increase....
Read more

KENYA AUCTIONS Ksh 13.84bn Treasury Bonds.

The Central Bank of Kenya (CBK) will from Tuesday December 18 to 27th 2018_ auction Ksh 13.84bn worth of fixed income Treasury Bonds with issue date December 17, 2018. According to official statement from the Director of Financial Markets Irene Njiru on Monday December 17, auction will continue throughout the stated period or close once the target money to be raised is reached, whichever comes first. Bid value will be paid for at most by 2pm December 31, 2018 while auction results will be made public on December 28, 2018 after the scheduled closing date. The bonds are being issued at 12.502% fixed interest at an adjusted average price of Ksh 100.468 for Ksh 100 bond. However, price payable after auction results publication will be average of successful bid prices based and allotment will be on first come first served basis. Meanwhile, the monetary operations and debt management department has released the interest payment schedule for 13 Treasury Bonds due January and February 2019. Th...
Read more

NAIROBI SE's HIGH PRICED EQUITIES.

In the wake of Nigeria's high priced quoted companies posted in this blog a while ago, Henates took a look to at Nairobi Securities Exchange June 23 official list to identify its high priced equities and the outcome was interesting too. Of the 66 companies quoted on the market by June 23, 15 or 22.7% were valued averagely at above 30 times nominal value. A word of caution though: There are two clear differences between the Nigerian stock market list and that of Nairobi: In the Nigerian one most listed companies have par or nominal value of N0.50 as is there is an implied agreement on this. On the other hand, at Nairobi most of the equities do not share common par value, they differ greatly. Then another thing, Nigerian equities are not valued below par, Nairobi ones can and many are so valued. Of the top 15 high priced equities at the Nairobi market, Safaricom topped with because by June 23, at 23.25 Ksh average price, it was valued 465 times its nominal value of just 0.0...
Read more