Business

Inflation Hits 15.92%, Highest In Five Months

Published

3 years ago

April 16, 2022

Inflation

Nigeria’s Consumer Price Index rose to 15.92 per cent in March, latest figures from the National Bureau of Statistics show, The PUNCH reports.

This new rate is the highest the country has recorded since November 2021, when inflation rate dropped to 15.99 per cent.

The rise in the inflation rate in March shows that Nigeria is not left out in the global inflation surge currently being witnessed.

The United States’ labor department on Tuesday disclosed that the country’s inflation rate rose to 8.5 per cent in March, the highest since 1981.

The rise in global inflation rates has been associated with the rise in energy prices caused by the war between Russia and Ukraine

The NBS in its “CPI report for March 2022” revealed that Nigeria’s inflation fell by 2.25 per cent when compared to 18.7 percent in March 2021.

However, March’s inflation rate is 0.22 per cent higher than 15.70 per cent recorded in February.

The report said, “In March 2022, the consumer price index, which measures inflation increased to 15.92 percent on a year-on-year basis.

“This is 2.25 percent points lower compared to 18.17 percent, the rate recorded in March 2021. This means that the headline inflation rate slowed down in March 2022 when compared to the same month in the previous year.

“Increases were recorded in all COICOP divisions that yielded the headline index. On month-on-month basis, the headline index increased to 1.74 percent in March 2022, this is 0.11 percent points higher than the rate recorded in February 2022 (1.63 percent).”

According to the NBS, the percentage change in the average composite CPI for the twelve months period ending March 2022 over the average previous twelve months period is 16.54 percent, showing a decrease of 0.19 percent compared to 16.73 percent recorded in February.

The urban inflation rate increased to 16.44 percent year-on-year in March showing a decline of 2.32 percent from the rate recorded in March 2021, the report noted.

Similarly, rural inflation increased to 15.42 percent in March 2022 with a decrease of 2.18 percent points from 17.60 percent recorded in March 2021.

In terms of food inflation, the NBS report revealed that the composite food index rose to 17.20 per cent in March from 17.11 per cent recorded in February.

The rise in inflation rate was attributed to increases in the price of food items such as bread, cereal, potatoes, yam and other tubers, fish, meat, among others.

Business

NNPCL Reduces Fuel Price After Dangote Refinery’s Adjustment

Published

1 week ago

August 14, 2025

Editor

The Nigerian National Petroleum Company Limited has reduced its premium motor spirit pump price on Thursday, according to DAILY POST.

It was confirmed that NNPCL retail outlets in the Federal Capital Territory, Abuja, have reduced their pump price to N890 per litre from N945.

This new fuel price has been reflected in NNPCL retail outlets such as mega station Danziyal Plaza, Central Area, Wuse Zone 4, Wuse Zone 6, and other of its filling stations in the nation’s capital.

The latest downward review of fuel price in NNPCL outlets represents an N55 reduction in fuel pump price.

“It was reduced to N890 per litre this afternoon, down from N945,” an NNPCL fuel attendant told DAILY POST anonymously on Thursday.

This comes a Nigerian filling station, MRS Empire Energy, on Thursday adjusted their fuel pump price to N885 and N946 per litre, down from N910 and N955 per litre.

The latest fuel price reduction trend is unconnected to Dangote Refinery’s ex-depot petrol price adjustment by N30 to N820 per litre from N850 and the price of crude oil in the international market.

Business

Dangote Refinery Reduces Fuel Price

Published

2 weeks ago

August 12, 2025

Editor

Dangote Petroleum Refinery has announced a reduction in the ex-depot (gantry) price of Premium Motor Spirit, PMS, commonly known as petrol, by N30, from N850 to N820 per litre, effective from August 12, 2025.

This was disclosed in a statement by the company’s spokesman, Anthony Chijiena, on Tuesday.

The 650,000-barrel-per-day plant said the move is part of its unwavering commitment to national development, assuring the public of a consistent and uninterrupted supply of petroleum products.

Business

Indian Refiners Abandon Russia For Nigerian Crude, As Dangote Refinery Relies On US

Published

2 weeks ago

August 11, 2025

Editor

India Refineries have abandoned Russian crude for Nigerian crude, while domestic refiner Dangote Refinery relies heavily on West Texas Intermediate crude from the United States of America.

This followed a recent sanction threat by US president Donald Trump on India over continued patronage of Russian crude.

According to Reuters, industry sources said that Indian Oil Corporation recently bought one million barrels of Nigeria’s Agbami crude for September 2025 delivery in a tender awarded to global trader Trafigura.

Also included are one million barrels of Angola Girassol, one million barrels of US Mars, three million barrels of Abu Dhabi Murban, and two million barrels of Nigerian oil, according to Reuters.

The report noted that the purchase is part of a broader sourcing spree that has seen Indian refiners secure millions of barrels from non-Russian sources post July 2025.

Meanwhile, Indian refiners secured purchases of Nigerian crude grades; the $20bn Dangote Petroleum Refinery in Ibeju-Lekki, Lagos, is relying on around 60 percent on US and other imoorts to feed its processing units.

Data showed that the refinery imported an average of 10 million barrels in July 2025, saying it was increasingly relying on the US for its feedstock despite the naira-for-crude deal with the Federal Government, which kicked off in October last year.

According to Reuters, the Indian Oil Corp and Bharat Petroleum have bought a million barrels of non-Russian crude billed for delivery in September and October after the US pressured India to halt purchases from Russia.

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Indian state refiners had been largely absent from the Nigerian crude market spotlight since 2022; they have in the past concentrated on Russian crude amid the Russian-Ukrainian war. However, the Indian refiners paused Russian purchases in late July 2025 after pressure from US President Donald Trump.

On the part of Dangote Refinery, data from commodities analytics firm Kpler showed that in July, US barrels accounted for about 60 percent of Dangote’s 590,000 barrels per day of crude intake, with Nigerian grades making up the remaining 40 percent.

In July, the Dangote refinery’s crude imports surged to a record 590 kbd—driven largely by US barrels overtaking Nigerian supply for the first time—amid ongoing domestic sourcing challenges, Kpler reports.

“While WTI has held a significant share in Dangote’s import slate since March, this is the first time US crude has overtaken Nigerian supply—a shift driven by several factors,” Kpler stated.