Business
US, Europe Stocks Drop As Dollar Rises
Published
2 years agoon
By
Editor
Stocks in the United States and Europe slumped on Tuesday while the dollar climbed as data showed that US inflation slowed less than expected in January, diminishing chances of an early interest rate cut.
The closely watched Consumer Price Index (CPI) rose 3.1 per cent from a year ago in January, down from 3.4 per cent in December, the Department of Labor said, while analysts had tipped the rate could fall below 3.0 per cent.
Meanwhile, the “core” CPI reading that excludes volatile food and energy prices and is more important to policymakers, was steady at a 3.9 per cent annual increase.
The US Federal Reserve has indicated it will likely begin to cut interest rates – which it began to hike in 2022 to tame surging inflation – later this year as the pace of price rises returns closer to its 2.0 percent target. That has heightened the attention of investors to US inflation data.
READ ALSO: Naira Reaches All-time Low At Official Market
“The January inflation report came in hot across the board and that has the potential to spook investors after a big rally over the last few months,” said eToro analyst Bret Kenwell.
Stocks have been propelled to new heights in recent months as investors anticipate a drop in interest rates which will boost the fortunes of companies, as well as the blockbuster performance of the US tech industry thanks to the boom in artificial intelligence.
Patrick O’Hare at Briefing.com said that “the hotter-than-expected CPI may give investors an excuse to take profits in a market that many feel is overbought on a short-term basis.”
Wall Street’s main indices fell by more than one per cent, with the Dow shedding 1.1 per cent from a record high.
Europe stocks closed down almost one per cent.
READ ALSO: Naira Reaches All-time Low At Official Market
Traders had been hoping that Tuesday’s CPI reading in the world’s biggest economy would give the Federal Reserve room to lower interest rates.
Last month, Fed chief Jerome Powell indicated a continuation in the trend of falling inflation was sufficient for the US central bank to begin cutting interest rates later this year, but downplayed the likelihood of a March cut that the market had been hoping for.
“Hopes for a Fed March rate cut have all but disappeared with the market now pricing in a 53 percent probability of a first cut being seen in June,” said market analyst Axel Rudolph at online trading platform IG.
In Asia, most of the region returned to work after a long weekend. Tokyo led advances thanks to a surge in shares of Japanese investment group SoftBank, which was boosted by another blockbuster day for its US-listed chip designer Arm.
READ ALSO: US-based Professor Premieres Documentary On Ayinde Barrister
Arm has almost doubled in value in the past week — and trebled since its September listing — owing to healthy demand for semiconductors fuelled by an expected boom in artificial intelligence.
Bitcoin topped $50,000 Monday for the first time since late 2021 as investors grew optimistic that US approval of broader trading in the unit will ramp up demand.
The cryptocurrency has enjoyed a strong run in recent months, fuelled by expectations US lawmakers would allow the creation of exchange-traded funds (ETFs) that track the price and let the public invest in crypto without directly purchasing it.
After initially dropping in reaction to last month’s green light by Washington, bitcoin has rallied about 25 per cent since January 22.
AFP
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Business
NNPCL Reduces Fuel Price After Dangote Refinery’s Adjustment
Published
2 weeks agoon
August 14, 2025By
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.
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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.

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.
READ ALSO:Dangote Refinery Gets New CEO
“In line with our dedication to operational excellence and sustainable energy solutions, Dangote Petroleum Refinery will commence the phased deployment of 4,000 CNG-powered trucks for fuel distribution across Nigeria, effective August 15, 2025,” said Chijiena.
The announcement comes as the refinery prepares to commence direct fuel distribution nationwide. The development is expected to lead petroleum product marketers to reduce their pump prices in the coming days.
In Abuja, the retail fuel price stood between N885 and N970 per litre as of Tuesday evening.
Business
Indian Refiners Abandon Russia For Nigerian Crude, As Dangote Refinery Relies On US
Published
2 weeks agoon
August 11, 2025By
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.
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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.
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