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Dangote refinery reduces PMS price to N889.50/litre

The Dangote refinery has reduced the ex-depot price of Premium Motor Spirit (PMS) by 7.23% to N899.50/litre from N970/litre in November. This move will likely lower transportation and logistics costs during the festive season. Brent slipped 0.22% to $73.23pb as the U.S. Fed signaled slower rate cuts in 2025, following an increase in inflation from 2.4% in September to 2.7% in November, potentially dampening oil demand and strengthening the US dollar.

The price of a carton of noodles spiked to N10,500

The price of a 70g carton of noodles surged by 40% to N10,500, from N7,500 in May 2024, due to rising production costs. Increased raw material prices, along with higher logistic costs, have contributed to the price hike. Prices are expected to remain elevated in the near term as demand remains inelastic, driven by convenience and affordability compared to substitutes like rice and pasta.

FDC’s M.D., Mr. Bismarck Rewane, and analyst, Rosemary Adibe, discussed these and other burning economic issues on Channels TV Business Morning and Business Incorporated programmes, respectively.

Click the link below to watch the video.

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