Dear Subscriber,

PMS price war continues, driving retail price down to N935/litre

The pump price of PMS dropped by 13.11% to N935/litre from N1,030/litre on December 20, driven by a 7.2% cut in ex-depot prices to N899.50/litre by Dangote refinery, the price leader. In response, NNPCL reduced its ex-depot price by 11.86% to N899/litre, highlighting the impact of deregulation in the downstream petroleum sector. However, this reduction is yet to reflect in transportation fares and commodity prices, which could help rein in inflationary pressures.

Commodity prices rising on Christmas shopping

The prices of staples, mainly consumed during Christmas, like rice (N110,000/50kg), tomatoes (N40,000/basket), pepper (N65,000/bag), and onions (N260,000/bag), have climbed by an average of 15.65% (m/m) due to strong demand. This price hike will likely continue through the end of the year but is expected to decline in January as demand eases.

FDC’s M.D., Mr. Bismarck Rewane, discussed these and other burning economic issues on Channels TV Business Morning.

Click the link below to watch the video.

Enjoy your read!