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Dangote refinery absorbs 7% price increase; PMS now N955/litre

Dangote refinery has raised its ex-depot price by 5.61% to N955/litre, due to a 15% surge in global oil prices, which hit $82.03pb on January 15. This adjustment has increased PMS pump prices by 4.28% to N970/litre, implemented at Ardova, Heyden, and MRS filling stations. We anticipate a marginal or no increase in commodity prices and transport fares in the near term due to consumers’ resistance.

NCC approves 50% tariff hike for telcos

The National Communications Commission (NCC) has approved a 50% increase for telcos, down from the initial 100% requested. While this will raise the cost of services like voice calls, SMS, and data, we anticipate improved service quality, leading to higher productivity in the medium term.

The price of copper declined to $4.30/pound

Copper prices dropped 8.2% in January to $4.30/pound, down from $4.68 in October, due to China’s slowing economy and struggling housing sector. Prices are expected to remain bearish, partly fueled by Trump’s focus on fossil fuels over renewable energy, which may limit copper demand. This trend could have ripple effects on Nigeria’s construction, real estate, manufacturing, and power sectors.

FDC’s M.D., Mr. Bismarck Rewane, and Manager, Terver Kumeka, 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.

Enjoy your read!