Gas and petrol prices in different parts of Enugu and across Nigeria have crashed. Findings show that almost all marketers now sell petrol below N1,000 per kilogramme, whereas cooking gas sold for between N1,350 and N1,400 now sells for N1,250 per kilogramme....Read Full Article >>➤
Falling energy costs lead to food price crash. The development has affected food prices such as beans and garri, which also crashed.
However, commercial vehicle drivers have maintained a high transport rate despite the general crash in the prices of essential commodities, especially energy.
Experts believe that the crash in energy costs will affect other items, leading to a general price reduction. According to them, oil is a major driver of Nigeria’s economy, stressing that when oil prices reduce, it affects other commodities.
Filling stations reduce petrol prices
Nigerians have expressed delight in the reduction of essential items, especially food prices, which soared to over 60%, data from the National Bureau of Statistics (NBS) says.
Some oil marketers explained that supply and demand can affect petrol prices.
Meanwhile, MRS Oil, which sells Dangote petrol, has crashed its prices further from N935 to N925 per litre, putting further pressure on retail outlets owned by the Nigerian National Petroleum Company Limited (NNPC).
The move comes after the refinery refinery reduced its ex-depot prices to N890 from N970 per litre due to falling crude oil prices.
NBS reveals reasons for rebasing inflation rate
The development follows the rebasing of Nigeria’s inflation rate by NBS to 24.75% for January from 34.75% in December.
CPI rebasing updates the reference year used to gauge a country’s price levels by changing the basket of goods and services used to measure inflation to reflect current consumer spending patterns. This ensures that the inflation data accurately shows the economy’s current rate.
It involves replacing outdated items with new ones to represent what people buy currently.
Food inflation crashes
The current CPI figures put food inflation at 26.08% per year in January, a decline in the food index relative to 39.84% per year.
Also, the rebased core index excludes the prices of volatile agricultural products and energy at 22.59% per year in January.
The NBS revealed that rebased urban inflation now stands at 26.08% per year from 37.29% in December.
ThisDay reports that the NBS disclosed that the rebased CPI shows the current inflationary pressure and people’s consumption patterns.
The NBS explained that the major factor responsible for the decline was the closer proximity of the base year to the current period.
Dealers announce new cooking gas price in Lagos, others
Legit.ng earlier reported that the NBS reported that between December 2023 and December 2024, the average price of LPG, also referred to as cooking gas, increased by 44.62%.
Refilling a 5 kg cylinder cost an average of N7,177.27 in December 2024, as opposed to N4,962.87 in December 2023, according to the NBS Liquefied Petroleum Gas Price Watch.
The price increased by 1.26% per month from N7,088.16 in November ...Read Full Article >>➤
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