Tag: Prices
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Hard times: Airlines increase number of seats to beat high operational costs
In a bid to beat high operating costs in the aviation industry, domestic airlines have increased the number of flight seats, allowing more travellers to commute and boost revenue. The President of the National Association of Nigeria Travel Agencies, Susan Akporiaye, responding to the effect of foreign exchange scarcity in an exclusive interview with our…
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More hardship for Nigerians as FG reviews prices of electricity meters
Nigerians will have to brace for more economic hardship as the federal government has increased the cost of both single-phase and three-phase electricity meters, effective November 15, 2021. The development is contained in a circular dated November 11, 2021 by the Nigerian Electricity Regulatory Commission (NERC) and addressed to managing directors, all electricity distribution companies…
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Bakers to Nigerians: Get ready for 60% increase in prices of bread
Bakers in Lagos State have urged the Federal Government to intervene in the prices of baking materials, which may lead to increase in the prices of bread by 60 per cent anytime soon. The bakers complained that the increase in the prices of baking materials was because of the Covid-19 pandemic ravaging the world. In…
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COVID-19: Prices of food worldwide drop 3.4% in April
The Food and Agricultural Organisation (FAO) has disclosed that prices of food worldwide dropped by 3.4 percent for the third consecutive month in April as the coronavirus pandemic took a hit on demand. In a report released on Thursday, the United Nations food agency said that food price index, which measures monthly changes for a…
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Oil price rises above $75 per barrel
International oil benchmark, Brent crude, on Monday hit $75 per barrel and rose further amid growing geopolitical tensions in the world. Brent, against which Nigeria’s crude oil is priced, stood at $75.16 per barrel as of 8:15pm Nigerian time, while the United States’ marker, West Texas Intermediate, traded around $68.36 per barrel. The rise in…
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Oil prices jump as Brent hits $70
Oil prices jumped on Friday, with Brent crude futures hitting their highest in more than two weeks as U.S. stock prices rose. Investors covered short bets ahead of a weekend in which the U.S. news programme “60 Minutes” will air an interview with Saudi Arabia’s crown prince. Brent futures rose to more than 66.42 dollars…
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Scarcity: FG moves to review prices of petroleum products
The National Economic Council (NEC) has charged its committee to interface with the Nigerian National Petroleum Corporation (NNPC) with a view to determining the correct price of Premium Motor Spirit (PMS). The governor of Bauchi State, Mohammed Abubakar, disclosed this to State House reporters after the NEC meeting presided over by Vice President Yemi Osinbajo…
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Diesel prices crash further, now sells for N155/N160 per litre
…’Our sustained strategic intervention responsible for price fall’ – NNPC Diesel retail prices nationwide are falling and the Nigerian National Petroleum Corporation (NNPC) has attributed the continuous slide to its sustained strategic intervention. A national survey by Oil and Gas Forum, NNPC’s weekly TV programme, indicated that in the last few weeks, the price of…
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DPR seals 22 petrol stations in Borno for Inflating prices
For selling above recommended prices, the Department of Petroleum Resources, DPR in Borno on Thursday sealed 22 petrol stations in the capital, Maiduguri. The News Agency of Nigeria reports that long queues are common sight in most filling stations in Maiduguri, with illegal hawkers (black marketers) selling five litres of petrol for N2, 000 to…