Economy

Fuel prices may rise as crude nears $80/barrel

Published

3 hours ago

January 13, 2025

The prices of refined petroleum products may rise in the coming days following the increase in the cost of Brent, the global benchmark for crude.

Crude oil is a major commodity that determines the prices of refined petroleum products. On Sunday, the price of Brent reached $79.76 per barrel.

The rise in the cost of the commodity from the $72.88 recorded in December 2024 that fuel prices across Nigerian depots may be impacted.

The increase in Brent price is attributed to geopolitical tensions, particularly sanctions imposed on Russian oil exports. Supply concerns and seasonal demand fluctuations in colder regions have also contributed to the upward trend.

Sources informed our correspondent that several fuel depots began reporting price increases for diesel on Friday, marking the start of a noticeable rise in fuel costs across various regions.

Analysts also suggested that the Brent crude price surge is a major driver, as many Nigerian depot owners rely on imports to meet diesel demand.

The correlation between crude oil prices and refined products is well-established, as Brent serves as a benchmark for global petroleum product pricing.

With the increase in crude oil costs, importers are likely to adjust their prices to cover higher procurement and shipping costs.

Recall that the Federal Government’s oil price benchmark in the 2025 budget estimates is $75 per barrel.

Price data obtained by our correspondent analysing diesel price movements at the loading depot showed that the Nipco depot in Lagos saw an increase of N70 from N1,050 to N1,120 per litre on Friday.

Prudent depot recorded an increase, closing the week at N1,045, compared to an earlier N1,025 per litre.

Commenting on the development, an oil and gas expert, Olatide Jeremiah, said depots are poised to increase the loading price of refined petroleum products on Monday.

Jeremiah, who is the Chief Executive Officer of petroleumprice.ng, said, “It implies that there is a possibility of increased fuel prices, particularly diesel prices.

“As of Friday, when Brent crude neared $80, prices selectively increased in some depots in Lagos, and on Monday, prices might be jacked up by importers because a large chunk of oil marketers import petroleum products and Brent crude is a major determining factor in the refining process.”

Related Topics:driver Economy fuel Lagos Nigerian

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Customs exceeds 2024 target, rakes in N71.6bn

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Economy

Customs exceeds 2024 target, rakes in N71.6bn

Published

1 day ago

January 12, 2025

Kayode Sanni-Arewa

The Nigeria Customs Service, NCS, Murtala Muhammed International Airport Command, says it surpassed its revenue target for 2024, raking in a total of N71.6 billion.

The Customs Area Controller, CAC, Effiong Harrison, disclosed this in a statement on Friday, saying that its target for 2024 was N56.861 billion.

Harrison expressed delight over the record-breaking revenue achieved by the command.

The Customs Area Controller described the 2024 revenue as unprecedented, noting that it was the highest-ever generated in the history of the command.

“A detailed breakdown of the revenue underscores the remarkable achievement of the command in revenue generation.

“During a meeting with his management team, the area controller revealed that the command had exceeded its annual revenue target of N56,861,094,269.07 by generating N71,633,687,108.84.

“This represents a 20 per cent increase, amounting to N14,772,592,839.27,” he said.

According to him, July 2024, in particular, was a standout month, with the command recording its highest-ever monthly revenue of N12 billion.

Harrison, while comparing the command’s performance in 2023 and 2024, noted a significant revenue increase of N41.1 billion in 2024 when compared to the N30.5 billion generated in 2023, reflecting a 135 per cent growth.

He expressed profound gratitude to the Comptroller-General of Customs, Bashir Adeniyi, and his management team for their unwavering support to the command.

Harrison extended appreciation to critical stakeholders and other government agencies, acknowledging them as invaluable partners in the command’s success in 2024.

He expressed optimism that the command would achieve even greater milestones in fulfilling its core mandates in 2025.

Economy

TikTok To Shut Down On January 19, Gives Reason

Published

2 days ago

January 11, 2025

Kayode Sanni-Arewa

TikTok has officially announced plans to cease its operations in the United States by January 19, 2025.

“Absent such relief, the Act will take effect on January 19, 2025,” TikTok said in a Dec. 9 legal filing. “That would shut down TikTok—one of the Nation’s most popular speech platforms for its more than 170 million domestic monthly users on the eve of a presidential inauguration.”

Last year, President Joe Biden signed into law, a legislation to remove TikTok from U.S. app stores and prohibit internet providers across the nation from allowing access to the platform if ByteDance cannot sell to an American company by Jan. 19.

The legislation was put in place amid concerns of China possibly using TikTok to spy on U.S. residents.

In response, TikTok filed an emergency motion for an injunction to stop the ban from taking effect, arguing that it violates the First Amendment and will generate “substantial losses,” per legal documents.

The Supreme Court is slated to hear oral arguments on Jan. 10 over whether or not the law should be upheld.

Meanwhile, several entrepreneurs have launched a bid to purchase TikTok, including Shark Tank’s Kevin O’Leary.

“This isn’t just about buying TikTok’s U.S. assets,” he wrote in a Jan. 6 message on X, formerly Twitter. “It’s about something much bigger: protecting the privacy of 170 million American users.”

O’Leary continued, “It’s about empowering creators and small businesses. And it’s about building a platform that prioritizes PEOPLE over algorithms. TikTok has immense potential, not just as a tool for creators but as a driver of meaningful economic and social impact.”

However, O’Leary said he’ll likely need an assist from President-elect Donald Trump, who will be sworn into office on Jan. 20.

“Trump will be who we have to work with to close the deal in the months ahead,” he explained during a Jan. 6 appearance on Fox News’ The Story with Martha MacCallum, per The Wrap. “So, I wanted to let him know—as well as others in his cabinet—that we’re doing this, and we’re going to need their help.”

Economy

SEE Black Market Dollar To Naira Exchange Rate Today 10 January 2025 Can Be Accessed Below

Published

3 days ago

January 10, 2025

Naijablitznews

The official naira black market exchange rate in Nigeria today including the Black Market rates, Bureau De Change (BDC), and CBN rates.

Please note that the exchange rate is subject to hourly fluctuations influenced by the supply and demand of dollars in the market.

As of now, you can purchase 1 dollar at a certain rate now, however, it’s important to remember that the rate can shift (either upwards or downwards) within hours.

What’s the dollar to naira black market today 9 January 2025?
The local currency (abokiFx) opened at ₦1,655.00 per $1 at the parallel market otherwise known as the black market, today, Friday, 10 January 2025, in Lagos Nigeria, after it closed at ₦1,645.00 per $1 on Thursday, 9 January 2025.

Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Buying Rate ₦1,645
Selling Rate ₦1,655
Please note that Nigeria’s black market dollar-to-naira exchange rate is typically higher than the official exchange rate because the Federal Government does not regulate it. The rates you buy or sell forex may differ from what is captured in this article because prices vary.

What’s the dollar-to-naira CBN exchange rate today?

1 USD = 1547.49 NGN
1 Dollars = 1547.49 Nigerian Naira
The USDNGN rate as of 10 Jan 2025