LAGOS AUGUST 4TH (NEWSRANGERS)-Petrol pump prices in Nigeria are likely to increase for the third time since subsidy removal as Platt benchmark price for petroleum products reached a staggering $979.75 per metric ton (MT) at the close of Wednesday’s trading session. Additionally, the Argus benchmark price trading platform reported prices of $960.86/MT and $1,010.86, including…
LAGOS AUGUST 4TH (NEWSRANGERS)-Nigeria is turning to gas as an alternative fuel after it scrapped a popular but costly subsidy on petrol that has seen pump prices rise sharply, angering motorists and businesses that use petrol to generate their own power. State-oil firm NNPC said late on Thursday it has partnered with NIPCO Gas to…
LAGOS AUGUST 2ND (NEWSRANGERS)-Major cities in Niger are facing rolling blackouts following last week’s coup in the West African country. The power shortages are a result of Nigeria cutting supplies to its northern neighbour, Niger’s electricity company Nigelec says. The West African trading bloc Ecowas has imposed sanctions on Niger over the coup but has…
LAGOS AUGUST 2ND (NEWSRANGERS)-President Bola Tinubu has barely been in power for two months but his radical reforms are already trying the patience of fellow Nigerians. Surging gasoline prices and rampant inflation following the abolition of fuel subsidies and exchange rate reform are hammering the poor in Africa’s most populous nation, where 40% of its…
LAGOS AUGUST 2ND (NEWSRANGERS)-President Bola Tinubu, who is at the helm of regional superpower Nigeria, regards the coup across the border in Niger as a litmus test for democracy in West Africa. Having assumed the chairmanship of regional bloc Ecowas a mere three weeks ago, he was confronted with a major foreign policy challenge when…
LAGOS AUGUST 1ST (NEWSRANGERS)-The Catholic Bishops Conference of Nigeria, CBCN, yesterday raised the alarm that the removal of fuel subsidy without cushioning the effects has put the country on the brink of collapse. The bishops’ alarm came as Nigeria Employers Consultative Association, NECA, pleaded with the Federal Government to urgently address the pains of the…
LAGOS AUGUST 1ST (NEWSRANGERS)-Nigeria has saved over 1 trillion naira ($1.32 billion) in just over two months by scrapping a popular but costly subsidy on petrol and moved to unify its multiple exchange rates, President Bola Tinubu said on Monday. Tinubu is under pressure as prices soar following the country’s boldest reforms in decades, which…
LAGOS JULY 28TH (NEWSRANGERS)-On the road linking Niger’s capital Niamey with the south of the country, illegal fuel warehouses have closed and intrepid black-market touts waving petrol canisters at passing cars have become an endangered species. The reason? Neighbouring Nigeria has scrapped its subsidies for petrol — a move that tripled domestic prices and ended…