Electricity tariff hike, Dangote cuts petrol price to N890… business stories to track this week

Here are the seven top business stories you need to track this week — February 3 to February 7.

‘OIL MARKETERS NOW LOADING PETROL FROM PH, WARRI REFINERIES’

The Petroleum Products Retail Outlet Owners Association of Nigeria (PETROAN) says its members are now loading petroleum products from the Port Harcourt and Warri refineries.

In a statement on Saturday, Joseph Obele, PETROAN’s spokesman, said the loading has doused previous doubts that the refineries owned by the Nigerian National Petroleum Company Limited (NNPC) were not fully operational.

“PETROAN members are now loading petroleum products, including dual-purpose kerosene, automotive gas oil, and premium motor spirits,” Obele said.

DANGOTE REDUCES PETROL PRICE TO N890 PER LITRE 

Dangote Petroleum Refinery has reduced its ex-depot price for premium motor spirit (PMS), also known as petrol, from N950 per litre to N890.

Anthony Chiejina, group chief branding and communications officer, announced the reduction in a statement on Saturday.

The refinery said the development will result in a meaningful decrease in the cost of petrol nationwide, thereby driving down the prices of goods and services, as well as the overall cost of living, with a positive ripple effect on various sectors of the economy.

‘TELCOS WILL COMMENCE FULL INTRODUCTION OF NEW TARIFFS SOON’

The Association of Licensed Telecommunications Operators of Nigeria (ALTON) says telecommunications companies (telcos) will fully introduce new tariffs soon.

Speaking to journalists at a forum with telecoms executives, Gbenga Adebayo, chairman of ALTON, said the telcos will issue their tariffs differently and are currently filing, reviewing, and obtaining approvals from the regulator.

Adebayo said the tariff adjustment is essential for the survival of the telecommunications sector, stressing that the government should not rely on the sector to subsidise others.

‘NIGERIANS TO EXPECT ELECTRICITY TARIFF HIKE WITHIN MONTHS’

Olu Verheijen, special adviser to President Bola Tinubu on energy, says Nigeria’s electricity tariff will increase within months.

Speaking at the Africa heads of state energy summit in Dar es Salaam, Tanzania, Verheijen said Nigeria’s power prices need to rise by about two-thirds (66 percent) for many customers to reflect the actual cost of supplying electricity.

She also said higher electricity tariffs must be balanced with subsidies for less-affluent consumers, as they are necessary to fund maintenance, improve reliability, and attract private investors into power generation and transmission.

‘CBN’s INTERVENTION PREVENTED 42.81% INFLATION RATE, REFORM POSITIVELY IMPACTED THE ECONOMY’ 

Olayemi Cardoso, governor of the Central Bank of Nigeria (CBN), says the apex bank’s “decisive policy interventions” prevented inflation from rising to 42.81 percent in December 2024.

Cardoso spoke at the 2025 monetary policy forum of the apex bank on January 30.

The CBN governor assured that the bank would continue to implement orthodox monetary policy measures to address inflationary pressures throughout 2025.

Cardoso said the CBN’s reforms strengthened the financial system, unified the exchange rate, and produced tangible results that positively impacted the economy.

‘VERIFICATION OF INVALID FX CLAIMS IN FINAL STAGE’

The Central Bank of Nigeria (CBN) says it is finalising the verification process of the $2.4 billion unverified foreign exchange (FX) backlog, noting that valid transactions will soon be paid.

Olayemi Cardoso, governor of CBN, spoke in Abuja on Wednesday at the second existing foreign direct investors roundtable and regulators’ forum and the launch of Nigeria’s regulatory impact analysis framework.

He also said forensic verification processes are nearing completion.

MAX AIR TO SUSPEND DOMESTIC FLIGHT OPERATIONS FOR THREE MONTHS 

The Nigeria Civil Aviation Authority (NCAA) has announced that Max Air will suspend its domestic flight operations for three months.

In a statement on Wednesday, Michael Achimugu, NCAA’s director of consumer protection and public affairs, said the suspension will take effect from midnight, January 31, 2025, to allow for an internal appraisal of its operations by its management.

Achimugu confirmed that the Nigeria Safety Investigation Bureau (NSIB) has already launched an investigation into the incident, noting that the specific cause of the occurrence can only be determined after the investigation is completed.