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The average price of diesel in Nigeria has risen by 1.93% month-on-month in August 2024, reaching N1,406.05 per liter, Nairametrics is reporting.

This is according to the latest data from the National Bureau of Statistics (NBS). The month-on-month increase comes amid a growing standoff between local marketers and Dangote Refinery, with many marketers refusing to purchase the refinery’s lower-priced diesel products.

The average retail price of Automotive Gas Oil (Diesel) paid by consumers decreased by 5.71%, dropping from N1,462.98 in June 2024 to N1,379.48 in July 2024. In contrast to the 5.71% price drop recorded in July 2024, diesel prices rebounded sharply in August, likely driven by a boycott initiated by local fuel marketers.

Nigeria recorded a significant year-on-year increase of 64.58% from N854.32 per liter in August 2023. The NBS report highlighted that the highest average prices were recorded in the northern region, with Kaduna leading at N1,930.79 per liter, followed by Bauchi at N1,927.34. Meanwhile, southern states like Lagos and Ogun posted the lowest average prices at N1,237.14 and N1,255.00, respectively. The report read: “The average retail price of Automotive Gas Oil (Diesel) paid by consumers increased by 64.58% on a year-on-year basis from a lower cost of N854.32 per liter recorded in the corresponding month of last year (i.e., August 2023) to a higher cost of N1,406.05 Per liter in August 2024.

“On a month-on-month basis, an increase of 1.93% was recorded from N1,379.48 in July 2024 to an average of N1,406.05 in August 2024. Looking at the variations in the State prices, the top three States with the highest average price of the product in August 2024 include Kaduna State (N1,930.79), Bauchi State (N1,927.34), and Taraba (N1,638.14). Furthermore, the top three lowest prices were recorded in the following State namely, Lagos State (N1,237.14), Ogun State (N1,255.00), and Osun (N1,268.18).” 

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Intel (INTC) shares surged Monday following a report Sunday that investment firm Apollo Global Management offered to invest as much as $5 billion in the troubled chipmaker.

A deal with Apollo would be Intel's second in recent months, as the chipmaker agreed to sell Apollo a 49% stake in a chipmaking site in Ireland in June.

The Apollo report also comes just days after reported Qualcomm (QCOM) approached Intel about an acquisition.

Apollo and Intel did not immediately respond to requests for comments.

The reports come after Intel's leadership laid out steps last week to cut costs and turn around its business by laying off workers, trimming its real estate footprint, and selling some of its holdings, among other measures.

Intel shares closed 3.3% higher at $22.56 Monday, following a more than 3% gain Friday. Despite recent gains, the stock has lost over half its value since the start of the year.

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2022 BBN graduate, Chizzy, has revealed how his wife reacted when he told her ‘I love you’ for the first time.

He said he told his wife how much he love her for the first time, she started crying and said that all his actions proves that he loved her but she has been waiting for a day he will say it to her.

He just realized that we need to be telling the people we love how much we love them. It goes a long way.

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An Ilorin-based businesswoman, has said if she is making N250,000 a month, she’ll have at least N1.2 million saved by the end of the year, as she disputed a tweet that claims a N250k salary is no longer enough for a youth without a wife.

She said barring any emergencies, If she is making 250k a month she promise you she ‘ll have at least 1.2m saved by the end of the year.

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Mr Kelly Ogbaloi, Chairman of the Labour Party, LP, in Edo State, has alleged that the party would have won the governorship election if it were free and fair. Ogbaloi said this in an interview with newsmen in Benin, the state capital, on Monday.

He claimed that the election was marred by irregularities, including open vote-buying that the security agencies failed to check. Ogbaloi alleged that: “Labour Party won the election but was not allowed to take possession. What I mean by that is that the election was marred with serious irregularities. There was open vote buying. The security agencies failed to check this anomaly.

So, where votes were bought, and with manipulation of results here and there, what do you expect?” When asked if LP would challenge the result in court, Ogbaloi said the party had yet to call a state council meeting to take a position on the matter.

Recall that the Independent National Electoral Commission, INEC, yesterday, September 22, declared Senator Monday Okpebholo of the APC winner of the election. Okpebholo polled 291,667 votes to defeat Asue Ighodalo of the Peoples Democratic Party, PDP, who scored 247,274 votes. LP’s candidate, Mr Olumide Akpata, came third with 22,763 votes.

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