NigeriaEconomy
now browsing by tag
Rice Prices Crash Across Lagos Markets Amid Increased Supply
In a major relief for consumers, rice prices have dropped sharply across multiple markets in Lagos State, following a surge in border imports and increased local supply.
Traders and market observers noted that the influx of imported rice has boosted availability, reducing the strain of high food prices that had affected many households in recent months.
This recent development has sparked optimism among consumers and retailers alike, with expectations that other staple food items may also experience price drops as supply chains stabilize.
Dangote Refinery Resumes Bulk Petrol Sales at ₦877 per Litre, Intensifying Market Price War
The Dangote Refinery has resumed bulk petrol sales at ₦877 per litre, up from its previous price of ₦820, sparking a renewed price war across Nigeria’s downstream oil sector.
According to Vanguard News, this sudden price adjustment has placed depot owners under heavy pressure, as competition tightens and profit margins shrink. Industry observers say the move could reshape the market, forcing smaller players to reconsider their pricing strategies.
Analysts note that while Dangote’s decision aims to stabilize supply, it also highlights the volatility of Nigeria’s fuel market amid ongoing economic reforms and currency fluctuations.
Source: Vanguard News
D5 Creation