Oil, gas stocks record N56bn loss in one month

📆 8/19/2020 11:41 AM
📰 MobilePunch

⏱ Reading Time:
40 sec. here
2 min. at publisher
📊 Quality Score:
News: 19%
Publisher: 63%

United States News News

United States United States Latest News,United States United States Headlines

Oil and gas firms listed on the main and premium boards of the nation’s equity market reported a loss of about N56.

19bn last month as spending in transportation declined considerably over coronavirus pandemic.

A recent survey conducted by REACH Technologies, a Nigeria-based fintech, on behalf of FBNQuest, indicated a substantial decline in household spending on transportation. Given relatively softer petroleum products demand in the first half of 2020, the near-term outlook for the sector is certainly subdued.

“We believe the re-introduction of a market-friendly pricing template for petrol in March and the central bank’s current attempt at unifying foreign exchange rates increase the prospects of the end of mandated gasoline price ceilings. The report said assuming all other inputs remained constant on the most recently published petrol pricing template, an adjustment of the FX rate assumption to current levels raised ex-depot prices by approximately 20 per cent.

Write Comment

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

United States United States Latest News, United States United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Oil slips as demand fears outweigh strong U.S. stocks drawOil prices eased on Wednesday on concerns that U.S. fuel demand may not recover as quickly as expected amid stalled talks on an economic stimulus package. The s
Source: Daily Trust - 🏆 13. / 51 Read more »