14 Apr

Daily Watch – Petrol price at all time high, 570k apply for 10k police jobs

  • The rising cost of food and transportation, occasioned by the acute fuel and foreign exchange crises, have combined to stoke up Nigeria’s inflation rate, rising to a near four year high of 12.8 per cent in March, up from 11.4 per cent in February. The NBS said, “The higher price level was reflected in faster increases across all divisions.” A major development in the inflationary trend is the sustained month-on-month, M-o-M, rise since December 2014 with only October 2015 respite, showing a 15-month consecutive rise. The current inflation level is the highest recorded since August 2012 (11.7 per cent). According to the NBS, the acceleration in March’s CPI was driven by faster growth rates across all divisions, save for the Restaurants and Hotels division, which increased at a slower pace year-on-year, Y-o-Y, for the second consecutive month. The Food sub-Index (Farm Produce and Processed Foods) rose 12.7 per cent Y-o-Y and the Core sub-Index (All items less farm produce) rose to a three-year high of 12.2 per cent Y-o-Y as against 11 per cent growth in February. The fastest increases were recorded in the Imported Food and prices of Energy & Utilities – Housing, Water, Electricity, Gas and Other Fuel division – which rose 15.1 per cent and 15.9 per cent Y-o-Y. Meanwhile the NBS petrol Price Watch for the month of March has indicated that Nigeria recorded its worst fuel crises in the month under review with national average pump price hitting N135.69 per litre.
  • The Vanguard is reporting that taxi owners and drivers have withdrawn their services from major roads in Ilorin and other adjoining towns and villages over the ongoing petrol scarcity. The transporters want to increase their fares across Kwara state, given the difficulties in purchasing petrol, and the high prices when found. Many public and private sector workers, and other residents who attempted to make use of public transportation early this week were left stranded due to the non availability of taxi on the roads to convey them. The few motorcycle taxis that attempted to fill the void raised their prices. Petrol currently sells between N190 per litre and N200 per litre in most stations across Kwara state, and this has had a ripple effect as the cost of every other commodity has gone up.
  • Over 570,174 candidates have so far applied for enlistment into the police since recruitment started two weeks ago. President Buhari had in 2015 approved the recruitment of 10,000 policemen at the National Security Summit in Abuja. The two portals being used for the recruitment were witnessing record traffic as thousands of candidates applied for recruitment into the police as constables, Cadet Inspectors and Cadet Assistant Superintendent of Police, respectively. Police Service Commission spokesperson, Ikechukwu Ani said that 161,118 candidates had applied as Cadet ASPs, 140,458 as Inspectors and 268,598 as Constables as at Wednesday.