Price - NEWS AGENCY OF NIGERIA

Tosin Kolade
Feb, Tue, 2025

FCCPC summons MultiChoice over subscription price hike

149 total views today

By Ginika Okoye

The Federal Competition and Consumer Protection Commission (FCCPC) has summoned MultiChoice Nigeria to justify its proposed subscription price increase, set to take effect on March 1.

The summon was contained in a statement issued by FCCPC’s Director of Corporate Affairs, Mr Ondaje Ijagwu, in Abuja on Tuesday.

According to Ijagwu, the commission has directed the Chief Executive Officer (CEO) of MultiChoice Nigeria to attend an investigative hearing at its headquarters on Thursday.

He stated that the action followed MultiChoice’s formal notification of the price adjustment, which raised concerns about recurrent unilateral price hikes.

Other issues highlighted include potential market dominance abuse and perceived anti-competitive practices in the pay-television industry.

“The FCCPC is deeply concerned that Nigerian consumers continue to face frequent price increases, amid accusations that MultiChoice applies different pricing strategies in other markets, heightening questions about fairness and market abuse.

“Should MultiChoice fail to provide satisfactory explanations or be found in violation of fair market principles, the FCCPC will be left with no other option than to impose regulatory penalties, sanctions, or other corrective measures to protect Nigerian consumers.

“The FCCPC is engaging the sector regulator and other relevant agencies to ensure fair competition and consumer protection within Nigeria’s broadcasting and digital subscription landscape,” he said.

The News Agency of Nigeria (NAN) reports that on Feb. 24, MultiChoice announced a proposed price increase for its services, set to take effect from March 1.

In a statement titled “Price Adjustments for DStv and GOtv Packages,”MultiChoice informed its customers:

“Dear Customer, please note that effective 1 March 2025, there will be a price adjustment on all DStv packages.

“This is to enable us to continue to offer our customers world-class homegrown and international content, delivered through the best technology.”

According to the company, the latest price review will increase the DStv Compact bouquet from N15,700 to N19,000, Compact Plus to N30,000, and the Premium subscription to N44,500.

“GOtv customers, who currently pay N3,600, will now pay N3,900, while the subscription fee for GOtv Plus will increase from N4,850 to N5,800,” MultiChoice stated.

NAN also reports that the proposed increase comes roughly one year after its last price review. (NAN)(www.nannews.ng)

Edited by Kevin Okunzuwa

A section of the Dangote refinery in Lagos

Ismail Abdulaziz
Feb, Sun, 2025

Economy/Business

Dangote Refinery crashes petrol price to N890/ltr

230 total views today

Petrol
By Yunus Yusuf
Lagos, Feb.1, 2025 (NAN) Dangote Refinery has reduced the ex-depot price of Premium Motor Spirit (PMS), commonly known as petrol, from N950 to N890, effective from Saturday.

Mr Anthony Chiejina, the Group Chief Branding and Communications Officer, Dangote Petroleum Refinery, said this in a statement on Saturday in Lagos.

Chiejina said that the price adjustment was in response to a significant decline in international crude oil prices.

He explained that this latest move followed a similar decision made on Jan. 19 when a modest price increase was implemented due to rising crude oil costs.

Chiejina said with recent global market trends indicating a decline, Dangote Refinery had once again adjusted its pricing structure, providing relief to Nigerians.

The statement also noted that the price reduction would significantly lower the cost of petrol across the country, generating a positive ripple effect throughout the broader economy.

“Dangote Petroleum Refinery firmly believes that this reduction from N950 to N890 will result in a meaningful decrease in the cost of petrol nationwide,” he said.

He said the reduction would drive down the prices of goods and services as well as the overall cost of living.

The refinery called on marketers across the country to ensure that the benefits of the reduced price were passed on to Nigerians.

Dangote refinery reiterated its support for the economic revival by President Bola Tinubu.

According to the refinery, the Tinubu administration is focused on making Nigeria self-sufficient in refined petroleum products and positioning the country as a leading oil export hub.

The News Agency of Nigeria (NAN) reports that the refinery’s decision is expected to play a vital role in stabilising the country’s economy.(NAN)(www.nannews.com)
(Edited by Mufutau Ojo)