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DStv Subscribers Plan Boycott Over Price, Other Issues

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Multichoice
  • DStv Subscribers Plan Boycott Over Price, Other Issues

Subscribers to DStv service in Nigeria have asked Multichoice, owners of DStv and GoTV, to reduce its monthly subscription in the country by 15 per cent as the leading Pay-tv operator has done in many other African countries where it operates.

Some subscribers have also threatened to boycott the company’s services over the subscription conditions.Findings revealed that DStv has added several new channels to lower-tiered bouquets in some countries to boost content offering while also lowering the tariff in the countries.

Countries that benefited from the tariff reduction include: Kenya, Tanzania, Ghana, Uganda, Zimbabwe and Botswana.But in Nigeria, DStv subscribers, said that they do not even have any meaningful free-to-air channels to watch when their subscriptions expire.

Mr. Obinna Aja, a subscriber, alleged that Multichoice, “is allergic to providing good services to its Nigerians subscribers at affordable prices”.He stated that despite the current economic recession, several Nigerians still renew their monthly subscriptions.
Mrs. Tomiwa Odusola, a restaurant owner threatened to lead a peaceful protest to the Lagos headquarters of the company to press home her frustrations with the Pay tv operator.

To her, “The tariff of the bouquet is too expensive, compared to what other subscribers in Kenya, Zimbabwe and Botswana pay. Ali Haruna, industrialist, said, that the company decided to slash fees in the chosen countries after it observed that about 40 per cent of its subscribers had refused to renew their subscriptions due to economic recession.

MultiChoice has however described the allegations as untrue and misleading.Caroline Oghuma, public relations manager, DStv, said that subscription rates across countries are easily verifiable and that all the facts are on the internet for all to see.

While admitting that DStv bouquet subscriptions were slashed in other countries, as reported, she explained that reduction was way below the 20 per cent claimed by the authors of the reports.

On the exclusion of Nigeria from the list of countries affected by the slash, Oghuma said Nigerian DStv subscribers have always paid lower rates than subscribers in the affected countries and, despite the recent reduction, still pay lower.

On the agitation for “pay-as-you-view”, Oghuma said there is no such model in pay-television, blaming the demand on misinformation, which makes the public confuse pay-as-you-view with pay-per-view (PPV).

Recently, she said, the company made available toll-free lines on all the mobile telephone networks in the country to ensure that subscribers can reach its call centres at no cost when they have issues with the service.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

Crude Oil

Oil Dips Below $62 in New York Though Banks Say Rally Can Extend

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Oil

Oil Dips Below $62 in New York Though Banks Say Rally Can Extend

Oil retreated from an earlier rally with investment banks and traders predicting the market can go significantly higher in the months to come.

Futures in New York pared much of an earlier increase to $63 a barrel as the dollar climbed and equities slipped. Bank of America said prices could reach $70 at some point this year, while Socar Trading SA sees global benchmark Brent hitting $80 a barrel before the end of the year as the glut of inventories built up during the Covid-19 pandemic is drained by the summer.

The loss of oil output after the big freeze in the U.S. should help the market firm as much of the world emerges from lockdowns, according to Trafigura Group. Inventory data due later Tuesday from the American Petroleum Institute and more from the Energy Department on Wednesday will shed more light on how the Texas freeze disrupted U.S. oil supply last week.

Oil has surged this year after Saudi Arabia pledged to unilaterally cut 1 million barrels a day in February and March, with Goldman Sachs Group Inc. predicting the rally will accelerate as demand outpaces global supply. Russia and Riyadh, however, will next week once again head into an OPEC+ meeting with differing opinions about adding more crude to the market.

“The freeze in the U.S. has proved supportive as production was cut,” said Hans van Cleef, senior energy economist at ABN Amro. “We still expect that Russia will push for a significant rise in production,” which could soon weigh on prices, he said.

PRICES

  • West Texas Intermediate for April fell 27 cents to $61.43 a barrel at 9:20 a.m. New York time
  • Brent for April settlement fell 8 cents to $65.16

Brent’s prompt timespread firmed in a bullish backwardation structure to the widest in more than a year. The gap rose above $1 a barrel on Tuesday before easing to 87 cents. That compares with 25 cents at the start of the month.

JPMorgan Chase & Co. and oil trader Vitol Group shot down talk of a new oil supercycle, though they said a lack of supply response will keep prices for crude prices firm in the short term.

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Crude Oil

Oil Prices Rise With Storm-hit U.S. Output Set for Slow Return

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Crude oil

Oil Prices Rise With Storm-hit U.S. Output Set for Slow Return

Oil prices rose on Monday as the slow return of U.S. crude output cut by frigid conditions served as a reminder of the tight supply situation, just as demand recovers from the depths of the COVID-19 pandemic.

Brent crude was up $1.38, or 2.2%, at $64.29 per barrel. West Texas Intermediate gained $1.38, or 2.33%, to trade at $60.62 per barrel.

Abnormally cold weather in Texas and the Plains states forced the shutdown of up to 4 million barrels per day (bpd) of crude production along with 21 billion cubic feet of natural gas output, analysts estimated.

Shale oil producers in the region could take at least two weeks to restart the more than 2 million barrels per day (bpd) of crude output affected, sources said, as frozen pipes and power supply interruptions slow their recovery.

“With three-quarters of fracking crews standing down, the likelihood of a fast resumption is low,” ANZ Research said in a note.

For the first time since November, U.S. drilling companies cut the number of oil rigs operating due to the cold and snow enveloping Texas, New Mexico and other energy-producing centres.

OPEC+ oil producers are set to meet on March 4, with sources saying the group is likely to ease curbs on supply after April given a recovery in prices, although any increase in output will likely be modest given lingering uncertainty over the pandemic.

“Saudi Arabia is eager to pursue yet higher prices in order to cover its social break-even expenses at around $80 a barrel while Russia is strongly focused on unwinding current cuts and getting back to normal production,” said SEB chief commodity analyst Bjarne Schieldrop.

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Crude Oil

Crude Oil Rose Above $65 Per Barrel as US Production Drop Due to Texas Weather

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oil

Crude Oil Rose Above $65 Per Barrel as US Production Drop Due to Texas Weather

Oil prices rose to $65.47 per barrel on Thursday as crude oil production dropped in the US due to frigid Texas weather.

The unusual weather has left millions in the dark and forced oil producers to shut down production. According to reports, at least the winter blast has claimed 24 lives.

Brent crude oil gained $2 to $65.47 on Thursday morning before pulling back to $64.62 per barrel around 11:00 am Nigerian time.

U.S. West Texas Intermediate (WTI) crude rose 2.3 percent to settle at $61.74 per barrel.

“This has just sent us to the next level,” said Bob Yawger, director of energy futures at Mizuho in New York. “Crude oil WTI will probably max out somewhere pretty close to $65.65, refinery utilization rate will probably slide to somewhere around 76%,” Yawger said.

However, the report that Saudi Arabia plans to increase production in the coming months weighed on crude oil as it can be seen in the chart below.

Prince Abdulaziz bin Salman, Saudi Arabian Energy Minister, warned that it was too early to declare victory against the COVID-19 virus and that oil producers must remain “extremely cautious”.

“We are in a much better place than we were a year ago, but I must warn, once again, against complacency. The uncertainty is very high, and we have to be extremely cautious,” he told an energy industry event.

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