Business
‘Price Of 5kg Cooking Gas Increased To ₦8,324’
According to the National Bureau of Statistics (NBS), there was an increase in the average prices of cooking gas and kerosene across Nigeria in June 2025.
It was reports that the NBS revealed this in its “Cooking Gas Price Watch” report for June 2025, released on Thursday in Abuja.
The report disclosed that the average price of 5kg of cooking gas rose by 1.92 per cent to ₦8,323.95, up from ₦8,167.43 in May.
On a year-on-year basis, this marks a 19.49 per cent increase from ₦6,966.03 in June 2024.
Delta State recorded the highest average price at ₦9,243.38, while Oyo had the lowest at ₦7,100.00.
“Regionally, the South-South zone had the highest average price at ₦8,871.63, and the South-West the lowest at ₦7,960.42,” the report revealed.
Similarly, the average price of 12.5 kg of cooking gas increased by 1.46 per cent to ₦21,010.56 in June, compared to ₦20,709.11 in May.
This represents a 33.52 per cent year-on-year rise from ₦15,736.27 in June 2024.
Delta, Cross River, and Rivers recorded the highest prices, while Yobe, Niger, and Jigawa recorded the lowest.
Kerosene Price Watch
In its Kerosene Price Watch for June 2025, the NBS said the average price per litre of kerosene rose to ₦2,192.63, a 0.80 per cent increase from ₦2,175.29 in May.
“Year-on-year, the price increased by 41.00 per cent from ₦1,555.11 in June 2024. Kaduna recorded the highest average at ₦2,681.58, while Abia had the lowest at ₦1,659.35.
“The average price per gallon of kerosene climbed by 2.38 per cent to ₦8,684.15 in June, from ₦8,482.22 in May, and by 52.39 per cent compared to ₦5,698.68 in June 2024,” the NBS stated.
The report said Edo recorded the highest price per gallon at ₦10,321.63, while Abia had the lowest at ₦6,737.40.
“Zone-wide, the South-South consistently reported the highest average prices across all petroleum products, while the South-West recorded the lowest,” the NBS said.
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Major filling stations across Nigeria have increased the pump price of premium motor spirit, popularly called petrol.
It was reports that this is coming after the upwards adjustment of ex-depot prices by Dangote Refinery and depot owners.
It was gathered that Empire Energy and Ranoil filling stations in Abuja increased their pump price to ₦935 and ₦970 per litre, respectively, as of Saturday morning from ₦905 and ₦900 on Friday night.
Speaking to Daily Post, spokesman of the Independent Petroleum Marketers Association of Nigeria, Chinedu Ukadike said the latest petrol price hike was due to an ex-depot price increase by Dangote Refinery and depot owners in Nigeria.
Ukadike said: “The supplying depots and Dangote Refinery have increased their ex-depot petrol prices.
“As of Friday pricing, Dangote Refinery’s ex-depot price is ₦858 per litre, up from ₦820. Depot owners also increased prices like NIPCO (₦870), Aiteo (₦855) and Ranoil (₦855).”
According to him, the increase in ex-depot price is due to the exchange rate and the price of crude oil in the global oil market.
Meanwhile, Nigerian National Petroleum Company and MRS, Optima, and AP Ardova filling stations still dispense petrol at ₦890 and ₦885 per litre, respectively, in Abuja as of the time of filing this report.
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Nigerians continue to grapple with high food prices as staple items such as rice, beans, spaghetti, onions, oil, and tomatoes remain expensive in local markets.
Recent market checks by Naija News reveal that despite ongoing harvest seasons, prices have yet to experience significant relief for consumers.
Rice Hits ₦64,000 Per Bag
A 50kg bag of rice now sells for ₦64,000, marking one of the highest costs for the staple food in recent months. This surge is attributed to factors including high transportation costs, import levies, and currency depreciation, which continue to affect supply chains.
Beans At ₦4,800 Per Bowl
Protein-rich beans also remain costly, with a bowl now selling for ₦4,800. Traders note that, despite improved harvests in some northern states, insecurity in farming regions and high logistics costs are keeping prices elevated.
Spaghetti And Other Essentials
The price of Golden Penny Spaghetti has risen sharply, with a carton now going for ₦19,000. Similarly, a bowl of onions sells for ₦4,000, while 1 litre of groundnut oil costs ₦3,700, reflecting continued pressure on edible oil markets due to high processing and import costs.
Vegetable Prices: Tomatoes And Pepper
Tomato prices have seen only minimal relief. A small basket currently sells for ₦3,500, while pepper prices remain steep at ₦9,000, creating further challenges for households that rely on these essentials for daily cooking.
Garri, a staple cassava-based food consumed nationwide, is also affected. A paint bucket currently sells for ₦1,600, a price point many traders attribute to increased production and processing costs.
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Business
Nigerian Kobo and Naira Coins (1991–1993 Series): A Glimpse into Monetary Heritage (PHOTOS)
The Kobo and Naira coin series issued between 1991 and 1993 represent a significant era in Nigeria’s economic history. These coins, now largely out of circulation, once played a vital role in daily commerce and offer a fascinating insight into the country’s rich cultural and economic symbols.
Denominations and Design
The coin set featured the following denominations:
1 Kobo
10 Kobo
25 Kobo
50 Kobo
1 Naira
Each coin was designed to reflect Nigeria’s national identity, featuring notable figures, agricultural symbols, and industrial elements.
1 Kobo
Smallest denomination.
Featured ears of corn, symbolizing Nigeria’s agricultural roots.
10 Kobo
Featured oil palms, a nod to one of the country’s major cash crops.
25 Kobo
Showed groundnuts, once a key export commodity of Northern Nigeria.
50 Kobo
Displayed an oil derrick, representing the petroleum industry which has been central to Nigeria’s economy.
1 Naira
Featured the portrait of Herbert Macaulay, a pioneer Nigerian nationalist and key figure in the country’s path to independence.
Historical Context
The Naira (₦) and Kobo (₦1 = 100 Kobo) were introduced on January 1, 1973, replacing the Nigerian Pound in a major currency decimalization initiative. This made Nigeria the first African country to adopt a decimal currency system, marking a shift from colonial-era monetary practices.
The 1991–1993 coin series was a continuation of efforts to modernize Nigeria’s currency with updated designs and more durable materials.
Circulation and Decline
At their peak, these coins were widely used for everyday transactions, particularly for small purchases in markets, transportation, and shops. However, due to persistent inflation, many of these coins—especially the 1 Kobo and 10 Kobo—lost their purchasing power and gradually disappeared from use.
Today, most of these denominations are no longer accepted in commercial transactions. The 1 Kobo coin is now virtually extinct in circulation and exists primarily as a collector’s item or historical artifact.
Legacy and Collectible Value
While no longer functional in modern commerce, the 1991–1993 coin series remains an important symbol of Nigeria’s economic evolution. For collectors, historians, and educators, these coins offer a tangible way to explore Nigeria’s post-independence financial heritage and the changing face of its economy.
These coins are not just currency—they’re time capsules, preserving stories of Nigeria’s industries, agricultural wealth, and nationalist pride.
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