Connect with us

Business

Cooking gas prices ease as supply improves

Published

on

Households across parts of the country are beginning to experience relief as retail prices of Liquefied Petroleum Gas, popularly known as cooking gas, decline following improved product supply and softer depot prices, The PUNCH reports.

The latest market update from gas marketers showed that retail LPG prices have started easing in major cities after weeks of elevated prices, although the reductions have not been uniform because of varying transportation costs, distance from supply depots and retailer margins.

Checks by marketers indicated that cooking gas is now selling for between N1,100 and N1,350 per kilogramme in Lagos, Ibadan and Abeokuta, while consumers in Benin City, Port Harcourt and Warri are paying between N1,150 and N1,400/kg.

In Onitsha and Enugu, retail prices range from N1,200 to N1,450/kg, while consumers in Abuja pay between N1,250 and N1,500/kg.

The National President of the Nigerian Association of Liquefied Petroleum Gas Marketers, Edu Inyang, told our correspondent that northern cities, including Kano and Kaduna, currently record prices of N1,300 to N1,550/kg, while consumers in Maiduguri and parts of the North-East still pay the highest prices, ranging from N1,350 to N1,650/kg, reflecting the additional logistics costs of transporting products to the region.

Overall, Inyang said the national retail price range now stands at approximately N1,100 to N1,650 per kilogramme, although some neighbourhood retailers continue to charge above the range where transportation and distribution costs remain elevated.

The improvement marks a reversal from the sharp increases witnessed from May, when supply tightness and rising depot prices pushed cooking gas costs significantly higher across several parts of the country.

See also  Dangote refinery imports first UAE crude cargoes

According to the NALPGAM president, the latest decline follows improved product availability from both domestic production and imports, as well as lower depot prices. He also attributed the easing to increased competition among marketers and the disappearance of panic buying that had briefly tightened supplies.

“Following reports of improved LPG supply and softer depot prices in late June 2026, retail cooking gas prices have started easing in some markets, although the reduction has not been uniform across Nigeria. Transport costs, distance from depots, and retailer margins still create noticeable differences between cities.

“Overall, the national retail range is roughly N1,100 to N1,650 per kilogramme, with some neighbourhood retailers charging slightly above this range where logistics costs remain high. The recent easing reflects lower depot prices as supply improved, increased product availability from domestic sources and imports, reduced panic buying and hoarding after government market interventions, and more competition among marketers in major cities,” Inyang said.

The development is expected to provide some relief to households grappling with rising living costs, although industry players noted that prices may continue to differ from one location to another depending on local distribution expenses.

Based on the prevailing retail prices, a 5kg cylinder refill now costs between N5,500 and N8,250, while a 6kg refill ranges from N6,600 to N9,900. Inyang said consumers refilling a standard 12.5kg cylinder are expected to pay between N13,750 and N20,625, depending on location and retailer.

Despite the improvement, marketers cautioned that retail prices are yet to stabilise nationwide, noting that communities located farther from major LPG depots may continue to experience relatively higher prices because of transportation costs.

See also  FCT: Water supply project will create 1,600 jobs – Wike

Industry operators expressed optimism that sustained product availability from local producers, alongside steady imports, would further moderate prices in the coming weeks, provided there were no major disruptions to supply or logistics.

Also, the National Chairman of the Liquefied Petroleum Gas Retailers Branch of the Nigeria Union of Petroleum and Natural Gas Workers, Ayobami Olarinoye, told our correspondent that normalcy was gradually returning to the sector.

However, Olarinoye, whose members sell gas in neighbourhood shops, said they currently sell to consumers at prices ranging from N1,600 to N1,800/kg. “The inflow and supply are gradually getting back to normal. There is more availability.

“The price is also coming down gradually. As of today (Monday), we buy from between N1,300 and N1,500 per kg from the marketers (plant operators), depending on the locations, while we sell between N1,600 and N1,800 per kg to consumers. This also depends on the location and associated logistics.”

The PUNCH earlier reported that as cooking gas prices rose by about 140 per cent in many locations across the country, marketers finalised plans to import the product on a large scale to improve affordability and availability.

Cooking gas prices rose from an average of N1,000 per kilogramme in January and February this year to as high as N2,400 between May and June. Consequently, the regulator began issuing licences for the importation of LPG. This followed the inability of local LPG producers to meet domestic demand, according to industry operators.

Meanwhile, the Minister of Petroleum Resources (Gas), Ekperikpe Ekpo, intervened, warning operators against hoarding and profiteering.

See also  Dangote beats US, ships N757bn jet fuel to Europe – Report reveals

punch.ng

FOLLOW US ON:

FACEBOOK

TWITTER

PINTEREST

TIKTOK

YOUTUBE

LINKEDIN

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

Nigerian states’ revenues rise 93%, but education spending drops — World Bank

Published

on

The World Bank says Nigeria’s 36 states recorded a 93 per cent increase in revenues between 2023 and 2025 but education received a declining share of the sector’s expenditure.

The bank disclosed this in its latest Nigeria Development Update, which examined how increased public revenues have influenced spending priorities across the federation.

The report was made available to the News Agency of Nigeria by the World Bank in Washington D.C.

According to the report, states’ aggregate revenues rose by approximately 93 per cent in real terms, while expenditure increased by 92 per cent during the period.

The report attributed the improvement partly to exchange-rate reforms, petrol subsidy removal, stronger revenue administration and increased allocations from the federation account.

It said states also benefited from refunds, settlement of longstanding federal obligations, intervention funds, and stronger Value Added Tax collections.

However, education’s share of total state expenditure declined from 14.9 per cent in 2021 to 12.1 per cent in 2025, according to the report.

Health expenditure remained broadly stable at approximately seven per cent, while social protection’s share increased from 1.4 per cent to 4.4 per cent.

The bank said capital expenditure increased significantly, accounting for 61 per cent of state spending, compared with 46 per cent previously.

Transport infrastructure recorded the largest increase, alongside substantial spending on housing, agriculture and other economic investments.

The report quoted Mathew Verghis, the World Bank Country Director for Nigeria, as saying that increased revenues provided the opportunity to improve infrastructure, education, healthcare, and water services.

See also  Dangote beats US, ships N757bn jet fuel to Europe – Report reveals

He said greater spending efficiency, accountability and improved service delivery were essential to ensuring that additional public resources benefited Nigerians.

The bank acknowledged improvements in states’ fiscal reporting, transparency and internally generated revenue.

It, however, stressed that stronger investment in human capital was necessary to translate economic reforms into sustainable employment and improved living standards.

The report also projected average economic growth of 4.4 per cent between 2026 and 2028, subject to sustained reforms and improved service delivery.

It urged federal and state authorities to ensure that increased public revenues translated into tangible improvements in Nigerians’ welfare.

NAN

Source: punchng.com

FOLLOW US ON:

FACEBOOK

TWITTER

PINTEREST

TIKTOK

YOUTUBE

LINKEDIN

INSTAGRAM

Continue Reading

Business

Nigeria promotes investment without building production capacity – UNILAG don

Published

on

A professor of Comparative Political Economy at the University of Lagos, Adelaja Odukoya, has asserted that Nigeria’s economic policies promote investment without sufficiently strengthening domestic production.

Odukoya argued that the contradiction had weakened the country’s productive foundations, with policies encouraging investment and entrepreneurship while failing to create the technological capacity, productive employment and processing industries needed to drive sustainable development.

Odukoya spoke at the maiden edition of the Adeleke University Toyin Falola Annual Lecture, held on Thursday at the Performing Arts Theatre, Adeleke University, Ede.

The lecture had as its theme, “History, Power and Accumulation: Reimagining Africa in the Globally Disorderly Order.”

Odukoya identified several contradictions in the way the Nigerian state manages economic activity.

He said, “The state promotes investment without creating conditions for technological transfer. It encourages entrepreneurship without generating sufficient productive employment.

“It expands primary-product exports while leaving processing capacity undeveloped. It constructs infrastructure without establishing strong linkages with domestic production.”

According to him, the contradictions explain why increased economic activity and accumulation do not necessarily translate into development.

“Accumulation is not synonymous with development,” Odukoya stated.

He argued that genuine development should be measured by the expansion of productive, technological, institutional and human capabilities.

“A country could attract investment, export minerals and agricultural commodities and record economic activity while still failing to build the domestic industries and technological capabilities required for long-term development,” he said.

His argument was echoed by Prof Toyin Falola, who said Africa’s vast natural resources would continue to reinforce dependency unless governments developed the industrial, technological and institutional capacity to transform them into productive power.

See also  Food security fears mount as UK farmers battle drought

Falola said Africa’s resource problem was not simply one of historical exploitation, but also the continent’s failure to convert its resource endowments into power.

“The issue, however, is not just to repeat the history of exploitation. It is more important to know how Africa turns its great resources into power,” Falola said.

He argued that Africa could not afford to remain a spectator as global economic and geopolitical arrangements continued to change, stressing that resource ownership without the capacity to add value would not guarantee influence.

Falola said the continent required a combination of knowledge, government policy and industrial capacity to change its economic position.

“There must be universities that generate new knowledge; there must be governments that translate this knowledge into policies; there must be industries that add value to the continent’s natural resources,” he said.

He added that Africa needed more than improved infrastructure and stronger economies if it wanted to exercise greater influence in the global system.

“The future of the continent will require more than just better infrastructure, improved economies, and more effective political institutions,” Falola said.

Source: punchng.com

FOLLOW US ON:

FACEBOOK

TWITTER

PINTEREST

TIKTOK

YOUTUBE

LINKEDIN

INSTAGRAM

Continue Reading

Business

Import waivers, insecurity end two-year agric trade surplus

Published

on

Import waivers meant to ease hunger and insecurity on farms have led to a deficit, ending a two-year run of surpluses, as Nigeria’s agricultural trade balance swung from a N740.27bn surplus in the first half of 2025 to a N56.13bn deficit in H1 2026, according to agriculture and trade experts.

Recent foreign trade data from the National Bureau of Statistics showed that agricultural exports fell by 33.28 per cent, or N985.14bn, to N1.98tn in H1 2026 from N2.96tn in H1 2025.

Agricultural imports fell by only 8.50 per cent, or N188.74bn, to N2.03tn from N2.22tn over the same period. The gap between the two movements produced a N796.40bn swing in the trade balance.

Nigeria recorded a N365.74bn deficit in H1 2023, when imports of N926.25bn far exceeded exports of N560.51bn. The balance then turned to a N194.92bn surplus in H1 2024 before it widened to N740.27bn in H1 2025.

In separate phone interviews with The PUNCH, Agribusiness experts, including the Chairman of the Lagos Chamber of Commerce and Industry’s Agricultural and Allied Group, Tunde Banjoko, explained that recent government policy led to the shift.

Banjoko said, “Some waivers were given for products like palm oil and rice, and the import tariffs were drastically reduced. It became more favourable for people to import than to patronise local producers.”

He said the waivers on food commodities hurt domestic producers, even though lower tariffs on tractors and manufacturing equipment helped them.

According to Banjoko, “The effect is that our imports will rise above our exports. Second, we will discourage local production. Thirdly, we will be reducing employment, because some factories will shut down if they are not able to compete.”

See also  You Are Not Prevented From Investing, Don’t Use Cry Of Monopoly To Stop Growth – Dangote Warns Critics

Banjoko also said weak funding for processors compounds the problem. He said foreign direct investment flows mainly into the capital market rather than into production and processing, so local processors cannot scale.

He urged the Federal Government to speed up the Special Agro-Industrial Processing Zones programme. “We should speed up such projects where we can produce enough for our country and start exporting, not look for shortcuts by reducing prices,” Banjoko added.

Meanwhile, the Chief Executive Officer of the Centre for the Promotion of Private Enterprise, Dr Muda Yusuf, identified two major factors behind the deficit. He said the first was the Federal Government’s decision to allow some food imports to tackle runaway inflation.

Yusuf said, “The first is the decision of the government to allow for some food imports as a result of the challenges of food inflation, which at a point was getting almost completely out of hand.”

He added that insecurity worsened the supply gap and cut export capacity, stating, “Insecurity led many farmers to leave their farms. Many of them have ended up in IDP camps, and quite a number have completely abandoned farming.”

He added that farmers cannot export without output. Yusuf said, “You can only export when you have the output.”

Yusuf also said high input costs and falling produce prices have discouraged farming. He said, “Most of these inputs are imported, so the exchange rate situation has seriously affected the cost of inputs, and the prices of produce have gone down.”

He urged the Federal Government to cut the cost of fertiliser, agrochemicals, machinery and improved seedlings. He also called for a minimum guaranteed price for agricultural produce.

See also  FG suspends planned 15% import duty on PMS, diesel

Yusuf said, “The government can establish a threshold below which, if prices fall, it will give farmers some compensation. That is the way it is done in many other economies.”

Source: punchng.com

FOLLOW US ON:

FACEBOOK

TWITTER

PINTEREST

TIKTOK

YOUTUBE

LINKEDIN

INSTAGRAM

Continue Reading

Trending