<< Back             Poser >> Cooking gas price rises 13% to N1,500 per kg …As dealers lament poor sales By Mariam Adebukola The price of Liquefied Petroleum Gas, LPG, also known as cooking gas has increased by 14.3 percent on a month-on-month, MoM, basis, to N1,500 per kilogram, from N1,300 recorded last month. However, the ex-depot price of the product increased by 16.7 percent on a MoM basis to N21 million per 20 metric tonnes (MT), up from N18 million recorded last month. Checks by Vanguard indicated that cooking gas now sells up to N1,500 per kilogramme in many locations. Speaking with Vanguard, the National President of the Nigerian Association of Liquefied Petroleum Gas Marketers, Mr. Inyang Edu, confirmed that the depot price rose to N21 million adding that the purchasing power of Nigerians dropped drastically due to the hike in price. According to him, the dealers now record poor sales at their various gas plants as consumers resort to other sources of energy. “The depots sell N1,065,000 per one metric ton which gives a total of over N21 million for 20 metric tonnes. The depots include, Rainoil, Nipco, Mobil, Ardova. Before now, Nipco sold for N19.5 million per 20 metric tonnes but it has now been increased to N21 million”. Commenting on the cause of the sharp increase, Inyang said it was related to the Middle East crisis as it has affected not only cooking gas but other petroleum products. On supply from Dangote refinery, Inyang noted, “the refinery sell at a cheaper rate of about N16 million for 20 metric tonnes to their off-takers who then includes their profits, making the products high for marketers to buy. He added, “The supply from Dangote is limited, he recently  announced  that he only gets five out of 13 crude oil allocations it required, as he imports crude oil to refine here in Nigeria”. “This will continue to hamper the price of petroleum products coupled with the Middle East crises that have disrupted oil production”. Vanguard Business News	ECOWAS Bank approves over $267m for projects in Nigeria, Ghana, others The ECOWAS Bank for Investment and Development (EBID) has approved $266.7 million and another XOF30 billion to support a portfolio of strategic infrastructure projects in Nigeria, The Gambia, Ghana, Senegal, and Côte d'Ivoire. CBN, banks, fintechs launch joint platform to fix payment gaps •Unveil new payments vision as PSPC takes off By Babajide Komolafe The Central Bank of Nigeria (CBN), commercial banks and financial technology (fintech) operators have launched a joint industry platform aimed at addressing structural gaps in the nation’s payment system, even as the apex bank disclosed plans to unveil a new payments vision to drive the next […] World Bank approves $500m credit for Nigeria’s smallholder farmers The World Bank says it has approved a $500 million credit facility for Nigeria through the International Development Association (IDA) to support the implementation of the Nigeria Sustainable Agricultural Value-Chains for Growth (AGROW) project. In a statement on its website, the bank said the initiative is designed to increase smallholder farmers’ productivity, strengthen agricultural value chains, […] Cooking gas price rises 13% to N1,500 per kg …As dealers lament poor sales By Mariam Adebukola The price of Liquefied Petroleum Gas, LPG, also known as cooking gas has increased by 14.3 percent on a month-on-month, MoM, basis, to N1,500 per kilogram, from N1,300 recorded last month. However, the ex-depot price of the product increased by 16.7 percent on a MoM basis to N21 million […] Stakeholders call for inclusive, cross-border strategies to tackle insecurity in West Africa Stakeholders at a regional dialogue on peace and security have called for stronger collaboration, inclusive participation, and enhanced cross-border cooperation to address rising insecurity and violent extremism in West Africa. NNPC to increase crude oil supply to Dangote Refinery to seven cargoes By Udeme Akpan, Energy Editor The NNPC Limited has concluded plans to increase crude oil allocation to the Dangote Petroleum Refinery to seven cargoes in May 2026, up from the five cargoes supplied in previous months. The move, it was gathered, reflects NNPC’s commitment to prioritising domestic crude supply in the coming months. However, reacting in an […]