Connect with us

NEWS

Cooking Gas Demand Crashes Amid Rising Prices

Published

on

Share

Demand for Liquefied Natural Gas (LPG) popularly known as cooking has dropped to a record low across the country, according to findings.

Market reports showed that consumers had lately either reduced consumption or ditched the commodity for cheaper alternatives such as coal and firewood.

President, Nigerian Gas Association, Ed Ubong,  said during a downstream event in Lagos that national annual consumption was currently between 1.

3mn and 1.5mn metric tons from the Federal Government’s annual target of 5mn metric tons.

This brings to fore the achievement of President Buhari’s National Gas Expansion Programme which seeks to deepen local gas usage within the next decade.

Executive Secretary, Nigerian Association of Liquefied Petroleum Gas Marketers (NALPGAM),  Bassey Essien, confirmed the drop in demand.

 According to him, the price of 20 metric tons of cooking gas as of Tuesday shot up from N12m to N12.8m.

“Prices have been volatile for a while, and it’s because the purchasing power has dropped. Gas is no longer affordable, and buyers are either regulating use or found alternatives. As at today, a 20-metric-ton of gas sells for about N12.8mn. Price has hovered around 10mn-12mn before now. Just imagine what we bought last for N12m, rising by N800, 000 for one truck,” he said.

While speaking during one of the technical sessions on the topic, ‘Gas as a catalyst for sustainable economic development- The role of Nigerian Content’, at ‘The Nigerian Content Midstream and Downstream Oil and Gas Summit 2022’ organised by the Nigerian Content and Development Monitoring Board, NCDMB in Lagos on Tuesday, gas stakeholders unanimously agreed that national gas consumption was currently very low. They expressed worry over the dwindling purchasing power of Nigerians. They, however, did not state what current actual consumption or demand was when compared to figures already quoted by Ubong.

The MD/CEO, TECNO Gas Ltd, Nkechi Obi, during the panel session, said gas pricing was one of the reasons for low demand across the country.

“Currently, gas demand is getting very, very low across the country, and this is due to high gas pricing”, she said, adding that lack of government policy to drive demand also formed part of the reason demand was abysmally low.

She urged the Federal Government to intervene in terms of formulation of policy and funding to drive up demand, adding that gas was a developmental commodity.

Findings showed that between 55-60 percent of gas utilised in Nigeria is currently being imported by independent marketers, while the Nigerian Liquefied Natural Gas Limited (NLNG) supplies just 40 percent.

Nigeria has been described as a gas country with approximately 207 trillion cubic feet (Tcf) of proven gas reserves, ranking 9th in the world and accounting for about 3 per cent of the world’s total natural gas reserves of 6,923 Tcf. Nigeria has proven reserves equivalent to 306.3 times its annual consumption.

Natural gas is estimated as the fastest growing fossil fuel in the world, and is projected to overtake coal by 2030, as the second largest source of energy.

The Federal Government said in April,that the value of Nigeria’s proven gas reserves of about 206.53 trillion cubic feet was over $803.4tn.

Ubong said Nigeria needed to deepen domestic production of gas to bring down prices and increase local consumption, adding that affordability was being threatened.

“When gas is imported, then, international pricing will also apply because you will have to add freight charges and import duty to the price. All these added together will definitely push prices up. You will also need to factor in the issue of FOREX. Getting Forex to import products is also very scarce”, he said.

A March 2022 LPG, Propane and LNG supplies- its latest report obtained from the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) – puts local supplies for the month at approximately 67, 000 metric tons (MT), while total for both import and local was put at approximately 129, 000 metric tons. Local supply for February was put at 47, 000MT, but total local and import supply was put at 77,000MT.

The National Bureau of Statistics, NBS, said in its latest report that the average price for refilling a 5kg cylinder of cooking gas stood at N3800 in April 2022, from N3778 recorded in March 2022, showing an increase of 0.59 percent month-on-month.

However, on a year-on-year basis, the average retail price for the product increased by 83.67 percent from N2069 in April 2021.

 According to state profile analysis, the highest average price for refilling a 5kg cylinder of cooking gas was recorded in Gombe with N4337.50, followed by Bayelsa with N4250.00 and Adamawa with N4220.00.

On the other hand, Yobe recorded the lowest average price with N2931.83. This was followed by Sokoto and Zamfara with N3000 and N3250 respectively.

In addition, prices analysed by zones showed that the average retail price for refilling a 5kg cylinder of cooking gas was highest in the South-East with N4041, followed by the South-South with N3896, and North-Central with N3836, while the North-West recorded the lowest average retail price of N3573.

The average price for refilling a 12.5kg cylinder of cooking gas increased to N8164 in April 2022, from N7617 in March 2022, representing a 7.18 percent month-on-month increase.

Similarly, on a year-on-year basis, the average retail price for refilling a 12.5kg cooking gas increased by 89 percent from N4318 in April 2021.

The state comparisons showed that the highest average retail price for the refilling of a 12.5kg cylinder of cooking gas was recorded in Oyo with N8931, followed by Bayelsa with N8917, and Ogun with N8767. Conversely, the lowest average price for the refilling of a 12.5kg cylinder of the product was recorded In Yobe with N6619, followed by Borno and Ebonyi with N6800 and N7711 respectively.

The average retail price of a 12.5kg cylinder of the product by zones showed that the average retail price was highest in the South-West with N8573, followed by the South-South and South-East with N8253 and N8240 respectively.

The North-East Zone recorded the lowest price with N7559.

NEWS

FCT HOS: Why President Tinubu Extends Atang’s Tenure By 6 Months

Published

on

Share


By Laide Akinboade, Abuja
President Bola Ahmed Tinubu, has approved the extension of Atang Udo Samuel, as the the Head of Service, HOS,  for Federal Capital Territory Administration, FCTA, in order to stabilise and consolidate the ongoing process in repositioning, the administrative structure of FCTA.


In a memo that was obtained by Daily Asset, and signed on behalf of FCT Minister, Nyesom Wike, by the Chief of Staff, to the Minister, Chidi Amadi, in Abuja.

The memo stated that Atang’s  tenure was extended for six months with effect from Wednesday 27th March, 2024.
The memo reads, “I am directed to refer to the above subject matter and to inform you that His Excellency President Bola Ahmed Tinubu, has graciously approved the extension of your service for a period of six months with effects from Wednesday 27th March 2024 when you would have attained the mandatory age of 60 years.

“The extension of your service premised on the need to stabilise and consolidate the ongoing process to reposition the administrative structure of FCT Administration occasioned by the recent inauguration of FCT civil service commission”.
It would be recalled that Forty Seven years after creation, the Federal Capital Territory (FCT) finally got a Civil Service Commission, a few days ago .
On that same day, FCT Head of Service, HOS, Udo Samuel Atang, and ten Permanent Secretaries chosen from Directors of the FCT Administration, took their oaths of office.
And on Wednesday 27th of March, the HOS attained the mandatory age of 60 years for retirement in civil service.

Continue Reading

NEWS

FGGC Benin Emerges Winner of 2023 National Senior Secondary Schools’ Debate

Published

on

Share


By Tony Obiechina, Abuja
The Federal Government Girls College, Benin has emerged overall winner of the 2023 National Senior Secondary Schools’ Debate Competition.
This remarkable achievement came after fierce competition from schools across the six geo-political zones of the country.


The grand finale of the competition was organised by the Senior Secondary Education Department, Federal Ministry of Education in Abuja on Tuesday.

The topic debated on was “Democracy has done more harm than good to the nation.”
The students of FGGB Benin impressed the judges with their outstanding performances, securing the overall first position, while Federal Science and Technical College, Yaba and Federal Government College, Potiskum, secured the second and third position respectively.

The Minister of State for Education, Dr Yusuf Sununu, said the competition was aimed at igniting the student’s quest of academic excellence and the growth of critical thinking abilities.
Sununu, represented by his Special Adviser on Project, Mr Rufai Adamu, charged the students on their continued contributions to the intellectual enrichment of the society.
“The debate exercise is an effective method for developing students’ critical thinking skills as well as a spirit of inquiry and reasoned conversation.
“The topics discussed throughout this competition have spanned a wide spectrum of issues, reflecting the diversity and complexity of the world we live in.
“From socio-economic challenges to environmental concerns, the students have demonstrated an impressive ability to grapple with multifaceted issues and present well-reasoned arguments.
“As we witness the grand finale, let us remember that education is not merely a means to an end but a lifelong journey of discovery and growth.
“It is our collective responsibility to ensure that the education system continues to foster critical thinking, creativity, and a sense of civic duty,” he said.
In her remarks, Hajia Binta Abdulkadir, the event convener, Director, Senior Secondary Education Department in the ministry,  said the competition was designed to promote effective critical thinking and development of excellent oral and written communication skills.
“As we all know that debate promotes critical thinking, boosts confidence and promotes effective communication skills, encourages teamwork, It stimulates independent research, supports democratic values and tolerates opposing views.
“It increases knowledge sharing and professional attributes to mould and bring about a successful career. It equally fosters a sense of unity among students by encouraging open, respectful and constructive debates on a topic of national importance,” she said.
Meanwhile, the President General, Unity School Old Students Association (USOSA), Michael Magaji, appealed to the ministry to go beyond debating but introduced a global initiative just as the UN global club to bring students to the current levels of global thinking.
 Highlights of the competition featured cash awards as FGGC Benin got a cash prize of N150,000 while FSTC Yaba got a cash prize of N100,000.
Other consolation prizes were given to the students by Cisco Network Academy, Skool Media and USOSA and the Ministry of Education.

Continue Reading

NEWS

We’re Meeting Our Targets on Airport -Kuje Road Construction – Wike

Published

on

Share


By Laide Akinboade, Abuja
The Minister of the Federal Capital Territory (FCT), Mr Nyesom Wike, haom Wednesday,  expressed satisfaction with the quality and speed of the ongoing road constructions in Kuje, Kuje Area Council.
The roads that were inspected by the Minister included, the six-lane dual carriageway from Airport Expressway to Kuje Junction and the five-kilometre dual carriageway from Garage Junction to LEA Secretariat, in Kuje.


The minister explained that the five-kilometre dual carriage way from Garage Junction to LEA Secretariat was nominated by the council’s chairman and stakeholders in the area.

He said that the contractor has done earth work covering 2.
5 kilometres, adding that what would follow was the drainage.
According to the Minister, “The Area Council Chairman and the stakeholders in Kuje were the ones that nominated this road. And the road is 5 kilometers and just like what the contractor said, they started from where they have difficulty so that by the time they get to where there is consent they would have sorted out the issues.
“From what they have said today, they have done the earthwork to 2 kilometers and they said before the end of the year they would have completed this particular road.
“And the one from the airport to Kuje city here, which is being handled by the Arab contractors, you can see that their work is going on very well.
“And with the quality of work we are quite satisfied too. The contractor said before the end of the year they would have completed the earthwork. It gladdens our heart that we are meeting our targets.”
Earlier, Mr Shehu Ahmad, Executive Secretary, Federal Capital Development Authority, said that the road, linking the Airport Expressway to Kuje township would cover 11 kilometres.
Ahmad explained that between the airport expressway to Kuje junction, the road would cross over two rivers and also cross over the Outer Southern Expressway that would link the city centre with Gwagwalada Expressway.
He added that the Airport Expressway to Kuje Junction would cover nine kilometres, while the remaining two kilometres would extend backward towards Kyami District.
He explained that one of the major constraints affecting the delivery of the road was the presence of five towers belonging to the Transmission Company of Nigeria (TCN) along the road corridor.
The FCDA boss added that TCN have been contacted and have agreed to relocate the towers, stressing that until the obstructions were removed, work could not take place in the affected areas.

Continue Reading

Read Our ePaper

Top Stories

NEWS17 hours ago

FCT HOS: Why President Tinubu Extends Atang’s Tenure By 6 Months

ShareBy Laide Akinboade, AbujaPresident Bola Ahmed Tinubu, has approved the extension of Atang Udo Samuel, as the the Head of...

NEWS17 hours ago

FGGC Benin Emerges Winner of 2023 National Senior Secondary Schools’ Debate

ShareBy Tony Obiechina, AbujaThe Federal Government Girls College, Benin has emerged overall winner of the 2023 National Senior Secondary Schools’...

NEWS17 hours ago

We’re Meeting Our Targets on Airport -Kuje Road Construction – Wike

ShareBy Laide Akinboade, AbujaThe Minister of the Federal Capital Territory (FCT), Mr Nyesom Wike, haom Wednesday,  expressed satisfaction with the...

NEWS17 hours ago

Osun to Partner FG on Culture, Tourism Development

ShareFrom Kunle IdowuGovernor Ademola Adeleke has secured a partnership deal with the Ministry of Tourism on the development of tourism...

POLITICS17 hours ago

I Didn’t Call for Ganduje’s Resignation – Alia

ShareFrom Attah Ede, MakurdiGovernor Hyacinth Alia of Benue has denied calling for the resignation of Alhaji Abdullahi Ganduje, the All...

POLITICS17 hours ago

Mutfwang Meets PDP North Central Leadership Calls for Unity among Officials

ShareFrom Jude Dangwam, JosThe Executive Governor of Plateau State, Barrister Caleb Manasseh Mutfwang has called for unity a purpose among...

POLITICS17 hours ago

FG Seeks Swedish Govt Support on Technical Education

ShareBy Tony Obiechina, Abuja The Federal Government is seeking the support of the Swedish Government to help drive its ongoing...

Metro17 hours ago

FG Declares March 29, April 1, Public Holiday to Mark Easter Celebration

ShareThe Federal Government has declared Friday, March 29, and Monday, April 1, as public holidays to mark the Easter celebration.This...

NEWS18 hours ago

Nigeria Prepared to Expedite Sustainable Dev’t in Collaboration with Partners — Tinubu

SharePresident Bola Tinubu yesterday said his administration is committed to deepening democracy by ensuring adherence to the rule of law...

NEWS18 hours ago

Police Engage Bandits in Gun Battle, Kill two, Arrest One in Benue

ShareFrom Attah Ede, Makurdi Men of the Benue State Police Command yesterday engaged bandits in gun duel in Mba-Mtsar village,...

Copyright © 2021 Daily Asset Limited | Powered by ObajeSoft Inc