Petrol Price Increased To N630.63 In October -NBS

The National Bureau of Statistics (NBS), has said that the average retail price of a litre of petrol increased from N195.29 in October 2022 to N630.63 in October 2023. It made the declaration in its Petrol Price Watch for October 2023 released in Abuja on Wednesday. It stated that the October 2023 price of N630.63 represented a 222.92 per cent increase over the price of N195.29 recorded in October 2022. “Comparing the average price value with the previous month of September 2023, the average retail price increased by 0.71 per cent from N626.21. “On state profiles analysis, Zamfara paid the highest average retail price of N659.38 per litre, followed by Gombe and Borno at N658.33 and N657.27, respectively. “Conversely, Lagos, Oyo, and Delta paid the lowest average retail price at N590.95, N592.19 and N599.38 respectively,’’ it stated. Analysis by zones showed that the North-East Zone recorded the highest average retail price in October 2023 at N644.16, while the South-West recorded the lowest price at N616.81 per litre. The NBS also stated in its Diesel Price Watch Report for October 2023 that the average retail price was N1004.98 per litre. It said that the October 2023 price of N801.09 per litre amounted to a 25.45 per cent increase over the N801.09 per litre paid in October 2022. “On a month-on-month basis, the price increased by 12.82 per cent from the N890.80 per litre recorded in September 2023,’’ it added. On state profile analysis, the report said the highest average price of diesel in October 2023 was recorded in Plateau at N1150.00 per litre, followed by Nasarawa at N1138.00 and Benue at N1091.67. On the other hand, the lowest price was recorded in Rivers State at N824.44 per litre followed by Borno at N827.27 and Kebbi State at N845.00 per litre. In addition, the analysis by zones showed that the North-Central had the highest price of N1090.69 per litre, while North- East recorded the lowest price at N947.32 per litre. 

We’re Not Responsible For Soaring Cooking Gas Prices, Says NLNG

The Nigerian Liquified Natural Gas (NLNG) has dissociated itself from the soaring price of cooking gas in the country, blaming it on foreign exchange pressures.   General Manager, External Relations and Sustainable Development, Andy Odeh, said the company has been making defining contributions to the domestic LPG market, spurring the steady growth of the nation’s DLPG market volume from less than 50,000 metric tonnes of imported LPG in 2007 to over 1.3 million metric tons of both domestic and imported LPG today.  Odeh, said NLNG currently delivers over 450,000 metric tonnes per annum of Butane, the main product in cooking gas and has embarked on domestic propane supply to further grow the market. The Company, he continued, has committed its entire Butane and Propane production to the domestic market from 2023 and despite feed gas challenges, continues to supply LPG to the domestic market, accounting for approximately 40% of the total market volume.  Since the beginning of the year, NLNG has delivered over 380,000 metric tonnes of LPG using the Company’s dedicated LPG vessel. He said the NLNG has remained committed to delivering domestic LPG to locations as close to the market as possible by diversifying delivery points starting with Lagos in 2023, fostering competition among terminal owners and ultimately reducing consumer supply chain costs. Efforts are ongoing to reach terminals in Warri and Calabar as soon as the challenges limiting safe delivery of volumes to these other locations are cleared. “The domestic LPG market, like any other, is subject to dynamic market forces and various external factors. Such factors as changes in exchange rates, and escalating price benchmarks mirroring crude oil prices, and the Panama Canal drought-induced vessel scarcity impacting transport costs especially for imported LPG, have had significant effect on energy prices in the recent times and could undoubtedly be some of the reasons for recent price hikes witnessed in the domestic market. “NLNG maintains an unwavering commitment to ensuring the reliable supply of its LPG production to the domestic market at prices that are reflective of the market. The Company is collaborating with relevant industry stakeholders to achieve this objective and will remain focused on achieving its mission through this avenue among others,” Odeh said.