Business

Cooking Gas Price Increases By 86.62% In One Year – NBS

Published

3 years ago

October 22, 2022

The average price of 5kg of cooking gas increased from N4,456.56 in August to N4,474.48 in September, the National Bureau of Statistics (NBS) has stated.

It stated in its “Cooking Gas Price Watch’’ for September 2022 released on Saturday in Abuja that the September price was a 0.40 per cent increase over what obtained in August.

“On a year-on-year basis, the September 2022 price of N4,474.48 for 5Kg of gas was an 86.62 per cent increase over the price of N2,397.60 obtainable for the same volume in September 2021″, it stated.

On states profile analyses, the report stated that Kwara recorded the highest average price of N4,950 for 5kg of cooking gas, followed by Niger at N4,941.67, and Adamawa at N4,928.29.

It added that Abia recorded the lowest price at N4,044.44, followed by Anambra and Kano State at N4,100.00 and N4,109.67, respectively.

Analyses by geopolitical zones showed that the North-Central recorded the highest average retail price of N4,715.74, for 5kg cooking gas, followed by the Northeast at N4,539.41.

“The South-South recorded the lowest retail price at N4,317.92,” the NBS stated.

It also reported that the average retail price for refilling a 12.5kg cooking gas cylinder increased from N9,899.34 in August 2022 to N9,906.44 in September, indicating a 0.07 per cent increase on a month-on-month basis.

On a year-on-year basis, the price rose by 60.69 per cent from N6,164.97 in September 2021 to the corresponding period in September 2022.

On states analyses, the report indicated that Cross River recorded the highest average retail price for 12.5kg cooking gas at N10,937.50, followed by Kogi at N10,760 and Oyo at N10,723.75.

The lowest average price was recorded in Yobe at N8,350, followed by Katsina and Taraba at N8,545.56 and N9,025.78, respectively, the NBS stated.

Similarly, kerosene price rose to N947.30 per litre in September, showing a 17.2 per cent increase over the N809.52 for which it was sold in August 2022.

According to its “National Kerosene Price Watch’’, on a year-on-year basis, average retail price per litre rose by 118.08 per cent from N434.39 recorded in September 2021 to N947.30 in September 2022.

Further analysis showed that the highest average price per litre of kerosene in September 2022 was recorded in Enugu State at N1,272.50, followed by Ebonyi at N1,263.89 and Cross River at N1,187.50.

The report showed that the lowest price was recorded in Rivers at N686.27, followed by Bayelsa at N715.15 and Nasarawa at N735.29.

Analysis by zone showed that the Southeast recorded the highest average retail price per litre of kerosene at N1,128.28, followed by the Southwest at N1,068.18.

“The Northwest recorded the lowest average retail price at N868.89 per litre of kerosene,’’ the NBS stated.

It added that the average retail price per gallon of kerosene in September 2022 was N3,236.27, showing an increase of 9.79 per cent over the N2,947.65 recorded in August.

According to the report, on a year-on-year basis, the price increased by 110.04 per cent from N1,540.82 recorded in September 2021 to N3,236.27 that was recorded in September 2022.

Analyses by states showed that Abuja recorded the highest price per gallon of kerosene at N4,200.00, followed by Abia at N4,078.57 and Enugu State at N4,052.38.

The NBS stated that Borno recorded the lowest price at N2,500 followed by Zamfara and Delta with N2,555.56 and N2,576.92, respectively.

It added that analyses by zone showed that the Southeast recorded the highest average retail price per gallon of kerosene at N3,607.38 followed by the Southwest at N3,468.42

It stated also that the Northeast recorded the lowest price of N2,803.96 for a gallon of kerosene in September 2022.
NAN

Business

Tinubu Approves 15% Import Duty On Petrol, Diesel

Published

2 weeks ago

October 30, 2025

Editor

President Bola Tinubu has approved a 15 percent ad-valorem import duty on diesel and premium motor spirit (PMS), also known as petrol.

This was announced in a letter dated October 21, 2025, where the private secretary to the president, Damilotun Aderemi, conveyed Tinubu’s approval to the Federal Inland Revenue Service (FIRS) and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).

Tinubu gave his approval, following a request by the FIRS to apply the 15 percent duty on the cost, insurance and freight (CIF) to align import costs to domestic realities.

With the approval, the implementation of the import duty will increase a litre of petrol by an estimated N99.72 kobo.

The latest development has led to the Nigerian National Petroleum Company Limited (NNPCL) announcing that it has begun a detailed review of the country’s three petroleum refineries, with a view to bringing them back online.

NNPCL Group Chief Executive Officer (GCEO), Bayo Ojulari, made the announcement in a post on his official X handle on Wednesday night.

According to Ojulari, one of the options being explored by the NNPCL is to search for technical equity partners to ‘high-grade or repurpose’ the facilities.

Tagged: “Update on Our Refineries”, Ojulari said: “The NNPCL continues to remain optimistic that the refineries will operate efficiently, despite current setbacks.”

It can be recalled that despite spending about $3 billion on revamping the refineries, only the 60,000 barrels per day portion of the facility worked skeletally for just a few months before packing up.

The Warri refinery has remained ineffective weeks after it was gleefully announced to have returned to production, while the one situated in Kaduna State never took off at all.

Business

NNPCL Raises Fuel Price

Published

4 weeks ago

October 13, 2025

Editor

The Nigerian National Petroleum Company Limited (NNPCL) has increased the pump price of petrol from ₦865 to ₦992 per litre, marking a fresh hike that has sparked widespread concern among motorists and consumers .

As of the time of filing this report, the company has not released any official statement explaining the reason for the sudden adjustment.

During visits to several NNPC retail outlets, The Nation observed fuel attendants recalibrating their pumps to reflect the new price.

At NNPC filling station on Ogunusi road, Ojodu Berger, petrol attendants at the station said they were instructed to change the price to reflect the new rate N992 per litre.

However, checks at Ibafo along the Lagos /Ibadan expressway showed that NNPC outlets still displayed the old price of N875 per litre, although they were not selling to commuters.

Most of the NNPC stations were not dispensing fuel.

Business

CBN Directs Banks To Refund Failed ATM Transactions Within 48hrs

Published

4 weeks ago

October 11, 2025

Editor

The Central Bank of Nigeria has directed Deposit Money Banks and other financial institutions to refund customers for failed Automated Teller Machine transactions within 48 hours, in a sweeping reform aimed at protecting consumers and restoring confidence in the banking system.

The directive is contained in a draft guideline released by the apex bank on Saturday, titled “Exposure of the Draft Guidelines on the Operations of Automated Teller Machines in Nigeria.”

The document, signed by Musa I. Jimoh, Director of Payments System Policy Department, was circulated to banks, payment service providers, card schemes, and independent ATM deployers, with a call for stakeholder feedback by October 31, 2025.

Under the draft, failed “on-us” transactions, where customers use their own bank’s ATM, must be reversed instantly. If technical glitches prevent immediate reversal, the bank is required to manually refund the customer within 24 hours.

For “not-on-us” transactions, involving other banks’ ATMs, refunds must be processed within 48 hours.

“Customers must not be made to suffer for failed transactions caused by system errors or network failures,” the circular stressed.

In a significant shift, the CBN mandated banks and ATM acquirers to deploy technology that automatically reverses failed or partial transactions, removing the need for customers to lodge complaints.

Institutions holding customer funds due to failed disbursements must reconcile and return balances immediately.

According to the apex bank, these measures respond to widespread frustration over delayed refunds and poor customer service and form part of a broader effort to enhance consumer protection, improve reliability, and modernise Nigeria’s payment infrastructure in line with global standards.

The guidelines will also overhaul ATM operations nationwide. Banks and card issuers are now required to deploy at least one ATM for every 5,000 active cards, with phased targets of 30% compliance in 2026, 60% in 2027, and full compliance by 2028. Any future deployment, relocation, or decommissioning of ATMs must receive prior approval from the CBN.

To ensure safety, ATMs must be fitted with anti-skimming devices, CCTV cameras, and placed in enclosed or well-lit areas.

Machines are expected to comply with Payment Card Industry Data Security Standards, maintain audit logs, and display functional helpdesk contacts. At least 2% of all ATMs must feature tactile symbols for visually impaired customers.

ATMs are also required to dispense cash before returning cards, allow free PIN changes, issue receipts for all transactions except balance inquiries, display clear transaction fees, dispense only clean banknotes, and provide backup power to reduce downtime.

Downtime must not exceed 72 consecutive hours, after which operators must inform the public of the cause and expected restoration time.

The CBN will enforce compliance through regular audits, on-site inspections, and monthly reports from ATM operators detailing deployments and locations. Defaulting institutions risk sanctions, though fines were not specified.

The apex bank explained that the overhaul was necessary due to rising complaints about failed transactions, cyber fraud, and declining service quality, noting that “the goal is to build a payments system that works seamlessly for everyone, urban and rural users alike.”

Nigeria’s electronic payments landscape has grown rapidly in recent years, with 200 million cardholders and rising reliance on digital banking, but network failures, poor infrastructure, and delayed reversals have continued to undermine confidence.

The fresh guidelines, coming eight months after a revision of ATM fees, are expected to streamline service delivery, enhance transaction security, and hold banks accountable. Stakeholders are invited to submit feedback ahead of the final policy adoption, which could take effect before the end of the year.