Business

Return Cooking Gas Price To How You Met It In 2015, Group Tells Buhari

Published

4 years ago

January 8, 2022

Civil rights advocacy group, Human Rights Writers Association of Nigeria, has asked President Muhammadu Buhari to return the price of Liquefied Petroleum Gas popularly called cooking gas to how he met it in May 2015 when he assumed office.

National Coordinator of HURIWA, Emmanuel Onwubiko, made this known in a chat with The PUNCH on Saturday.

According to Onwubiko, Nigerians have nothing to jubilate or rejoice over about the recent marginal drop in the cost of cooking gas.

According to PUNCH findings, the price of 12.5kg LPG has dropped from N8,800 to between N8400 and N8200. In some outlets, the price of the commodity dropped to between N7,800 and N8,000 as of Thursday.

The product had increased by 240 per cent for 12.5kg, moving up from N3,000 to N10,200 within the first 10 months of 2021.

The development forced some LPG users to shift to charcoal or firewood, as consumers of the commodity raised the alarm over the persistent hike in its price.

The Programme Manager, National LPG Expansion Implementation Plan, Office of the Vice President, Dayo Adeshina, had said the Federal Government was putting measures in place to ensure further reduction in the cost of cooking gas.

Cooking Gas Depot Price drop
However, in a chat with our correspondent on Saturday, the HURIWA coordinator said the marginal reduction (less than N1,000) in the price of cooking gas is not substantial.

Onwubiko said, “The failure of the relevant governmental bodies to regulate the pricing of gas assets in Nigeria is a recipe for encouraging the ballooning poverty situations that we have witnessed since 2015 that President Muhammadu Buhari has operated economic policy frameworks devoid of progressive mechanisms.

“Government lacks the requisite political will, sincerity of purpose and commitments to do the needful to ensure that millions of homes in Nigeria are not subjected to economic ordeals just so they can get gas to power the preparations of their foods and other essential services domestically and otherwise.

“High costs of gas has led to the closure of many restaurants and small businesses thereby increasing unemployment rates in Nigeria. The high cost of gas has affected the green environment and this shows that this government is hypocritical when it mouths her readiness to take remedial steps to halt the consequences of climate change.

“All those international trips costing the taxpayers billions of naira by the President and retinue of ministers to attend climate change-related global summits without taking local steps to check unaffordable costs of gas resources in Nigeria is cosmetic and hypocritical.”

When asked whether it would be better for Buhari to return the price of cooking gas to what it was in 2015, Onwubiko said, “Yes, but this government is unrepentantly incompetent.”

“The government derives satisfaction in imposing outrageous and satanic economic policies on Nigerians. This is even why the government has decided to tax us more for drinking soft drinks even when wives of politically exposed officials buy champagnes and expensive wines at public costs for their own enjoyment in their cocoons,” he added

Business

Naira Records Second Consecutive Depreciation Against US Dollar

Published

4 days ago

November 12, 2025

Editor

The Naira recorded its second consecutive depreciation against the United States dollar at the foreign exchange market on Tuesday to continue the bearish trend this week.

The Central Bank of Nigeria’s data showed that the Naira further weakened on Tuesday to N1,438.71 against the dollar, down from N1,437.2933 exchanged on Monday.

This means that the Naira again dropped by N1.42 against the dollar on Tuesday on a day-to-day basis.

At the black market, the Naira remained flat at N1465 per dollar on Tuesday, the same rate traded on Monday.

This is the second consecutive decline of Nigerian currency at the official market since the commencement of this week.

Meanwhile, the country’s external reserves had continued to rise, standing at $43.37 billion as of Monday, 10th November 2025, up from $43.35 billion on November 7.

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

1 month 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.