Connect with us
SSN
Advertisement
IZIKJON
Advertisement
forex
Advertisement
Stanbic IBTC
Advertisement
Binance
Advertisement
Esetech
Advertisement
Patricia
Advertisement
Fidelity ads
Advertisement
app

Business News

Price Watch: The average prices of Kerosene, Diesel, and Gas in April

The average price per litre of Kerosene in Nigeria increased to N316.26 in April 2019, compared to N303.94 recorded in March. This indicates that the Average price per litre paid by consumers for National Household Kerosene increased by 4.06 percent month on month and 13.57 percent year-on-year.

Published

on

The average price per litre of Kerosene in Nigeria increased to N316.26 in April 2019, compared to N303.94 recorded in March. This indicates that the Average price per litre paid by consumers for National Household Kerosene increased by 4.06 percent month on month and 13.57 percent year-on-year.

According to the latest National Bureau of Statistics’ (NBS) Price watch report,  the price of automotive gas oil (diesel) inched up to N230.67 in April, up from N229.16 in March.

However, the average price for refilling a 5kg cylinder for Liquefied Petroleum Gas (Cooking Gas) decreased to N2,046.53 in April; down from N2,064.45 recorded in March. Essentially, average prices of cooking Gas decreased by -0.87 percent
month-on-month and -0.57 percent year-on-year

Price variations across States – In the month of April, States with the highest average price per litre of kerosene were: Plateau (N361.90), Anambra (N353.47), and Enugu (N353.33). However, consumers in Gombe (N269.04), Lagos (N272.02), and Nassarawa (N287.45) states paid the lowest average price per litre of kerosene.

Similarly, States with the highest average price per gallon of kerosene were Gombe (N1,361.54), Enugu (N1,322.73) & Jigawa (N1,321.43). However, Bayelsa (N1,031.67), Akwa Ibom (N1,071.36) and Delta (N1,071.36) recorded the lowest average price per gallon of kerosene.

On the other hand, States with the highest average price of diesel were: Borno (N249.50), Osun (N245.55) and Niger (N241.90), while Ekiti (N204.40), Rivers (N218.00), and Plateau States (N219.11) recorded the lowest average price of diesel.

Lastly, Cooking gas Consumers in Bauchi (N2,513.33), Adamawa (N2,375.00) and Borno States (N2,362.50) paid the highest average price for refilling a 5kg cylinder for Cooking Gas. However, Consumers in Osun (N1,766.66), Oyo (N1,790.38), and Kaduna (N1,800.00) paid the lowest average price for the refilling of a 5kg cylinder for Cooking Gas.

Prices across zones –  The average price for refilling 5kg of cooking gas was highest in North East Zone (N2305.27). Followed by South-South (N2174.39), South East (N2023.44), North West (N1979.86), North Central (N1977.17) and South West (N1837.89).

Also, South East Zone maintains the highest average price of Kerosene at N337.60 per litre, South West (N321.66), South-South (N317.46), North West (N311.34), North Central (N310.46) and North East (N304.42).

Lastly, consumers in the South East Zone paid the highest average price of N237.65 per litre of Diesel. Followed by North East (N236.68), South West (N229.92), North Central (N228.00), North West (N227.89) and SouthSouth (N225.95).

Upshots: Analysis of the report shows that average prices of Kerosene and Diesel increased for the month of April. This suggests that consumers had to pay more than they spent in the previous month, and this will reduce the purchasing powers, thereby reducing sales and revenue of companies supplying these products for the period under review

Similarly, as the power sector is still a bane of both industries and household, economic agents in Nigeria still find themselves demanding a high quantity of diesel for use. Hence, the rise in the price of diesel would further heap more pressure on the finances of companies, which may force the companies to transfer the cost in the form of a price increase on certain goods. For the household, it implies a fall in the purchasing power.

bitcoin train

Lastly, the fall in average prices for refilling Cooking gas dropped and implies that small business owners and household would have a sense of relief. At least, in the meantime, this will aid small business in terms of downsizing cost of production and thereby boosting profit.

Binance

Samuel is an Analyst with over 5 years experience. Connect with him via his twitter handle

Click to comment

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Business

Royal Academy of Engineering invests over £3.5 million in Nigeria, others

The academy has awarded over £3.5 million in 37 projects in Nigeria and across 13 African countries.

Published

on

The Royal Academy of Engineering has awarded over £3.5 million to 37 projects in Nigeria and across 13 African countries to promote better training and sustainability and diversify economies.

This was disclosed by the Academy via a statement issued and seen by Nairametrics on Thursday to mark the UNESCO World Engineering Day 2021.

It stated that the Academy’s interest in partnering with partner academic institutions’ projects focused on realizing sustainable development goals.

One of such projects, according to the statement, is the renewable energy project recently embarked on by Engineering students in the University of Abuja, Nigeria.

It stated, “A new awardee of the HEPSSA programme, the University of Abuja, in a project titled “Renewable energy utilization: Accelerating diffusion of solar power systems”, seeks to address the problem of access to affordable and clean energy with a view to enable accelerated diffusion solar power systems.”

Commenting on the progress achieved in Africa, Nigerian born Engineer in the UK, Yewande Akinola MBE, who is also a member of the Royal Academy of Engineering GCRF Africa Catalyst Committee, said:

“While we see immediate improvements in skills and innovation through these programmes, the real win is establishing a framework for lasting change. This will equip communities in Africa to anticipate and plan for the challenges posed by climate change, urbanisation and economic development. The continent is transforming rapidly, and those engineering its future need the skills to think on their feet.”

Stressing the need for strategic partnerships and buy-in of stakeholders, she said, “By developing strong alliances between local partners in sub-Saharan Africa and the UK, we can enable learning, collaboration and sharing of best practice, which in turn will build skills to boost innovation. But there is much more to be done, which needs the continued support of investors and partners.”

She added that the Academy aimed to support the development of a diverse and future fit workforce across the continent.

“It is estimated that fewer than 10% of engineering posts in Africa are currently occupied by women. GCRF Africa Catalyst has worked with Women in Engineering (WomEng) to promote gender diversity across a wide spectrum of professional experience.

“WomEng’s work with Eswatini’s Registration Council for Architects, Engineers, Surveyors and Allied Professionals has resulted in seven registered female members where they initially had none. A HEP SSA project with the Institute of Engineers Rwanda also helped to increase the number of female internship applicants from 5% to 2018 to 25% in 2019,” she said.

Highlights of achievements of the Africa grants:

  • Over 2000 professionals trained by Professional Engineering Institutions across sub-Saharan Africa.
  • Over 530 student industry placements since 2013. Number of students obtaining industry internships increased from 40% to 90% over the course of one project in Zambia
  • Diversity & Inclusion initiatives have driven equal gender participation in programmes. A project from the Institute of Engineers Rwanda helped to increase the number of female internship applicants from 5% in 2018 to 25% in 2019.
  • 50 individual course curricula reviewed and improved as a result of industry-academia partnerships.
  • Almost 50 UK organisations and 400 in-country bodies involved as project partners so far.

What you should know

  • Launched in 2016, with support from the UK government’s Global Challenges Research Fund (GCRF), the Africa Catalyst initiative allows Engineers to focus on issues of specific importance to their relevant jurisdictions while facilitating good governance practices.
  • The Royal Academy of Engineering is showcasing its impact on enhancing collaboration, education, and diversity in engineering in sub-Saharan Africa, delivered through its Africa grants programmes ahead of the second UNESCO World Engineering Day for Sustainable Development on the 4th of March 2021.

Continue Reading

Entertainment

Veteran broadcaster, actor, Sadiq Daba is dead

Daba died on Wednesday evening after losing a battle to leukaemia and prostate cancer.

Published

on

Veteran broadcaster and actor, Sadiq Daba, died on Wednesday evening after losing a battle to leukaemia and prostate cancer.

His death was confirmed by filmmaker, Kunle Afolayan, with whom he recently worked with on the 2020 motion picture, Citation.

Afolayan, who said that the ace broadcaster died on the evening of Wednesday, March 3rd, said he spoke with his wife and son who confirmed his passing to him.

Many Nigerians, including billionaire Femi Otedola, had donated money for his treatment abroad and showed massive support on social media.

Daba made waves in the 1980s on Nigerian Television Authority (NTA).

He has featured in several TV series and movies, with “Cock Crow at Dawn” and “October 1st” as notable mentions.

Continue Reading
Advertisement




Advertisement

Nairametrics | Company Earnings