The Lastest report released by the National Bureau of Statistics (NBS) has shown that the average price per litre of Kerosene in Nigeria decreased to N315.91 in May 2019, down from N316.26 recorded in the month of April. This represents a 0.11% declined in the prices of Kerosene month-on-month basis.
The report further disclosed that the price of automotive gas oil (diesel) decreased to N228.02 in May 2019 from to N230.67 in the previous month.
Similarly, the average price for refilling a 5kg cylinder of Liquefied Petroleum Gas (Cooking Gas) decreased to N2,028.04 in May 2019 down from N2,046.53 in April. Essentially, average prices of cooking Gas decreased by -0.90%
month-on-month and -2.13% year-on-year.
Price variations across States: In the month of May, States with the highest average price per litre of kerosene include: Anambra (N363.54), Ebonyi (N355.00), and Plateau (N351.85). However, consumers in Abuja (N291.67), Katsina (N290.67) and Gombe (N265.39) enjoyed the lowest average price per litre of kerosene.
More so, States with the highest average price per gallon of kerosene are- Gombe (N1,415.38), Taraba (N1,397.00) & Jigawa (N1,378.57). Bayelsa (N1,040.90) Akwa Ibom (N1,031.25) and Abuja(N1,012.50) on the other hand, recorded the lowest average price per gallon of kerosene.
Moving on, the States with the highest average price of diesel include: Borno (N266.67), Adamawa (N245.63) and Cross River (N245.28), while Nasarawa (N206.93), Ekiti (N206.65) and Benue (N203.33) recorded the lowest average price of diesel.
Lastly, Cooking gas Consumers in Adamawa and Bauchi (N2,500.00), Yobe (N3,375.00) and Borno (N2,342.86) paid the highest average price for refilling a 5kg cylinder for Cooking Gas. However, Consumers in Edo (N1,714.17), Abuja (N1,675.00) and Ebonyi (N1,666.67) 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 (N2356.68). Followed by South-South (N2002.14), North West (N1989.29), South East (N2023.44), North Central (N1963.27) and South West (N1963.27).
Also, South East Zone maintains the highest average price of Kerosene at N340.33 per litre, South West (N327.87), North East (N310.66), South-South (N310.17), North West (N308.98) and North Central (N304.33).
Lastly, consumers in the North East zone paid the highest average price of N235.93 per litre of Diesel. Followed by South East Zone (N234.05), North West (N229.76), South-South (N226.85), South West (N226.85) and North Central (N219.84).
Upshots: Analysis of the report shows that average prices of Kerosene, Diesel and Cooking gas all dropped for the month of May. This suggests that consumers paid less than they did in the previous month, and this must have improved the consumers’ purchasing powers, thereby improving sales and revenue of companies supplying these products.
Similarly, while these products are used by both firms and individuals, business owners and household would have a sense of relief following the fall. At least, in the meantime, this will aid small business in terms of downsizing cost of production and thereby boosting profit.
Update: Fuel scarcity looms as NUPENG directs Tanker drivers to withdraw services in Lagos
This was disclosed in a press statement by NUPENG on Friday, August 7, 2020.
The scarcity of petroleum products appears to be looming in Lagos as the leadership of Nigerian Union of Petroleum and Natural Gas Workers (NUPENG) has directed its members to withdraw its services in Lagos with effect from Monday, August 10, 2020.
This is due to the failure of government authorities to address the various issues that have been causing serious pains and harrowing experience on the petroleum tanker drivers in the state for several months now.
This was disclosed in a press statement by NUPENG on Friday, August 7, 2020.
NUPENG in its statement revealed that the entire rank and file members of the Union are deeply pained and frustrated by the so many challenges being consistently faced by Petroleum Tanker Drivers in Lagos State.
They said that they are left with no other option but to direct its members to withdraw their services in Lagos State until the State Government and other relevant Stakeholders address these critical. challenges.
The statement from NUPENG reads, ‘’The National Leadership of Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) has directed the withdrawal of services of Petroleum Tanker Drivers from Lagos State with effect from Monday, 10th August 2020 following the failure of various authorities in the State to address three major issues that have severely caused pains and harrowing experiences on the hapless Petroleum Tanker Drivers in the State for several months now.’’
‘’The entire rank and file members of the Union are deeply pained, frustrated and agonized by the barrage of these challenges being consistently faced by Petroleum Tanker Drivers in Lagos State and are left with no other option but to direct the withdrawal of their services in Lagos State until Lagos State Government and other relevant Stakeholders address these critical challenges.’’
The Union reiterated that It is sad and disheartening to note that they had made several appeals and reports to Lagos State Government and the Presidential Task Force for the decongestion of Apapa on these challenges but all to no avail.
They said that they cannot afford to fold their arms while their members are being consistently and continually extorted, intimidated, harassed and victimized by different groups and segments in Lagos.
NUPENG LEADERSHIP DIRECTS WITHDRAWAL OF SERVICES BY PETROLEUM TANKER DRIVERS IN LAGOS STATE WITH EFFECT FROM MONDAY, AUGUST 10, 2020
Read more:https://t.co/TV5sFoBOcO@followlasg#Lagos pic.twitter.com/tAuOpsMc3a
— NIGERIA UNION OF PETROLEUM AND NATURAL GAS WORKERS (@officialNUPENG9) August 7, 2020
President Buhari signs amended Companies Allied Matters bill
The President’s action on the document repealed and replaced the extant Companies and Allied Matters Act, 1990.
President Muhammadu Buhari has assented to the Companies and Allied Matters Bill 2020, which was recently passed by the National Assembly.
This was disclosed in a statement signed by a media aide of President Buhari, Femi Adesina and shared by the Personal Assistant to the President, Bashir Ahmad, via his Twitter handle.
According to the statement, the President’s action on the document repealed and replaced the extant Companies and Allied Matters Act, 1990, and introduced several corporate legal innovations geared toward enhancing ease of doing business in the country.
— Bashir Ahmad (@BashirAhmaad) August 7, 2020
Key innovations in the new Act:
* Filing fee reductions and other reforms to make it easier and cheaper for small and medium-sized enterprises to register and reform their businesses in Nigeria;
* Allowing corporate promoters of companies to establish private companies with a single member or shareholder, and creating limited liability partnerships and limited partnerships to give investors and business people alternative forms of carrying out their business in an efficient and flexible way;
* Innovating processes and procedures to ease the operations of companies, such as introducing Statements of Compliance; replacing “authorised share capital” with minimum share capital to reduce costs of incorporating companies; and providing for electronic filing, electronic share transfers, e-meetings as well as remote general meetings for private companies in response to the disruptions to close contact physical meetings due to the COVID-19 pandemic;
* Requiring the disclosure of persons with significant control of companies in a register of beneficial owners to enhance corporate accountability and transparency; and
* Enhancing the minority shareholder protection and engagement; introducing enhanced business rescue reforms for insolvent companies; and permitting the merger of Incorporated Trustees for associations that share similar aims and objectives.
NNPC signs agreement with CNOOC, SAPETRO to end OML 130 disputes
The agreement is expected to help resolve disputes stemming from Oil Mining Lease (OML).
The Nigerian National Petroleum Corporation (NNPC), said it has signed a Head of terms (HoT) agreement with China National Offshore Oil Corporation(CNOOC) and an indigenous oil production firm —South Atlantic Petroleum (SAPETRO).
A statement that was issued by the state-owned oil company via Twitter, yesterday, noted that this is part of the efforts that have been undertaken towards resolving all the disputes stemming from Oil Mining Lease (OML) 130 Production Sharing Contract.
Today,@NNPCgroup signed a Head of Terms (HoT)with its partners CNOOC & SAPETRO,signifying a major milestone towards the resolution of all disputes related to Oil Mining Lease (OML)130 Production Sharing Contract.OML 130 consists of producing fields such as Akpo & Egina pic.twitter.com/VnLga9qmm9
— NNPC Group (@NNPCgroup) August 6, 2020
Nairametrics understands that the agreement, which is temporary, could also be instrumental towards resolving similar disputes between the NNPC and other oil companies. The NNPC had previously accused some of these oil firms of under-declaring crude exports for three years between 2011 and 2013.
Specifically, the NNPC alleged that the likes of Shell, Total, Chevron, and Eni under-reported crude oil exports in their oil fields to the tune of 57 million barrels. The NNPC even sought repayments valued at $12.7 billion from the oil companies, according to a suit filed before the Federal High Court in Lagos. The companies denied the accusations.
The new agreement is now expected to help resolve such disputes. Even the NNPC’s Group Managing Director, Mele Kyari. was quoted to have said the agreement is “a major milestone toward the resolution of all disputes.”