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Here’s how much Nigerians paid for gas, kerosene and diesel in June

Report has shown that the prices of Gas and Diesel dropped in Jun 2019, while consumers paid more for Kerosene across the country

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The latest report released by the National Bureau of Statistics (NBS) has shown that the average price of refilling a 5kg cylinder of cooking gas (Liquefied Petroleum Gas) decreased to N1995.38 in June 2019, from N2,028.04 in May.

Similarly, the report revealed that the average price per litre of diesel (automotive gas oil) decreased to N224.69 in June 2019 from N228.02 recorded in the previous month. This decrease represents a 1.46% fall month-on-month, while it rose by 9.62% year-on-year.

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Lastly, the average price per litre of Kerosene in Nigeria increased by 0.17% to N316.43 in June 2019, from N315.91 recorded in the month of May.

Price breakdown across states: In the month of June, gas, diesel and kerosene sold at different prices across most states in Nigeria, while some states did not witness any price change.

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[READ: Nigerian firm signs $30 million gas cylinder deal in Egypt]

Price of Kerosene in the month of June shows that some of the states in the country sold Kerosene at high prices, while consumers in others enjoyed relatively low prices of Kerosene commodity.

  • The average price of Kerosene was highest in Anambra (N381.25), Abia, Bayelsa, and Akwa Ibom (N356.67) and Enugu (N352.78) States.
  • Kwara (N254.17), Abuja (N250.00) and Benue (N249.83) enjoyed the lowest average price per litre of kerosene during the month of June.

Price of diesel was highest in States such as Borno (N266.67), Taraba (N250.00) and Abuja (N239.00). On the other hand, Bayelsa (N204.17), Nasarawa (N196.91) and Plateau (N183.33) recorded the lowest average price of diesel.

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Cooking Gas was sold at the highest prices in Adamawa (N2,485.00), Bauchi (N2,450.00) and Borno (N2,407.14). Basically, consumers in these states paid the highest average price for refilling a 5kg cylinder for cooking gas.

However, Consumers in Ebonyi (N1,732.50), Enugu (N1,702.86) and Abuja (N1,700.00) paid the lowest average price for the refilling of a 5kg cylinder for cooking gas.

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[READ: Seplat and Investors to discuss Imo State’s gas field at London Stock Exchange]

Price breakdown across zones: The average price for refilling 5kg of cooking gas was highest in North East Zone (N2316.38), followed by South-South (N1994.34), North West (N1948.20), North Central (N1922.76), South West (N1899.40) and South East (N1894.29).

  • Also, South East Zone maintained the highest average price of Kerosene at N358.35 per litre, South-South (N328.38), South West (N326.48), North West (N316.46) North East (N315.97) and North Central (N267.99).
  • In the same vein, the average price paid by consumers for per litre of diesel was highest in North East (N215.82), followed by the North West (N211.24), South West (N204.75), South East (N199.64), North Central (N197.77) and South-South (N195.87).

Price of gas may further drop: The slight drop in the price of gas may be the first of many to come and this is probably traceable to recent development in the sector. More investors are coming into the oil and gas sector and this may further drive down the prices.

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For instance, Shell Nigeria Gas recently completed a gas plant facility, “Agbara-Ota Capacity Increase Project” in Ogun State, Nigeria.

Upshots: For the average Nigerian, the burden of the high cost of these household necessities will heap more misery in terms of costs incurred. This, in turn, would reduce their purchasing power. Hence, the slight drop in the prices of diesel and gas mean individuals and firms can buy more, which means more revenue for firms in the industry.

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[READ FURTHER: Shell completes another world-class gas plant in Nigeria]

Patricia

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

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Real Estate and Construction

Tax on rents and Certificate of Occupancy is valid – Akabueze

FIRS had announced that stamp duty will be paid on house rent and C of O.

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FIRS boss wants to tax street traders, artisans, others, FIRS tighten noose on deduction of stamp duty, CIT, others, FIRS issues taxpayers deadline to obtain Tax Identification Number, Nami targets N4 trillion from oil & gas to meet President Buhari's unusual target, FIRS set to deploy new technology in tax collection, as MDAs refuse to pay 7.5% tax

The Director-General of the Budget Office of the Federation, Ben Akabueze, announced that the recent FIRS taxes on Certificate of Occupancy and rents is not new and has been around since the 1980s.

He disclosed this in the 2021-2023 Medium Term Expenditure Framework and Fiscal Strategy Paper (MTEF&FSP) on Friday, adding that ever since the 80s, his landlord had always given him a postage stamp on his rent receipts, and that the law was not just recognized for a long time.

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“Over time, because the culture of postage has dropped off and that was not being implemented. What FIRS has done now is to make that into electronic stamp that you can still use to comply with the existing law,” Akabueze said.

Last week, the Federal Inland Revenue Service (FIRS) announced that stamp duty will be paid on house rent and Certificate of Occupancy (C of O), in line with its new adhesive duty. The new duty was inaugurated in Abuja at the official inauguration of the Inter-Ministerial Committee on Audit and Recovery of Back Years Stamp Duties.

FIRS Director for Communication and Liaison Department, Mr Abdullahi Ahmad, said the new policy was necessary so as to give the instruments the legal backing required and make them legally binding on all parties involved in such transactions.

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Consequently, Ahmad asked Nigerians to ensure that documents that related to rent and lease agreements for homes or offices, C of O, and other common business-related transaction instruments were authenticated with the new FIRS Adhesive Stamp Duty.

He also advised Nigerians to make sure that any document related to leasing agreements and rents related to offices and homes, including C of O and other transaction instruments used in these seals were authenticated with the new FIRS Adhesive Stamp Duty.

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Coronavirus

Port-Harcourt International airport resumes flight operations

The first flight to Port Harcourt was conducted by Air Peace 5N EUV from Lagos.

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FAAN reacts to release of guideline for resumption of flight operations post covid-19, FAAN releases new guidelines for post covid-19 flight operations

The Port Harcourt International Airport formally resumed flight operations on Saturday, July 11, with the Federal Airports Authority of Nigeria (FAAN), restating its commitment towards a zero coronavirus transmission.

This was disclosed by the Regional Manager South-South and South-East of FAAN, Abayomi Akinbinu, on Saturday, July 11, during the arrival of the first flight after 3 months of shutdown due to the coronavirus outbreak.

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The first flight, which was conducted by Air Peace 5N EUV from Lagos, arrived Port-Harcourt International Airport terminal at 7.50 am.

He said the Port-Harcourt airport management was ready to ensure zero chances of the coronavirus transmission with the management giving no room for default of the COVID-19 safety guidelines by regulatory authorities as flight operations resume at the airport.

He frowned at the non-adherence to physical distancing rule, while also commending safety compliance level by service providers and passengers at the airport.

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According to Abayomi, “Our markings of 1.5 metres apart are visibly on the floor, but maybe because of excitement it’s not being properly followed; so we need to make quick enforcement in that regard.”

He said although there was low turnout of passengers, he expected a gradual increase in the coming days.

He said, “On the departure section, we are gradually getting more passengers and I believe that going forward passengers’ turnout is going to increase. My message to prospective passengers is that the Port Harcourt International Airport terminal is safe.”

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On his own part, the Head of Aviation Medical Clinic of the airport, Dr Nuhu Mwabi, said that the Port Health is seriously conducting mandatory temperature checks on both service providers and passengers before allowing them into the airport terminal building.

Nuhu said, “This is because we want to fish out persons with a temperature of 38 degrees Celsius and above, so that we can isolate such individual. Our cardinal objective is to ensure that we contain the spread of COVID-19 as well as other communicable diseases within the airport.”

He added that the World Health Organization and the various medical teams were ready to professionally handle any suspected case, should the need arise.

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It can be recalled that the Minister of Aviation, Hadi Sirika, had last week announced the resumption schedule for flight operations for the various airports across the country. The Murtala Muhammed Airport Lagos and the Nnamdi Azikiwe International airport resumed flight operations on July 8.

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Coronavirus

Lagos Govt Seals Acouns Medical Lab for conducting illegal COVID-19 tests

The lab conducted COVID-19 tests without required government approval.

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The Lagos State Ministry of Health has sealed a private medical laboratory that was conducting illegal COVID-19 tests inside a pharmacy at Banana Island in Ikoyi, Lagos.

The ministry stated that the laboratory, Acouns Medical Laboratory and Diagnostic Centre, conducted COVID-19 tests without required government approval.

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According to a NAN report, the laboratory was sealed on Friday, July 10 by one of the agencies of the Ministry of Health – Health Facility Monitoring Accreditation Agency (HEFAMAA).

The ministry warned in its Saturday morning tweet, that such health facilities posed a danger to their communities and staff, and discouraged residents from patronising facilities that had not been duly accredited for such purposes.

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“It is illegal to manage COVID-19 cases outside of an accredited facility. We implore the public not to go for tests or treatment in a private facility that has not been accredited by government.

“It is dangerous and it might put you at more risk,” it said.

The ministry promised to ensure that health facilities in the state adhered strictly to the standards put in place, and urged residents to cooperate with the authorities.

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Recall that a few weeks ago, the Lagos State government announced it has added Seven Private Laboratories into its testing strategy to expand capacity in Nigeria’s commercial capital.

Lagos state has, through its accredited health facilities, conducted over 45,000 COVID-19 tests, with over 7000 confirmed cases from the number.

The ministry had also recently announced the private health facilities accredited for the purpose of COVID-19 testing.

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