Prices of diesel, cooking gas drop by 9.4%, 9% in Q2’17

*3 refineries now produce 5m ltrs of Kerosene daily —NNPC

By Prince Okafor

The average prices of Automotive Gas Oil, AGO (diesel) and Liquefied Petroleum Gas, LPG, (cooking gas) decreased by 9.4 per cent and 9 per cent respectively between the first and second quarters of this year.

The Nigeria Bureau of Statistic, NBS, disclosed in its latest report that the price paid by consumers for diesel decreased by 9.4 percent in the period under review to N218.7 as against N241.5 in the preceding quarter of the same year.

NBS stated that, “The Average price paid by consumers for automotive gas oil (diesel) also decreased by 2.72 percent month-on-month and increased by 14.73percent year-on-year to N210.42 in June 2017 from N216.30 in May 2017.

“States with the highest average price of diesel were Kwara (N235.56) Adamawa (N227.50) and Niger (N230.00), while states with the lowest average price of diesel were Osun (N192.50), Delta (N191.25) and Anambra (N184.17), in the period.”

“The North Central Region, Kwara State had the highest average price of N235.56 for June 2017, as Plateau State recorded the least average price at N202.5.

“Cross River State has the highest average price in the South South Region for June 2017 at N214; Delta State has the least average price average N191. “In the South west region, Ogun State has the highest average price in the South West Region for June 2017 while Osun State has the least average price.”

 Price of LPG drops

The report stated that the average price of 5kg cooking gas, decreased by 9 percent in the Q2’17, to N2363.64 as against N2589.84, while that of 12.5 kg also decreased by 9.6 percent, from N5, 259.2 in Q1’17 to N4,754.3  in the same period under review.

It disclosed that the average price for the refilling of a 5kg cylinder for Liquefied Petroleum Gas (Cooking Gas) decreased by 9.43 % month-on-month and increased by 12.9% year-on-year to N2, 215.96 in June 2017 from N2, 446.57 in May 2017.

The NBS report stated that, States with the highest average price for the refilling of a 5kg cylinder for Liquefied Petroleum Gas (Cooking Gas) were Kebbi and Yobe (N2,400.00), Zamfara (N2,399.18) & Adamawa (2,390.00). It indicated that States with the lowest average price for the refilling of a 5kg cylinder for Liquefied Petroleum Gas (Cooking Gas) were Kaduna, and Niger (N2,000), Kogi (N2,005.00) and Oyo oN2,033.33).

The report further stated that, States with the highest average price for the refilling of a 12.5kg cylinder for cooking gas were Kebbi (N5,375), Cross River (N5,330) and Borno (5,300).

It disclosed that States with the lowest average price for the refilling of a 12.5kg cylinder for cooking gas were Lagos (N4621), Oyo (N4, 615) and Katsina (N4, 600).

Petrol price rise

In another development, the price of PMS, popularly known as petrol, increased by 0.67 percent in the Q2’17, to N150.3 as against N149.3 in the preceding quarter of 2016.

NBS stated that, petrol price also increased by 1.2 percent year-on-year and decreased by -0.3 percent month-on-month to N150.3 in June 2017 from N150.7 in May 2017. “States with the highest average price of premium motor spirit (petrol) were Yobe (N168), Gombe (N167.50) and Adamawa (162.50). While, States with the lowest average price of premium motor spirit (petrol) were Abuja, Edo, Ekiti, ,Ogun, and Osun (N145), Ondo & Kano (N145.3) and Kwara and Oyo (N145.5).”

NLNG express commitment

However, the NLNG disclosed that commenced the supply of cooking gas to the domestic market in 2007 when refineries became challenged and supply was grossly inadequate. Since then, the issue of inadequate supply has become a thing of the past.

“The intervention, which is in line with company’s vision of helping to build a better Nigeria, has significantly contributed to the stimulation and development of the domestic LPG market in Nigeria and has effectively brought down the price of cooking gas from over N7, 000 in 2007 to less than N3, 500 per 12.5kg cylinder today. “NLNG is committed to delivering 250,000 tonnes of LPG into the Nigerian market annually and has signed Sales and Purchase Agreements (SPAs) with fifteen off-takers (all Nigerian companies) for the lifting of LPG for the domestic market.”

The General Manager, External Relations, LNG, Mr. Kudo Eresia-Eke added that the country should show more interest in the affairs and operation of the Nigeria LNG in view of the company’s positive impact on the country’s economy.

Eresia-Eke, said the contributions of the NLNG to the Nigerian economy, in terms of payments of dividends and taxes, were too significant to ignore, adding that, “NLNG represents the biggest business flying Nigeria’s flag,”

“In terms of value for money, the NLNG accounts for 50 per cent of the country’s company tax revenues. More than 70 per cent of its proceeds go to Nigeria. It pays the kind of tax that can bail out the country in difficult times. If I were a Nigerian, I will certainly be more interested in knowing more about this company.”

NNPC supplies 5m litres of DPK daily: The Nigerian National Petroleum Corporation (NNPC) said its three refineries in Port Harcourt, Warri and Kaduna now produce five million litres of Dual Purpose Kerosene (DPK), popularly known as kerosene daily.

This, according to it, represents more than 60 percent of the national daily consumption requirement of eight million litres. A statement by the Group General Manager, Group, Public Affairs Division, Mr Ndu Ughamadu, on Sunday stated that the Group Managing Director of the NNPC, Dr Maikanti Baru, said this at a two-day Investigative Public Hearing of the House of Representative Committee on Petroleum Resources (Downstream).

The GMD, who was represented by the Chief Operating Officer, Downstream, Mr Henry Ikem Obih, said the remaining three million litres of kerosene required daily was being imported by private petroleum products marketers.

“The NNPC ensures that the entire refining output in Nigeria through its refineries in Port Harcourt, Warri and Kaduna and any products imported by it to make up for market supply-shortfalls meet the specifications of the Nigerian Institute of Standard (NIS) and Standards Organisation of Nigeria (SON),” he said.

According to him, the NNPC will not compromise safety and quality in its products and processes; hence all the depots in the country had laboratories for quality checks to ensure the safety of consumers.

He explained that in keeping with its avowed commitment to the safety of consumers, the corporation investigated the recent incident of kerosene explosion in Calabar and could not trace the truck that delivered the adulterated product in any of its depots’ loading schedule.

Baru called on relevant authorities to empower the Department of Petroleum Resources to carry out its responsibilities more diligently by ensuring that petroleum products imported by marketers meet the required quality and safety standards as NNPC cannot guarantee the quality of products imported by other market players.

“The quality of kerosene being sold to the general public required regular inspection to ensure that it meets health, safety, environment and quality standards at all times to avert any regulatory breaches or threat to lives and properties of the general public and consumers of the products,” he said.

The post Prices of diesel, cooking gas drop by 9.4%, 9% in Q2’17 appeared first on Vanguard News.

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