Business
Nigeria’s LPG Prices Surge, Driving Return to Firewood Cooking
The price of Liquefied Petroleum Gas (LPG) in Nigeria has soared from N700 per kilogram in June 2023 to N1,500 in October 2024. This 114% increase largely results from the depreciating naira, which now trades at around N1,700 to one dollar. Nigeria imports over 60% of its cooking gas, leading experts to call for increased local production. Currently, local production accounts for less than 40% of the 1.5 million metric tons consumed each year.
In September 2024, the average cost to refill a 5kg LPG cylinder reached N6,699.63. This price reflects a month-on-month increase of 4.19% and a year-on-year rise of nearly 60%. As LPG prices climb, many Nigerians are returning to traditional cooking methods like firewood.
This shift raises significant health concerns. The International Energy Agency reports that around 500,000 African women die prematurely each year from using firewood or charcoal for cooking. The urgent need for clean cooking solutions is evident. Nigeria needs approximately $7.5 billion to achieve clean cooking by 2030.
Dangote Refinery has announced a fresh reduction in the price of Premium Motor Spirit (PMS), commonly known as petrol.
The company, which is one of Nigeria’s leading oil producers, announced in a statement shared by its spokesperson, Anthony Chiejina, on its official X account on Thursday.
Effective immediately, Dangote Refinery has lowered the ex-depot price of petrol to N899.50 per litre, down from the previous rate of N970.
In his statement, Chiejina mentioned the company’s commitment to helping alleviate the financial burden on consumers during the holidays.
“We have now announced a new price of N899.50 per litre.
This reduction is designed to ease transport costs during the festive period,” he said.
“To alleviate transport costs during this holiday season, Dangote Refinery is offering a holiday discount on PMS.
From today, our petrol will be available at N899.50 per litre at our truck loading gantry or SPM.”
In addition to the price reduction, Dangote Refinery has introduced a new incentive to make fuel more accessible for consumers.
Chiejina explained that for every litre of petrol purchased on a cash basis, buyers will have the opportunity to acquire an additional litre on credit.
This offer is backed by a bank guarantee from Access Bank, First Bank, or Zenith Bank, providing customers with more flexible payment options.
Price of beans drops and news excites traders and consumers. Residents as well express joy with price drop amid the upcoming Christmas holiday. According to a report, the price of beans has sustained a slight drop as 100kg bag of beans is sold for 150k Naira to 140k.
The price of a bag has now dropped to 100k to 120k, depending on the type of beans. It was reported that the price of beans has been dropping for the past two weeks unlike the past months.
Nigeria’s Oil Production increased in November 2024 and has reached 1.69 Million per day going 10% increase compared to that of October production.
This now secures Nigeria’s oil production as the top in the Africa Oil Production.
The crude oil production rose with 11.42% but the condensation production reduced. Despite the great progress of the production, Nigeria’s oil production still has not reached their 2024 goal of 1.78mbpd.
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