Economy
Price of Refilling 12.5kg Cooking Gas Cylinder Rises 0.28%
By Adedapo Adesanya
The average retail price for refilling 5kg and 12.5kg cylinders of Liquefied Petroleum Gas, known as cooking gas, further increased in January 2023, the latest data from the National Bureau of Statistics (NBS) showed.
In the Liquefied Petroleum Gas (Cooking Gas) Price Watch for January 2023 data, it was disclosed that the cost of the 5kg cylinder jumped to N4,588.75 on average while that of its 12.5kg equivalent jumped to N10,277.17.
The data showed that the cost of refilling a 5kg cooking gas cylinder increased by 0.51 per cent on a month-on-month basis from N4,565.56 recorded in December 2022 to N4,588.75 in January 2023. On a year-on-year basis, this rose by 25.46 per cent from N3,657.57 in January 2022.
Also, the average retail price for the 12.5kg cylinder increased by 0.28 per cent on a month-on-month basis from N10,248.97 in December 2022 to N10,277.17 in January 2023, and on a year-on-year basis, it surged by 38.63 per cent from N7,413.25 in January 2022.
On state profile analysis, Kwara recorded the highest average price for refilling a 5kg cylinder of LPG with N4,962.50, followed by Plateau with N4,945.50, and Adamawa with N4,936.67.
On the other hand, Enugu recorded the lowest price with N4,119.23, followed by Anambra and Rivers with N4,183.14 and N4,210.00, respectively.
In addition, analysis by zone showed that the North-Central recorded the highest average retail price for refilling a 5kg cylinder of gas with N4,859.60, followed by the North-West with N4,616.66, while the South-East recorded the lowest with N4,408.99.
Benue recorded the highest average retail price for the refilling of a 12.5kg cylinder of gas with N11,260.67, followed by Cross River with N10,833.33 and Ebonyi with N10,763.57.
Conversely, the lowest average price was recorded in Yobe with N9,550.00, followed by Taraba and Gombe with N9,845.00 and N9,850.00, respectively.
Similarly, the average retail price per litre of kerosene rose to N1,153.40 in January 2023 on a month-on-month basis, showing an increase of 4.42 per cent compared to N1,104.61 recorded in December 2022.
According to the NBS’s National Kerosene Price Watch for January 2023, on a year-on-year basis, the average retail price per litre of kerosene rose by 163.87 per cent from N437.11 in January 2022.
On state profile analysis, the report showed the highest average price per litre of kerosene in December 2023 was recorded in Abuja at N1,566.67, followed by Lagos at N1,411.11 and Plateau at N1,383.33.
The lowest price was recorded in Jigawa at N891.67, followed by Edo at N925.93 and Katsina at N935.19.
The NBS said that analysis by zone showed that the South-West recorded the highest average retail price per litre of Kerosene at N1,232.15, followed by the South-East at N1,223.95.
It said the North-West recorded the lowest average retail price per litre of kerosene at N1,003.54.
The report said the average retail price per gallon of kerosene paid by consumers in January 2023 was N3,886.11, indicating a 3.54 per cent increase from N3,753.38 recorded in December 2022.
“On a year-on-year basis, the average price per gallon of kerosene increased by 154.20 per cent from N1,528.74 recorded in January 2022.
By Bon Peter
The Area 11 Command of the Nigeria Customs Service (NCS) in Onne, Rivers State surpassed its 2024 annual revenue target by N16 billion.
This information was revealed to newsmen by the Customs Area Controller of the Command, Mr Mohammed Babandede, at a news conference last week.
He also disclosed that the command recently intercepted 12 containers of illicit drugs worth over N20.30 billion concealed in various items.
According to him, the content of the seized container included 1,721,100 bottles of 100ml cough syrup codeine, 510,000 tablets of 50mg Really Extra Diclofenac, 7,100,000 tablets of 225mg Royal apple Tramadol and Tramaking, 3,461 pieces of sanitary ware fittings used for concealment, 840 pieces of Chilly cutter used for concealment, and 153 cartons of TVS rubber.
“Our vigilant officers and men have successfully intercepted and seized an additional 12 containers (40 feet) of illicit medicine.
“This is a testament to our unwavering commitment to safeguarding public health, ensuring security of our nation and compliance with Nigeria’s import regulations. This also justifies our commitment to trade facilitation, transparency, effective and efficient service,” he said.
He said last year, the command received the support of different stakeholders, thanking them for working with the agency to achieve success.
“We appreciate the continued support and collaboration of all stakeholders, including the media, in amplifying our message and efforts to combat smuggling,” he said.
Mr Babandede stated that, “It is worth noting that the morale and dedication of our officers have been significantly bolstered by the Comptroller-General of Customs’ award, recognizing Area 2 Command as the Best Command in Anti-Smuggling Operations.
“This honour has further strengthened our resolve, and I assure you that we will not relent in performing our duties to protect the lives and well-being of Nigerians.”
The customs chief said earlier last year, the command was given a revenue target of N618 billion but as of December 31, 2024, it generated N634 billion, higher than the N321 billion recorded in 2023, promising to do more in 2025.
By Dipo Olowookere
The Nigerian Exchange (NGX) Limited appreciated by 0.39 per cent on Friday as the demand for local equities continued to increase.
During the final trading session of the week, the insurance maintained its upward trend with a growth of 7.81 per cent as the banking index appreciated by 1.08 per cent, the consumer goods sector rose by 0.52 per cent, and the industrial goods counter expanded by 0.33 per cent, while the energy space went down by 0.49 per cent.
At the close of business, the All-Share Index (ASI) jumped by 406.19 points to 103,586.33 points from 103,180.14 points, and the market capitalisation increased by N248 billion to N63.166 trillion from N62.918 trillion.
The bourse recorded 67 appreciating shares and 11 depreciating shares, implying a positive market breadth index and strong investor sentiment.
Chams, Omatek, NCR Nigeria, Learn Africa, and Regency Alliance topped the gainers’ table after they gained 10.00 per cent each to finish at N2.31, 88 Kobo, N6.05, N4.95, and 88 Kobo, respectively.
On the flip side, TotalEnergies lost 9.74 per cent to trade at N630.00, CWG depreciated by 6.04 per cent to close at N7.00, Thomas Wyatt went down by 5.26 per cent to N1.80, ABC Transport crumbled by 4.07 per cent to N1.18, and UAC Nigeria shed 3.19 per cent to N31.90.
Yesterday, investors traded 709.3 million stocks valued at N8.2 billion in 13,593 deals compared with the 829.8 million stocks worth N5.7 billion transacted in 11,752 deals on Thursday, representing a slowdown in the trading volume by 14.52 per cent and a rise in the trading value and number of deals by 43.86 per cent and 15.67 per cent, respectively.
At the close of business, Chams topped the activity log with 58.1 million equities sold for N133.8 million, Veritas Kapital traded 55.1 million shares valued at N89.2 million, Abbey Mortgage Bank exchanged 50.1 million stocks for N165.5 million, AIICO Insurance transacted 39.7 million equities worth N68.3 million, and NPF Microfinance Bank sold 34.3 million stocks valued at N64.0 million.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange extended its positive start to the year with a 0.08 per cent rise on Friday, January 3.
The market saw a gain of N840 million, with the value of the alternative bourse growing to N1.046 trillion from the N1.045 trillion it closed a day earlier as the NASD Unlisted Security Index (NSI) made an addition of 2.43 points to wrap the session at 3,052.34 points compared with 3,049.91 points recorded at the previous session.
The appreciation posted yesterday at the NASD OTC exchange was caused by two price gainers led by Industrial and General Insurance (IGI) Plc which jumped by 2 Kobo to end at 20 Kobo per share compared with the preceding session’s 18 Kobo per share and UBN Property Plc, which improved its value by 16 Kobo to close at N1.98 per unit, in contrast to Thursday’s closing price f N1.82 per unit.
The market posted a price loser, which was FrieslandCampina Wamco Nigeria Plc as it dropped 18 Kobo to finish at N39.76 share versus the previous day’s N39.94 per share.
There was an 856.6 per cent surge in the volume of securities traded in the session to 11.3 million units from the 1.2 million units traded in the preceding session.
Equally, there was a jump in the value of shares traded yesterday by 1,078.4 per cent to N56.8 million from the N4.8 million made previously, and the number of deals increased by 22.7 per cent to 27 deals from 22 deals.
FrieslandCampina Wamco Nigeria Plc was the most active stock by value (year-to-date) with 1.4 units worth N55.8 million, IGI Plc came next with 10.6 million units valued at N2.1 million, and 11 Plc was in third with 6,45 units sold for N1.4 million.
IGI Plc closed the day as the most active stock by volume (year-to-date) with 10.6 million units sold for N2.1 million, FrieslandCampina Wamco Nigeria Plc came next with 1.4 million units valued at N55.8 million, and UBN Property Plc followed with 275,740 units worth N545,965.
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