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 Adedapo Adesanya
The Organisation of the Petroleum Exporting Countries and its allies (OPEC+) will likely stick to its existing deal to cut oil output at a meeting on Monday, April 3.
According to Reuters, this was said disclosed by five delegates from the producer group after oil prices recovered following a drop to 15-month lows due to banking fears and demand worries.
Brent crude has recovered towards $80 a barrel after falling to near $70 on March 20 as fears ease about a global banking crisis and as a halt in exports from Iraq’s Kurdistan region curbs supplies.
OPEC+ is due to hold a virtual meeting of its ministerial monitoring panel, which includes Russia and Saudi Arabia, on Monday.
The consensus was that Kurdistan curbs and recent price drops were not sufficiently important to affect the overall OPEC+ policy path for 2023.
Kurdistan’s crude oil exports – around 400,000 barrels per day shipped through an Iraqi-Turkey pipeline to Ceyhan and then on tankers to the international markets – were halted late last week by the federal government of Iraq.
Last week, the International Chamber of Commerce ruled in favour of Iraq against Turkey in a dispute over crude flows from Kurdistan. Iraq had argued that Turkey shouldn’t allow Kurdish oil exports via the Iraq-Turkey pipeline and Ceyhan without approval from the federal government of Iraq.
Talks between officials from Kurdistan and from the Iraq federal government have failed in recent days, but they are set to continue next week.
Three other OPEC+ delegates also told Reuters that any policy changes were unlikely on Monday. After those talks, the next full OPEC+ meeting is not until June.
Last November, OPEC+ reduced its output target by 2 million barrels per day – the largest cut since the early days of the COVID-19 pandemic in 2020. The same reduction applies for the whole of 2023.
Saudi Arabia’s energy minister, Prince Abdulaziz bin Salman, has said OPEC+ will stick to the reduced target until the end of the year.
By Dipo Olowookere
The board of Oando Plc has informed the investing community of its intention to leave the Nigerian and Johannesburg stock exchanges in the coming months.
The reason for exiting the stock market, according to the energy firm, is to become a private company and to achieve this, its core investor, Ocean and Oil Development Partners Limited (OODP), has offered to buy all the shares held by minority shareholders in Oando.
OODP is offering to pay N7.07 in cash or its equivalent in South African Rand (ZAR) for each of the stock, which it said represents a 58 per cent premium to the last traded share price of Oando on Tuesday, March 28, 2023, being the day prior to the date it submitted the scheme application to the Securities and Exchange Commission (SEC).
Oando trades its shares on the floors of the Nigerian Exchange (NGX) Limited and the Johannesburg Stock Exchange (JSE).
This news comes hours after the company announced that it had bounced back into profitability after years of dishing out losses to the frustration of shareholders.
In its unaudited financial results for 2021, Oando reported a profit after tax of N34.7 billion, in contrast to the loss after tax of N140.7 billion of the preceding year.
Before now, Oando has had it rough with regulators in Nigeria, leading to its suspension from the market and a court tussle over allegations that it tampered with its financial statements to deceive investors.
In the notice released this week, Oando said after the acquisition of “the shares of all minority shareholders in Oando,” it would “subsequently be delisted from NGX and JSE and re-registered as a private company.”
At the moment, the energy firm said it has “applied for the SEC’s No Objection to the scheme, noting that the deal is “subject to the approval of the shareholders of Oando at the Court-Ordered Meeting of the company, as well as the sanction of the Federal High Court.”
However, it disclosed that, “The terms and conditions of the transaction will be provided in the scheme document, which will be dispatched to all shareholders following the receipt of an order from the Federal High Court to convene a Court-Ordered Meeting,” promising to update the market “upon receipt of requisite approvals from shareholders and regulators.”
By Adedapo Adesanya
The World Bank Group’s Board of Executive Directors has announced Mr Ajay Banga, a US national, as the only nominee for the position of the bank’s next president and may clinch the post if he passes the next hurdle.
This was contained in a statement issued by the World Bank on Friday.
“The World Bank Group’s Board of Executive Directors today confirmed that, as announced on February 22, the period for submitting nominations for the position of the next President of the World Bank Group closed on Wednesday at 6:00 pm ET.”
“The board received one nomination and would like to announce that Ajay Banga, a US national, will be considered for the position.
“In accordance with established procedures, the Board of Executive Directors will conduct a formal interview with the candidate in Washington D.C., and expect to conclude the Presidential election in due course,” the board said.
US President Joe Biden in February nominated Mr Banga to lead the World Bank, saying he is “well equipped” to lead the global institution at “this critical moment in history.”
No other country proposed an alternate candidate for the prestigious post.
Mr Banga, 63, was born in India and is a naturalised US citizen. He has led Mastercard Inc and now currently serves as Vice Chairman at General Atlantic.
If confirmed, Mr Banga would become the first-ever Indian-American to head either of the two top international financial institutions, the International Monetary Fund (IMF) and the World Bank.
Mr Banga is expected to replace the current World Bank president, Mr David Malpass, who will step down in June, nearly a year before his term is scheduled to expire.
Mr Malpass faced strong criticism over the bank’s commitment to climate action and over his personal views on climate change.
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