Economy
Zamfara Records Lowest Price of 12.5kg Cooking Gas at N3,754
By Modupe Gbadeyanka
The average price of refilling a 12.5kg cylinder for Liquefied Petroleum Gas (cooking gas) in Zamfara State in the month of February 2021 stood at N3,754.
This information was revealed by the National Bureau of Statistics (NBS) in its Liquefied Petroleum Gas (Cooking Gas) Price Watch for last month.
In the report analysed by Business Post, the agency also said apart from Zamfara State, Kaduna and Katsina States recorded the lowest average price for the refilling of a 12.5kg cylinder at N3,858 and N3,988 respectively.
On the flip side, Sokoto State had the highest average price for the refilling of a 12.5kg cylinder for cooking gas at N4,884 and was followed by Cross River State at N4,853 and Bauchi State at N4,682.
The stats office disclosed in the report released last Saturday that the average price for the refilling of a 12.5kg cylinder for LPG increased by 4.45 per cent month-on-month and by 4.38 per cent year-on-year to N4,363 in February 2021 from N4,177 in January 2021. In February 2020, the average price for the same size was N4,180.
For a 5kg cylinder, the average price for the refilling for cooking gas increased by 3.59 per cent month-on-month and by 1.18 per cent year-on-year to N2,018 in February 2021 from N1,949 in January 2021. In February 2020, the average price was N1,995.
It was revealed that states with the highest average price for refilling the size of the cylinder under consideration were Bauchi at N2,487, Adamawa at N2,396 and Borno at N2,396.
However, the states with the lowest average price for a 5kg cylinder of LPG were Ebonyi at N1,756, Kogi at N1,775 and Jigawa at N1,795.
In terms of the six geo-political zones of Nigeria, the average price of refilling a 5kg LPG in February 2021 was N1,890 in the north-west, N2,309 in the north-east, N1,955 in north-central, N1,983 in the south-west, N2,022 in south-south and N1,977 in the south-east.
For a 12.5kg cylinder, the price was N4,143 in the north-west, N4,356 in the north east, N4,422 in the north-central, N4,320 in the south-west, N4,590 in south-south and N4,377 in the south-east.
Business Post gathered from the report that over 700 members of staff of the NBS in all the states of the federation conducted the fieldwork with supports from supervisors who were monitored by internal and external observers.
The agency said the prices were collected across all the 774 local governments across all states and the FCT from over 10,000 respondents and locations and reflects actual prices the households claimed they actually bought the cooking gas together with the prices reportedly sold by suppliers. The average of all these prices was then reported for each state and the average for the country is the average for the state.
By Dipo Olowookere
The presence of the bulls further strengthened the Nigerian Exchange (NGX) Limited on Tuesday, as the performance indices further gained 0.19 per cent.
The nation’s stock market survived profit-taking witnessed in the banking sector during the session, which crashed its index by 0.02 per cent.
This loss was offset by the gains recorded by the other sectors, with the insurance segment chalking up 0.49 per cent. The consumer goods space appreciated by 0.47 per cent, the industrial goods counter expanded by 0.04 per cent, and the energy sector rose by 0.03 per cent.
At the close of business, the All-Share Index (ASI) was elevated by 475.60 points to 246,659.56 points from 246,183.96 points, and the market capitalisation improved by N307 billion to N159.119 trillion from N158.812 trillion.
The market breadth index was positive yesterday after the bourse finished with 34 price gainers and 22 price losers, implying strong investor sentiment.
UPDC REIT grew by 9.86 per cent to N11.70, Thomas Wyatt advanced by 9.73 per cent to N3.72, Ikeja Hotel climbed 9.53 per cent to N46.55, The Initiates went up by 9.52 per cent to N33.95, and Neimeth increased by 9.47 per cent to N9.25.
Conversely, Mecure depreciated by 9.95 per cent to N76.95, Haldane McCall dropped 9.86 per cent to trade at N3.29, CMFC declined by 9.85 per cent to N3.02, Trans-Nationwide Express lost 9.68 per cent to close at N2.80, and Academy Press shrank by 9.38 per cent to N5.80.
The activity level was mixed during the session, as investors traded 932.5 million equities worth N49.3 billion in 50,059 deals versus the 851.6 million equities valued at N49.6 billion transacted in 56,873 deals a day earlier.
This showed that the trading volume soared by 9.50 per cent, the trading value moderated by 0.61 per cent, and the number of deals retreated by 11.98 per cent.
The busiest equity for the day was Access Holdings, which sold 336.6 million units for N8.7 billion. FCMB exchanged 88.8 million units worth N1.0 billion, First Holdco transacted 72.7 million units valued at N7.7 billion, Zenith Bank traded 37.4 million units for N4.4 billion, and UBA transacted 32.1 million units worth N1.5 billion.
By Aduragbemi Omiyale
Thirty-one companies on Tuesday emerged as winners of the 2025 licensing round of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
The energy firms competed to take control of 50 oil and gas blocks put on offer by the Nigerian government.
They were among the 143 companies that submitted 200 bids for the oil facilities drawn from diverse terrains, including the Niger Delta Onshore, Niger Delta Shallow Water, Niger Delta Deep Offshore, Benin Basin Onshore, Anambra Basin Onshore, Chad Basin Onshore and Benue Trough.
Business Post gathered that investors, however, were only interested in 37 out of the 50 oil blocks put up for sale by the NUPRC. This is the first time in Nigeria’s energy history that frontier basins would attract such a level of investor interest.
The organisations that won the bids include SSonic Petroleum Limited (PPL 2A29), CFP Pipeline and Flowlines (2A30), Dutchford E&P Limited (2A32), Attabanson Global Company Limited (2A33 and PPL 901), Rosem Energy Limited (2A38), Pivot-GIS Limited (2A39), Network E&P (2A40), Asharami (2A41), LexOil (2A42), BVOF (2A43), GupscoEnergy Limited (2A44 and 2A51), Saratoga (2A45), Volante (2A46), Concept-Reel Petroleum Services Limited (2A47 and 2A55), Clinton Oil Field (2A48 and 2A62) and Nuway Oaklane Limited (2A49).
Others are Ramec (2A50), Italia (2A53), Blueridge E&P (2A54), Up Energies Limited (2A56), AYM Shafa (2A57), Blackrock Holdings Limited (2A58), Funtay Integrated Business Limited (2A59), Riparian Development and Production Limited (2A60), Nikstallis (2A61 and PPL 900), Stardeep Petroleum (PPL 2010), Dakoda & U Limited (PPL308 and PPL 800), Southborne Oil and Gas Limited (PPL 902), Lanaka Petroleum (PPL 903) HighbanResources Limited (PPL 700), Eyre Energy Limited (PPL 801).
By Adedapo Adesanya
Oil prices rose roughly 2 per cent on Tuesday as investors reacted to mounting concerns that escalating hostilities between the United States and Iran and threats by Yemen’s Houthis to blockade Saudi Arabia could disrupt global energy supplies.
Brent futures rose $1.79 or 2.0 per cent to $91.01 a barrel, while the US West Texas Intermediate (WTI) crude gained $1.68 or 2.0 per cent to settle at $84.91 per barrel.
US forces bombed targets in the south and west of Iran while Iran targeted American sites in Bahrain, Kuwait and Jordan and at least one tanker was hit in the Strait of Hormuz.
Supply concerns resurfaced with the Strait essentially closed again and tanker traffic at multi-month lows, to the level from before the ceasefire between the US and Iran, which appears to be over at the moment.
Prices could go much higher if the renewed conflict drags on for a few more months, as the world has now drained a lot of the buffers that had kept oil surges in check between March and May.
Drained strategic and commercial inventories in many key oil-consuming economies, including the US, are setting the stage for further oil price rallies during the busiest oil demand season.
The just-declared Houthi blockade on Saudi maritime shipping has already begun to witness ill-effects, as reports emerge of two oil tankers having made U-turns while initially en route toward the Suez Canal. It was reported that their crews received threats from Houthi militants in Yemen.
The two oil tankers, which loaded Saudi crude for China and India, made U-turns in the Red Sea and headed toward the Suez following the warning from the militia.
Meanwhile, Kuwait’s power and desalination plants caught fire for a second straight day as US and Iran traded strikes for a tenth day.
As Russia’s war with Ukraine expands beyond Ukraine’s borders, the Caspian Pipeline Consortium (CPC) has stopped receiving oil from Kazakhstan after suspending loadings on Monday due to attacks on oil tankers at its Black Sea terminal.
