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‘Petrol is also a matter of time’ — reactions trail drop in cooking gas price

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1 year ago

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The reported drop in the price of cooking gas in the country has ignited heated reactions among Nigerians on Twitter.

On Sunday, Wale Adedayo, a freelance writer, took to the microblogging platform to share a receipt for cooking gas purchased on June 1.

The receipt showed that 12.5 kg of cooking gas — which reportedly ranged between N9,375 and N13,000 in May — now goes for N6,950.

“12.5kg of Cooking Gas in May – N9375, 12.5Kg of Cooking Gas in June – N6950. Maybe…just maybe…we should speak out when prices go down too. This feels good,” he wrote.

The receipt was also shared by many others on Twitter in different contexts.

The development comes on the heels of controversies trailing President Bola Tinubu’s announcement that “fuel subsidy is gone“.

Some users argued that the drop in the price of gas is an indication that the price of petrol will also crash with time, when the subsidy is finally removed.

Others also said the government deserves to be applauded for the current price of gas.

WHAT DETERMINES THE PRICE OF GAS?

Unlike petrol, cooking gas is not subsidised by the government. This means that the price of cooking gas is majorly determined by market forces.

Speaking on this, Leo Ukpong, a professor of Financial Economics at American University School of Business, Yola, Adamawa state, described the reported drop in price as a “supply-driven phenomenon”.

“The production of gas is very different from the refinery process of petrol. In the first place, gas was not subsidised, so it is not part of the whole subsidy issue. Petrol or PMS was subsidised but the price of cooking gas has always been determined by market forces,” he told TheCable.

“Cooking gas is basically demand and supply. The drop in price could be due to an increase in supply. If that is the case, it means the gas plants in the country are now more efficient. I think it is a supply-driven phenomenon.”

Below are reactions to the issue on Twitter:

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Nigeria’s GDP rate grew by 3.46% in Q3 2024, says NBS

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8 hours ago

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November 25, 2024 1:29 pm

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The National Bureau of Statistics (NBS) says Nigeria’s annual gross domestic product (GDP) grew by 3.46 percent in the third quarter (Q3) of 2024.

The NBS, in its GDP report published on Monday, said the growth rate is higher than the 3.19 percent recorded in Q2 2024.

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Business

Dangote refinery reduces ex-depot price of petrol to N970 for oil marketers

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10 hours ago

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November 25, 2024 11:01 am

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The Dangote Petroleum Refinery has announced a reduction in its ex-depot price of premium motor spirit (PMS), also known as petrol, to N970 per litre for oil marketers.

This is a cut from the refinery’s N990 ex-depot price announced earlier this month, according to a statement on Sunday.

The slash would help marketers save about N20 on each litre of petrol bought from the Lekki-based plant.

Anthony Chiejina, Dangote Group’s chief branding and communications officer, said the move is the refinery’s way of appreciating Nigerians “for their unwavering support in making the refinery a dream come true”.

“In addition, this is to thank the government for their support as this will complement the measures put in place to encourage domestic enterprise for our collective well-being,” the statement reads.

“While the refinery would not compromise on the quality of its petroleum products, we assure you of best quality products that are environmentally friendly and sustainable.

“We are determined to keep ramping up production to meet and surpass our domestic fuel consumption; thus, dispelling any fear of a shortfall in supply.”

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Business

Allegation of missing fund untrue, says Access Bank

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12 hours ago

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November 25, 2024 9:16 am

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Access Bank Limited has dismissed as untrue allegations of missing fund and unethical behaviour.

The Bank in a statement said: “Our attention has been drawn to a video on social media wherein allegations of missing funds and unethical behaviour have been made against Access Bank PLC.

“First and foremost, we wish to emphasise that the safety and security of our customers’ funds are core priorities which we take seriously. Second, Access Bank Plc does not engage in or condone any unethical behaviour.

“In the instant case, the allegations of missing funds in the Bank are most untrue and baseless.

“There is no N500million or any other fund or amount missing from the subject customer’s account or from any other customer’s account with us.

“We and other independent stakeholders in the banking industry have thoroughly investigated these allegations and independently arrived at the same conclusions.

“Access Bank PLC operates with the highest ethical standards, and we protect our customers’ interests whilst also respecting privacy laws.

“Consequently, whilst we have engaged and will continue to engage with our customers, we must advise the public not to rely on or believe sensational and unverified claims that are designed to titillate and mislead the public.

“We remain committed to serving our customers.”

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Bodex F. Hungbo, SPMIIM is a multiple award-winning Nigerian Digital Media Practitioner, Digital Strategist, PR consultant, Brand and Event Expert, Tv Presenter, Tier-A Blogger/Influencer, and a top cobbler in Nigeria.

She has widespread experiences across different professions and skills, which includes experiences in; Marketing, Media, Broadcasting, Brand and Event Management, Administration and Management with prior stints at MTN, NAPIMS-NNPC, GLOBAL FLEET OIL AND GAS, LTV, Silverbird and a host of others

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