Oando Plc Favour Ifeoluwa & Akinola Ajibade Oando Plc says it has completed and won the bid for the operatorship of oil block KON 13 in Angola. The firm which recently acquired Eni of Italy’s oil assets in Nigeria, said that the award of the oil block located in Angola’s onshore Kwanza Basin followed a competitive bidding process by the country’s oil and gas sector regulator. It further said hat the asset in which it owns 45 per cent participating interest, has estimated prospective resources of 770 to 1,100 million barrels of oil. Oando is handling its operations relating to the asset through its upstream subsidiary, Oando Energy Resources (OER). “Oando Plc, Africa’s leading indigenous energy solutions provider listed on both the Nigerian Exchange Limited and Johannesburg Stock Exchange is pleased to announce that its upstream subsidiary, Oando Energy Resources (OER), has been awarded operatorship of Block KON 13 in Angola’s Onshore Kwanza Basin, following a...
By Akinola Ajibade
Nigerians are in for hard times, as the price of cooking gas, also known as Liquefied Petroleum Gas (LPG) increased greatly across the country.
The price of LPG has in the last one year being on the upward trend, a development, which has forced household and industrial users of gas to ration the product, while others resort to alternative and primitive means of cooking such as firewood and sawdust.
The News Mirror findings show that Russian- Ukrainian war has caused a lot of disruption to the supply chain of the product.
The Nigeria LNG which has been very active in the production and supply of the commodity cannot produce all that is needed domestically.
The larger chunk of the LPG needed in the country is imported and because of this, it has fallen victim to this war which nobody can predict when it is going to end.
Another thing that is responsible for the increase in the price of the product is the issue of foreign exchange. The Naira has been highly devalued. This has therefore affected the local price.
In the retail market 12.5 Kg cylinder ranges between to N11,000 and 12,000 depending on where it is purchased. This is against N9,000 plus, which the product was sold for in April/ May, this year.
Investigations reveal that major importers of the commodity in the country battling to get foreign exchange to purchase the product.
In many parts of Lagos, the price of 12.5kg is N11,000. While in Ibadan, a 6kg cylinder has hit N4000. This was sold at about N 1,500 and N2000 before.
In Awkunanaw area of Enugu state and others, several retail outlets sell a kilogram of gas between N780 and N800 as against the former price of N720 and N750, investigations have shown.
However, a mini gas depot in the same area sells the product at a reduced price of N725 per kilo; two kilograms go for N1500; while a 2.5kg goes for N1900 and three kilograms for N2,250.
On why the change in the price of the product, an official of a depot who spoke on the condition of anonymity said that the price of gas was not stable.
“This price schedule can change any time. You may come here tomorrow and discover that the price has gone up or come down; it all depends on the suppliers, “the official said.
Another gas depot in the Top Land area, Solution Gas Depot sells three kilograms of gas at N2,600 while five kilograms goes for N3, 600.
Reports show that NAN also visited another retail outlet on Edinburgh Road in the heart of Enugu metropolis where a kilogram of gas goes for N850.
Another retail outlet at Obiagu also sells a kilo of gas at N850.
The seller, Ugochukwu Nweze explained that the price was not constant as it could change anytime.
“Even today, this price can change again it depends on where you buy your product.
“If you buy from a depot that is far from your shop, you have to add transportation and every other cost, probably that is the reason for different prices,” he said.
Elsewhere across the country, the prices of different kilogram bottles have risen astronomically.
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