Govt Tax Causing Cooking Gas Price Rise – Marketers

Published

3 years ago

August 10, 2023

WhatsApp Image 2023 08 10 at 11.31.00 AM 1

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The President of the Nigerian Association of Liquefied Petroleum Gas Marketers, Olatunbosun Oladapo, said gas consumers should brace themselves for price hikes starting next week.

He cited rising international prices, high tax rates and prices of vessels, forex scarcity, and naira devaluation as some of the reasons for the intended price review.

“It is starting next week because international prices have gone up. The prices of vessels have gone up and taxes are high, but consumers are not earning more.

“Their purchasing power has gone down. Everybody is crying. Consumers, middlemen, and retailers are feeling the impact because business is now on the low side,” he said.

Olatunbosun described the imminent price increment as unfortunate.

“The situation is very unfortunate because prices are going higher. Nigerian consumers are passing through very difficult times because they can no longer afford gas,” he added.

“The government should come in and alleviate the suffering of the masses by providing palliatives, reducing taxes and levies.

“You can imagine that for every 1kg of gas priced at N700, tax would take way N3.50. How much is left in such a business?” he said .

He urged the government to tax profit and not products because consumers were not buying gas anymore.

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Naira Exchange Rates Thursday, 5 Nov 2026

Published

15 hours ago

November 5, 2026

OCHEFA

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BLACK/ PARALLEL MARKET RATES

₦1400DOLLAR (USD)

₦1830POUND (GBP)

₦1515 EURO (EUR)

₦950 CANADIAN DOLLAR (CAD)

₦70 SOUTH AFRICAN RAND (ZAR)

₦350 UAE DIRHAM (AED

₦190 Chinese YUAN (CNY)

₦100 Ghanaian CEDI (GHS)

West African CFA ₦2240 (XOF)

Central African CFA ₦2180 (XAF)

₦820 Australian Dollar AUSSIE (AUD)

NNPCL wants to sell 10% equity via IPO on NGX, LSE

NNPC is expected to spend at least the whole of 2027 preparing for the proposed offering, with the listing primarily intended to strengthen corporate transparency and governance in line with Nigerian law.

Published

2 days ago

November 4, 2026

OCHEFA

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The Nigerian National Petroleum Company Limited (NNPC Ltd.) is considering selling between 5% and 10% of its equity through a potential initial public offering (IPO), with the proposed listing expected to focus primarily on Nigeria’s domestic capital market.

The Group Chief Executive Officer of NNPC Ltd., Bashir Bayo Ojulari, disclosed this in an interview with Reuters on Tuesday, November 3, 2026, adding that the company could also pursue a secondary listing in London or New York.

The disclosure comes shortly after the Dangote Petroleum Refinery’s IPO closed on October 27, following a two-week extension of its subscription period from the initial October 13 deadline.

Ojulari indicated that raising additional capital would be a secondary consideration rather than the main reason for going public.

The company is also considering listing some of its subsidiaries separately, following a model adopted by Abu Dhabi National Oil Company (ADNOC), the United Arab Emirates’ state-owned oil company.

Beyond the potential IPO, Ojulari disclosed that Chinese companies have expressed interest in acquiring equity stakes in some of NNPC’s smaller refineries, particularly the Port Harcourt and Warri facilities, which require substantial rehabilitation.