Yemisi Izuora
Cost of shipping and delay in the discharge of cargo at receiving terminals in Lagos have been cited as cause of hike in prices of
liquefied petroleum gas, LPG, also called cooking.
The Nigeria Liquefied Natural Gas Limited, NLNG, which gave the explanation said it noticed recent media reports on LPG price increases in the domestic market and it has become imperative to clarify some of the causes of the price increase.
General Manager, External Relations, of the NLNG, Kudo Eresia-Eke in a statement, stated that Nigeria LNG’s domestic LPG price is based on an international price index plus 50 per cent of the shipping cost of delivering the product to receiving facilities in Apapa Lagos and that price is invoiced in naira at the prevailing official interbank exchange rates, contrary to erroneous assertions made in parts of the media.
The reality of this is that although LPG is produced and consumed locally, the product, like crude oil, is an internationally traded commodity with an international price benchmark, open to global demand and supply pressures.
NUPENG Suspends Warning Strike
Yemisi Izuora
The Nigeria Union of Petroleum and Natural Gas, NUPENG, has suspended its three day warning strike.
This is coming as the Federal Government has directed oil companies operating in the country to obey every agreement entered into with workers and also pay all the entitlement of workers that were laid off.
Both the Federal Government represented by the Minister of Labour and Employment, Senator Chris Ngige and the leaderships of NUPENG and PENGASSAN said there was a peaceful resolution of various contentious issues ranging from indiscriminate declaration of redundancy and sack of workers by some oil companies without due consultation with the leadership of the Union.
Speaking after the meeting, Senator Ngige directed some of the representatives of oil companies who left the meeting after resolution of their issues to comply, with every agreement while those that failed to attend the meeting were given up to July to meet with the minister and relevant stakeholders.
