Nigerians have expressed dissatisfaction over the continuous increase in the price of cooking gas.

Investors King gathered that despite the removal of Value Added Tax (VAT) on cooking gas since October 2023, the price of cooking gas continues to soar, now with a 70 percent increase as reported by the National Bureau of Statistics (NBS).

The price of refilling a 12.5kg cylinder of gas cost N9,194.41 as of 2023, however, as of August 2024, it surged to N15, 552.56, according to the National Bureau of Statistics (NBS).

This increase has had a great effect on households and small-scale businesses, including caterers and food vendors whose daily business depends on gas.

Many Nigerians have seized various opportunities to air out their frustration.

An X user, Abiodun Adeleke queried the sudden increase in the price of gas.

Adeleke, who wondered how Nigerians would be able to survive the economic hardship, observed that the recent increase in the price of the commodity reflects a 100 percent increase.

He wrote, “12.5kg cooking gas is now N19,000. Just months ago, it was N9,000. That’s a 100 percent hike in less than a year. How are people surviving this economy?”

Another user, Isaac Ajani with the handle @IsaacAJCityTexa tackled the FG’s claim of importing gas.

He wrote, “And FG/NNPC boasting they are exporting  gas now,that Nig has huge quantity of natural gas,why d locals/residents are buying it higher,coal/dual purpose Dpk out of reach  @1600perkg,in what way is FG relieving d residents of utility bills.”

Also sharing his frustration, another user with the handle @PerplexedNGN who claimed to be a resident of Lagos confirmed the increase describing it as crazy.

His words “I already bought ₦17,000 here in Lagos.

It’s honestly crazy. I don’t know where the common man will run to after this one too soon becomes unaffordable for the common man. 12.5kg gas was about ₦,3500-₦4,000 up until April/May 2022, just recently over 2 years ago.”

Food vendors and caterers are also feeling the heat.

Mary Olabuson, a caterer in Lagos State recounted how the price of cooking is affecting her business.

She recounted how she rejected a job after the price of cooking gas swallow most of the budget.

“I had a client call me for a job, but after calculating the cost, gas alone took up a huge chunk of the budget. In the end, I had to turn down the offer because the client couldn’t afford my revised rate,” she said.

As the October cocoa harvest approaches, optimism is growing among West African farmers buoyed by soaring cocoa prices.

However, the industry faces persistent challenges, particularly from swollen shoot disease, which continues to threaten cocoa production despite favorable weather conditions.

Moussa Konate, a cocoa farmer from a small plantation in Ivory Coast, is seeing the fruits of a brighter season.

His trees are now laden with healthy, green pods, a promising sign after last year’s devastating crop loss due to disease.

The upcoming harvest is expected to be significantly better, buoyed by the arrival of essential pesticides and improved weather conditions attributed to the La Niña phenomenon.

Yet, while the outlook is improving, the cocoa industry in West Africa remains fraught with challenges. Swollen shoot disease, an incurable viral infection, remains a significant hurdle.

The disease reduces the yield of infected cocoa trees by up to 70% and is forcing many farmers to cut down not only diseased trees but also those nearby, as a preventative measure.

The economic landscape is more promising. Cocoa prices have surged to record levels, driven by ongoing supply shortages and increased demand.

Analysts forecast that prices could average around $7,000 per ton in 2024, a significant drop from the highs earlier this year but still well above historical norms.

This price surge is attracting new entrants into cocoa farming, particularly in regions like Cameroon and Nigeria, where farmers are reporting impressive yields and substantial earnings.

In contrast, established cocoa giants like Ivory Coast and Ghana are grappling with persistent issues.

Despite attempts to adjust farmgate prices and combat the disease, many farmers still struggle with limited resources.

The high costs of pesticides and fertilizers remain out of reach for many, and illegal mining activities, particularly in Ghana, are exacerbating the problem by destroying valuable agricultural land.

The broader West African cocoa belt is seeing mixed results. Early indicators suggest that Ivory Coast could experience a 10% increase in output this season, reaching about 2 million tons.

However, the spread of swollen shoot disease and irregular weather patterns pose ongoing risks.

In Ghana, where aging trees and diseases are also prevalent, farmers are calling for higher prices to support their operations and curb the impact of illegal mining, which threatens their land and livelihood.

Despite these challenges, there is a glimmer of hope. Improved weather conditions and rising prices are revitalizing the industry, drawing new investment and boosting the spirits of many farmers.

Nevertheless, experts emphasize the need for continued support and coordinated efforts to address disease management and sustainable farming practices to ensure the long-term health of the cocoa sector.

The newly operational Dangote Refinery is poised to make significant waves in Europe’s oil industry, according to the latest report from the Organization of Petroleum Exporting Countries (OPEC).

The world’s largest single-train refinery, located in Lagos, Nigeria, is expected to challenge Europe’s established fuel suppliers, particularly in the Northwest Europe (NWE) gasoil market.

OPEC’s June 2024 Oil Market Report highlights the Dangote Refinery as a major new player in the global oil supply chain, with its increasing production capacity set to pressure Europe’s refined petroleum product markets.

The refinery’s output, particularly in diesel and jet fuel, could disrupt the traditional flow of these products into Europe, making it a key contender in the region’s energy sector.

“Upside potential for higher production levels from Nigeria’s Dangote Refinery, coupled with strong flows from the Middle East and new supplies from the Mexican Olmeca refinery, will likely exert pressure on NWE gasoil performance in the mid-term,” OPEC stated in its report.

The $20 billion refinery, owned by Africa’s richest man, Aliko Dangote, began operations in January 2024 and has already started to influence global oil dynamics. With a capacity of 650,000 barrels per day, the refinery’s entry into the European market is expected to alter established trade patterns and challenge the dominance of existing suppliers.

According to industry analysts at Standard & Poor Global, the Dangote Refinery’s full capacity could significantly reshape international crude markets.

“Nigeria’s $20 billion Dangote Refinery would shake up international crude flows when it reaches full capacity, having already made an impact since coming online in January,” noted the report.

In a strategic move to penetrate the European market, the refinery recently completed its first successful export of jet fuel to the continent.

Devakumar Edwin, Vice President of Oil and Gas at Dangote Industries Limited, confirmed that more than 90 percent of the refinery’s production has been exported since the start of operations, with Europe being a key destination.

“BP is currently transporting its first jet fuel cargo to Rotterdam from Dangote, after being awarded part of a 120,000 metric tonnes tender offered for the end of May,” reported S&P Global.

Despite its promising start, the Dangote Refinery has faced challenges in securing a steady supply of crude oil, particularly from within Nigeria.

The refinery has had to rely on U.S. WTI Midland crude to supplement its operations, which has begun to tighten the global market for light, sweet crude oils such as Nigeria’s Bonny Light.

Aliko Dangote has addressed these challenges, emphasizing the refinery’s commitment to utilizing Nigerian crude as its primary feedstock.

“The refinery was built to use Nigerian crude and add value to it within Nigeria. Why should we deviate from that focus?” Dangote stated.

However, he acknowledged that the refinery remains open to sourcing crude from other regions, including Libya, Angola, and Brazil, as supply issues are resolved.

The refinery’s operations are already impacting crude flows, particularly in Europe, the largest consumer of light, sweet Nigerian crude. With the Dangote Refinery scaling up its production, European refiners may soon find themselves in a highly competitive market, driven by Nigeria’s new refining giant.