Nigerian Company Slashes Cooking Gas Price for Customers, Gives Reasons, Governor Reacts

Nigerian Company Slashes Cooking Gas Price for Customers, Gives Reasons, Governor Reacts

  • An Enugu-based Nigerian company has announced a reduction in cooking gas prices for its customers
  • The price cut gesture is to celebrate Governor Peter Mbah’s one year in office, reflecting the company's commitment to supporting local communities
  • The governor accepted the gesture and highlighted his administration's achievements since coming into power.

Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

Second Coming Nigeria Limited, an Enugu-based Liquefied Petroleum Gas marketing company, has slashed the price of its cooking gas from N960 to N672 per kilogramme.

The gesture is expected to benefit at least 4,000 residents in different parts of Enugu state.

Cooking gas price in Nigeria
Cooking gas price slashed in Enugu Photo credit: Bloomberg/contributor
Source: Getty Images

Company slashes cooking gas price

Basil Ogbuanu, the chief executive officer of the company who made the change of price announcement on Wednesday, May 29, 2024, said that the gesture was for two celebrations.

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Punch reports that he said it was to celebrate Governor Peter Mbah's one-year anniversary and his performance.

He said:

“We are celebrating our resulted-oriented and hardworking governor, Dr Peter Mbah and celebrating our customers for standing with us.
"Mbah, being a renowned oil and gas businessman before venturing into politics, had made those in the oil and gas sector proud with his sterling performance, innovative ideas and passionate drive to achieve them”.

He also revealed that the price cut amounts to N20 million and can be accessed in its four branches scattered within the state.

Enugu governor to gas price slash reacts

In reaction, while declaring the reduction of prices of cooking gas open at the company’s plant in Abakpa-Nike on Wednesday, Governor Mbah said the gesture by Second Coming Nigeria Ltd was a testament to the thriving business environment in Enugu State.

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Mbah, who was represented by the commissioner for Information and Communication, Aka Eze Aka, said:

“Security for both investors and customers has been achieved as the state ranks as one of the safest states in the country; where everybody moves around and engages in their business endeavours freely, not minding the hour.
“As a governor that understands business and its nature, having been a businessman himself, have gone ahead to remove all bottlenecks to business as well as invested massively in road, water, electricity and other infrastructure for business to flourish in the state.
“This administration is doing things differently as it carries a big vision to move the state forward in all sectors and ensure that the total Gross Domestic Product grows from the current $4.4bn to $30bn within eight years."

Expert explains why cooking gas is expensive

In related news, Legit.ng reported that an expert provided insight into why government efforts to bring down the price of cooking gas are not working.

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Speaking on the price changes, economist Dr Ayo Anthony explained that it will take time for government policies to impact the economy.

Anthony said the issue of old gas stock contributed to the high cost of cooking gas despite the government's policy to remove VAT from its importation.

Proofread by Kola Muhammed, journalist and copyeditor at Legit.ng

Source: Legit.ng

Authors:
Dave Ibemere avatar

Dave Ibemere (Senior Business Editor) Dave Ibemere is a senior business editor at Legit.ng. He is a financial journalist with over a decade of experience in print and online media. He also holds a Master's degree from the University of Lagos. He is a member of the African Academy for Open-Source Investigation (AAOSI), the Nigerian Institute of Public Relations and other media think tank groups. He previously worked with The Guardian, BusinessDay, and headed the business desk at Ripples Nigeria. Email: dave.ibemere@corp.legit.ng.

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