Abstract The study reveals that the total factor productivity in the GFCV continued to increase throughout the study period except for a brief period between 1983-84 and 1984-85 which was mainly the result of the decline in the industrial demand for gas and a decelerated growth rate in residendial demand. The productivity gains were found to be highly sensitive to the rates of depreciation and discount rates assumed. The estimated terms of trade suggest that the increase in gas prices was lower than the increase in the aggregate input prices the GFCV paid, particularly to capital and labour. However, while the price index of reticulated gas increased to 2.17, the purchase price declined to 0.96 over the study period. The productivity gains by the GFCV seem to have been shared with its customers.