Brace Up For a Rise in the Price of Cooking Gas- NALPGM to Nigeria
Several households in the country have been asked to brace up for a rise in the price of cooking gas.
According to the president of the Nigerian Association of Liquefied Petroleum Gas Marketers, Olatunbosun Oladapo, the price would be increased as from next week.
However, he blamed this on the rising costs globally of hiring vessels, foreign exchange scarcity, and the devaluation of the naira.
Oladapo urged federal government to provide palliatives, as well as reduces taxes and levies, adding that profits of companies, instead of products should be subjected to taxation.
Meanwhile, the dollar exchanged for N749.62 on Wednesday, according to the Central Bank of Nigeria.
The Nigerian LNG usually sells the cooking gas it produces locally to off-takers based on the prevailing exchange rate.
Checks showed that the prices of 20 metric tonnes of LPG at the major depots in Apapa, Lagos, between July 28 and August 7 had been between N10.7m and 11m.
Local consumers of cooking gas have for some months now enjoyed low prices due to a drop in international prices.
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The price of LPG dropped from an average of N730 per kilogram in June to around N600/kg in July and increased to N750/kg in August due to the naira devaluation.
As of June, the price dropped by 76.1 per cent to 2.10 per one million British Thermal Units on May 31 from 8.78 per one million BTU, according to U.S. Energy Information Administration.
A report by the National Bureau of Statistics on retail gas prices said the average retail price for refilling a 5kg cylinder of cooking gas decreased by 6.71 per cent month-on-month from N4,360.69 recorded in May to N4,068.26 in June.
Also, a year-on-year basis, it decreased by 3.56 per cent from N4,218.38 in June 2022.
On state profile analysis, Kwara recorded the highest average price for refilling a 5kg cylinder with N4,750.00, followed by Niger with N4,691.16, and Zamfara with N4,683.33.
On the other hand, Ondo recorded the lowest price with N3,287.86, followed by Ekiti and Nasarawa with N3,288.46 and N3,364.62, respectively.
