The Price of Cooking Gas Skyrockets in Nigeria

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• Author: Muyiwa Ige(LPG Stakeholder and Consultant)

The price of Cooking Gas (Liquefied Petroleum Gas) has risen at an unprecedented rate within the past few days to peak at N14,000,000 per 20 Metric Tons at the leading LPG Depots, today.

Sadly, this unpalatable trend is steadily taking Cooking Gas beyond the reach of the lower class in the country.

The retail price of Cooking Gas was already oscillating between N850-N900 per Kg at locations around Lagos and Ogun States when the ex-depot price of 20 Metric Tons was in the neighborhood of N13,000,000 – N13,500,000 per 20 Metric Tons.

With the new rate of N14,000,000 per 20 Metric Tons at the depot, it is certain that the retail prices of Cooking Gas will rise to N1000 per Kg and beyond, depending on the proximities of each location to the nearest LPG depot in the country.

The latest sustained increase in the price of the product in the country is attributable to domestic and international supply constraints.

At the moment, only about four LPG Terminals have Cooking Gas in their storage tanks; which they are rationing to their customers.

A scarcity of the product in the country is inevitable, unless the supply situation improves substantially in the coming days.

Going forward, all obstacles impeding the domestic production of Cooking Gas (LPG) must be eliminated, to stabilize the supply and price of the product.

Niglpgas.com is still yet to recover from the shock waves generated by the new ex-depot price of the Cooking gas – N14,000,000 per 20 Metric Tons!