Cooking Gas Price (for 20 Metric Tons) soars to N16,800,000 at the LPG Depots

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• Author: Muyiwa Ige(LPG Stakeholder and Consultant)

The price of 20 Metric Tons of Cooking Gas has risen to an unprecedented rate of N16,800,000 at the nation’s LPG Terminals.

The reasons attributable to this new astronomical rate at the LPG depots, are the scarcity/very high rate of foreign exchange(precisely US Dollars) being used to make payment for Cooking Gas and the increase in the international price of the product.

Due to the current acute scarcity of the US Dollars in the country, most LPG Marketers are unable to access the needed finaces to bring in cargoes of cooking gas, which explains why only a very few LPG Depots have the product in their storage tanks at the moment.

As we approach the winter season in Europe and the United States when the international demand for the product rises, all relevant hands must be on deck to solve the Dollar crisis and improve the domestic production of LPG, in order to forestall a severe scarcity of the product in the country.