Unbelievable! Ex-depot price of 20 Tons of LPG peaks at N6,000,000

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• Author: Muyiwa Ige(LPG Stakeholder and Consultant)

Nigeria's LPG industry has been jolted with a price surge that has seen the ex- depot Price of 20 Metric Tons of LPG hitting N6,000,000 today, 11th of February 2021. 

Marketers and retailers of cooking gas in the country are currently reeling in a state of discombobulation (confusion) over the likely cause of this sudden and unexpected hike in the Price of the product at the nation's coastal LPG terminals (depots) . 

The increasingly severe winter season in temperate countries like the United States, United Kingdom, Canada and Russia etc., which has triggered a dramatic increase in the international demand for cooking gas(activating the demand/supply price dynamics) is most probably the prime reason for the skyrocketing international price of the product.

At this current rate, the retail price of 12.5kg of cooking gas may rise to as high as N6000- N6500 in some parts of the country.

With the current economic recession the country is plunged into, that has substantially weakened the purchasing capacity of most Nigerians, there is no doubt that the increase in the Price of cooking gas at this time is most inauspicious. 

The hope and fervent prayer of every stakeholder in the industry is that the Price of the product will drop as soon as possible, so as not to jeopardize the progress being recorded by the increasing  adoption of cooking gas by a large number of patriotic Nigerians.