NOW UNBEARABLE!! Cooking Gas Price unexpectedly Increases Nationwide Again; See The Current Price Per 1KG
The cost of Liquefied Petroleum Gas (LPG), commonly known as cooking gas, has surged to N14, 150 for a 12. 5kg cylinder, marking a significant 38% Year-on-Year (YoY) increase from its April 2023 price of N10, 323. 33. Concurrently, aviation fuel prices
have also climbed to between N1, 300 and N1, 500 per liter in the domestic market, up by 33% from approximately N1, 000 per liter during the same period.
Furthermore, the price of a 5kg gas cylinder has risen by 37% to N5, 700 from N4, 642. 27 previously, according to findings by Energy Vanguard.
In an interview with the publication, Mr. Oladapo Olatunbosun, President of the Nigerian Association of Liquefied Petroleum Gas Marketers (NALPGM), attributed the continuous surge in cooking gas prices to the ongoing foreign exchange crisis affecting the domestic market.
Mr. Olatunbosun explained, “It is expected that when the foreign exchange increases, the price of LPG will follow suit because it is still priced and determined by the flow of foreign exchange.
Addressing the issue, Minister of Petroleum (Gas), Ekperikpe Ekpo, acknowledged the challenges facing the gas sector despite government initiatives such as the declaration of the decade of gas and tax incentives on gas-related imports. Minister Ekpo emphasized efforts to prevent the exportation of cooking gas to ensure domestic supply, thereby potentially reducing prices.
He stated, “We are interacting with the critical stakeholders to ensure that there is no exportation of cooking gas. All cooking gas produced within the country will have to be domesticated and when this is done, the volume will increase and of course, the price will automatically crash.” Despite these assurances,
observations reveal a growing trend of households, particularly in suburban and rural areas, resorting to increased use of firewood, exacerbating
deforestation concerns nationwide.
Minister Ekpo also highlighted ongoing dialogues with regulatory bodies and major gas producers such as Mobil, Chevron, and Shell to address pricing issues. He stressed the need for cooperation to achieve price reduction objectives, recognizing the role of regulators in safeguarding
consumer interests. In conclusion, while government. interventions and stakeholder engagements offer optimism for addressing rising gas prices, the persistent challenges underscore the urgency of sustainable solutions to ensure affordable energy access for
all Nigerians.
Source:
VANGUARD
