See The Price Of Cooking Gas In Nigeria Today 9/4/2024

See The Price Of Cooking Gas In Nigeria Today 9/4/2024

Marketers Cease Importation as Cooking Gas Price Skyrockets by 240% Nigerians’ hopes for a decline in the price of Liquefied Petroleum Gas (LPG), commonly known as cooking gas, have been dashed as the product’s price continues to soar…..READ ALSO See The Price Of Cement Brands In Nigeria This Week

Reports indicate that the price of cooking gas for a 12.5 kg cylinder has escalated to N14,150, marking a staggering 38 percent increase year over year, compared to N10,323.33 in April 2023.

Simultaneously, the price of aviation fuel has surged to between N1,300 and N1,500 per litre in the domestic market, from approximately N1,000 during the same period, representing a 33 percent rise.

In an interview with Vanguard, Oladapo Olatunbosun, President of the Nigerian Association of Liquefied Petroleum Gas Marketers (NALPGM), attributed the continuous rise in cooking gas prices to the ongoing foreign exchange crisis, which is impacting the domestic market.

Olatunbosun stated, “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.”

Furthermore, Minister of Petroleum (Gas), Ekperikpe Ekpo, expressed optimism that the price of cooking gas would decrease once critical stakeholders refrain from exporting it.

Ekpo assured Nigerians of impending improvements, revealing ongoing discussions with the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).

He added, “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 challenges posed by investors aiming to maximize profits, Ekpo emphasized the government’s commitment to intervention through regulatory measures to alleviate the burden on consumers.

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