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Price Of Cooking Gas Drops In Nigeria

Published

2 years ago

July 1, 2024

Ireporteronline

Price Of Cooking Gas Drops In NigeriaA recent survey reveals that the average price of cooking gas in Nigeria has fallen to its lowest point in the last four months. This price drop is attributed to several government actions, including the removal of Value Added Tax (VAT) and import duty on cooking gas, aimed at boosting local supplies, as well as the relative stability of the naira against the dollar in the foreign exchange market.

Additionally, the government has initiated the free distribution of one million unrestrained LPG cylinders nationwide to enhance accessibility.

Market checks indicate that the current price of cooking gas has fallen below N900 per kilogram for the first time in four months. Earlier in 2024, cooking gas prices dropped below N800 per kilogram after peaking at N1,300.

Dealers emphasize the importance of maintaining these efforts to keep cooking gas affordable for Nigerians. A manager at Gasland, speaking anonymously with Legit, confirmed the price reduction, attributing it to easier access to foreign exchange in the official market and the removal of bottlenecks such as VAT and import duties.

“The government’s recent distribution of unrestrained gas cylinders to Nigerians is commendable, as it encourages LPG use. Further interventions to support marketers in importing more of the product would likely lead to even lower prices,” the manager stated.

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