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Recent checks have revealed the price of cooking gas has shot up by 9% from ₦680 per KG to ₦745 per kg across the country.
The increment comes amid the global price hike and other volatilities related to the economic situation. According to Liquefied Petroleum Gas (LPG) marketers, the hike is consistent with the association’s notice on price increments slated to take effect from September 1, 2023.
Recall the President of the Nigerian Association of Liquefied Petroleum Gas Marketers (NALPGM), Olatunbosun Oladapo, had in July, projected a price increment in LPG prices from mid-August 2023.
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Oladapo’s reason was based on rising international prices, high tax rates, high prices of vessels, forex scarcity, and naira devaluation.
“It is starting next week because international prices have gone up. The prices of vessels have gone up and taxes are high, but consumers are not earning more. Their purchasing power has gone down.
“Everybody is crying. Consumers, middlemen, and retailers are feeling the impact because business is now on the low side. The situation is very unfortunate because prices are going higher. Nigerian consumers are passing through very difficult times because they can no longer afford gas.” he said.
Before the hike, 50KG worth of lpg was sold at ₦34,000 but now goes for ₦37,000; 25kg was sold for ₦17,000 but has been reviewed to ₦18,500; 20kg was sold for ₦13,600 but is now ₦14,800.
15kg was sold for ₦10,300 but is now ₦11,100; 12.5kg was sold for ₦8,500 but is now ₦9,250; price for 10kg was ₦6,800 but now goes for ₦7,400; 6kg was sold for ₦4,080 but is now ₦4,450. 5kg was ₦3,400 but is now ₦3,700 and 3kg which was sold for ₦2,040 has been reviewed to ₦2,250.
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The high cost of LPG, coupled with the increase in fuel prices has been described as a deathblow for the average Nigerian as the development currently threatens businesses and households across the country.
