Cooking Gas Price Crashes to ₦900 Per Kg as Supply Improves, Marketers Hail Removal of VAT

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In a welcome development, the price of cooking gas has dropped significantly, bringing relief to Nigerians who have been struggling with the high cost of the essential commodity. According to a market survey, the price of liquefied petroleum gas (LPG) has crashed to ₦900 per kilogramme, down from ₦1,300 per kilogramme just weeks ago.

Dealers attribute the price drop to improved supplies from various depots and the relative availability of foreign exchange for import. The removal of value-added tax (VAT) by the Nigerian government has also been cited as a major factor in the price crash.

A manager at Gasland depot in Lagos confirmed the development, stating that the depot sold the product at ₦1,300 per kilogramme two weeks ago but has since crashed the price to ₦900. The price of 12.5kg has also dropped to around ₦10,000, down from ₦14,300.

This development comes as a relief to many Nigerians who have been struggling with the high cost of cooking gas. The price drop is expected to have a positive impact on the economy, as it will reduce the burden on households and businesses that rely on cooking gas for their daily operations.

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Meanwhile, the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has expressed concerns about the government’s bulk purchases of foodstuffs for palliative distribution, which he says is exacerbating the food inflation crisis in Nigeria. The CBN has increased the benchmark interest rate to 24.75% to combat rising inflation, but the national inflation rate continues to soar, with food inflation particularly severe at 40.01%.

The drop in cooking gas price is a welcome development, and it is hoped that the government will continue to implement policies that will reduce the burden on Nigerians and stimulate economic growth.

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