In a recent development, the surge in cooking gas prices in Nigeria has sent shockwaves through the market, reaching up to N1,400 per kilogram in some cities. The Nigeria Liquefied Natural Gas Limited (NLNG) has shed light on the factors contributing to this drastic increase, citing a combination of issues such as high import taxes, global oil price fluctuations, and the ongoing forex crisis in the country.
According to a statement by NLNG, the spike in cooking gas prices is a result of a shortage of vessels, volatility in foreign exchange rates, and the escalating costs of crude oil. This revelation comes at a time when consumers are expressing widespread concerns, especially with the approaching Yuletide season.
A market survey conducted earlier this month revealed that the price for 20 metric tons of cooking gas at the terminal was N10 million. However, by October 20, this price had surged to N14 million for the same quantity, underscoring the severity of the situation.
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Major cities across Nigeria, including Lagos, Katsina, Sokoto, Delta, Kaduna, and Kano, have already begun experiencing a scarcity of cooking gas. Consumers fear that if the prices continue to soar, they may have to resort to alternative cooking sources.
It is essential to address these concerns promptly, considering the potential impact on households and businesses. The NLNG’s clarification sheds light on the multifaceted challenges affecting the availability of Liquified Petroleum Gas in the domestic market.
As the situation unfolds, stakeholders and policymakers must explore viable solutions to stabilize the cooking gas market and ensure that consumers are not unduly burdened by the current economic challenges.
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