• Oil & Gas - News
  • Updated: October 03, 2023

Gas Prices Reach N12,500 As Nigeria Marks 63rd Independence

Gas Prices Reach N12,500 As Nigeria Marks 63rd Independence

The price of a 12.5kg liquefied natural gas (LNG) cylinder, which is frequently used for cooking gas, has increased to N12,500 during Nigeria's 63rd Independence day festivities.

Petrol merchants have significantly raised the cost of the 12.5kg cylinders. Particularly in the Lagos region, this is a significant increase from the stated price of N10,000 at the end of the previous month, according to The Punch.

Olatunbosun Oladapo, the President of the Nigerian Association of Liquefied Petroleum Gas Marketers, has earlier cautioned against this price increase.

Oladapo had issued a warning that unless the Federal Government stepped in to control the actions of terminal owners, the cost of a 12.5kg cooking gas cylinder might increase to as much as N18,000 by December.

Olatunbosun acknowledged that, as of Monday, it appears that the administration has not yet taken any action to remedy the problem.

He emphasised the fact that the cost had increased to N1,000 per kilogramme.

Olatunbosun added that petrol dealers continue to purchase 20 metric tonnes of petrol from the depots for N14 million.

The increasing transportation costs for petrol shipments from Lagos to the North—which currently total N1.7 million—have also been influenced by the higher diesel prices. As a result, consumers now pay higher prices as a result of these rising costs.

He emphasized, "What we are earnestly hoping for is a reduction in prices so that ordinary citizens can benefit from the Federal Government's decade-long gas policy, which aims to make gas accessible and affordable for the common man."

The issue came to light for the first time in September when it was revealed that terminal owners had dramatically increased the price of cooking gas, from an average range of N9 million to N10 million per 20 metric tonnes to the current N14 million.

Olatunbosun voiced serious worries that, if the actions of terminal owners were not immediately curbed, prices could rise to as much as N18 million for a 20 metric tonnes truck by December.

He ascribed these price increases to terminal owners taking advantage of the justification of high foreign exchange rates, aggravating the difficulties encountered by the general populace.

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