Marketers Project Cooking Gas Price to Rise Next Week

Marketers have hinted that tougher times are ahead of gas consumers as prices will go up next week.

The President of the Nigerian Association of Liquefied Petroleum Gas Marketers,  Olatunbosun Oladapo, said gas consumers should brace themselves for price hikes starting next week.

He cited rising international prices, high tax rates and prices of vessels, forex scarcity, and naira devaluation as some of the reasons for the intended price review.

He further explained that purchasing power has gone down as consumers, middlemen, and retailers are feeling the impact because business is now on the low side.

Olatunbosun described the imminent price increment as unfortunate.

According to him, consumers are now returning to firewood, charcoal, and sawdust for cooking.

He urged the government to come in and alleviate the suffering of the masses by providing palliatives, reducing taxes and levies.

He also urged the government to tax profit and not products because consumers were not buying gas anymore.

He called on marketers who had the opportunity to buy products locally to fix prices with “consumers’ sympathy” in mind.

Vessel scarcity in the international market has led to charter rate hikes, ahead of the 2023 winter, when demand for heating fuel peaks.

 

The number of LNG vessels floating on the water for at least 20 days also rose in late July, with 42 vessels tracked, which is about 27 per cent higher than the same time a year earlier.

Nigerian LPG prices are internationally benchmarked based on Nigerian Liquefied Natural Gas Contract prices and are always influenced by international prices.