Hours after reports that the price of liquefied natural gas, also known as cooking gas, will increase in the coming days, the retail price of the commodity has risen to N800 per kilogram, findings have shown.
Stakeholders in the entire value chain have confirmed the increment, citing rising international prices, high tax rates, vessel costs, forex scarcity, and naira devaluation.
“I bought 13kg of gas for N8,950 sometime last week, and now the same quantity is going for N10,400. It’s becoming unbearable,” said Osuji Chidinma, a businesswoman living in the Iyana Iba area of Lagos.
The Nigerian Association of Liquefied Petroleum Gas Marketers (NALPGAM) projected a price hike of the commodity starting next week, warning consumers to brace for tougher times.
“As I am talking to you, I can confirm that the price of cooking gas has gone up,” said Olatunbosun Oladapo, President of the Association.
Stoke Energy Gas and Lite Gas, both wholesalers situated at the Ijora axis, stated that they now supply to retailers at N620 per KG.
“The situation is very unfortunate because prices are going higher, and Nigerian consumers are passing through very difficult times because they can no longer afford gas. They are beginning to depend on firewood, charcoal, and sawdust for cooking,” he said.
The president called on the government to appoint a minister to oversee the sector, alleviate the suffering of the masses by providing palliatives, reducing taxes and levies.
Also, Oladapo said Nigeria LNG would have to prioritize domestic needs over exportation to cushion the effects on the masses while also urging marketers who had the opportunity to buy products locally to fix prices with consumers’ sympathy in mind.
With the Nigerian naira falling to a record low of N950 per dollar at the parallel market, the gap between the official and black markets is resurfacing. The currency of Africa’s biggest economy has come under pressure since the CBN floated the currency in June.
The president’s concerns highlight the urgent need for measures to stabilize the cooking gas market and protect consumers from the escalating prices, ensuring that a basic necessity like cooking gas remains accessible to all, even amid challenging economic conditions.