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In one month, the price of cooking gas rose by 66% to N1,200Terminal owner blames depreciation in FX & increase in international price on product for the hikeHowever, a report found that terminal owners may be exploiting Nigerians because they are not citizens
A recent report has shown that terminal operators hiked the prices of Liquefied Natural Gas (LNG), or cooking gas, by a significant 60% within just one month, specifically in October.
The report found that terminal owners raised the cost of cooking gas or liquefied natural gas by 60% in October alone.
A report found that terminal owners raised the cost of cooking gas or liquefied natural gas by 60% in October alone. Photo credit: Pulse Nigeria, wilpunt
Source: Getty Images
According to a Punch market survey, the cost of 20 metric tonnes of cooking gas at the terminal was N10 million at the start of the month. The price, however, increased to N14 million for 20 metric tonnes as of October 20.
Terminal owners increasing price
A circular by one marketing manager at Algasco/NAVGAS showed that the price had risen to N16 million per 20 metric tons as of Saturday, October 21, 2023, representing a 66% rise in price within the space of one month.
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The circular stated:
Effective immediately, Ex-Navgas price is N800,000/mt. This is because of the continuous depreciation in FX & increase international. Payment made after this communication will be recapped at the new price.
Subsequent research conducted by PUNCH demonstrated that, in contrast to the manager’s assertion that price increases resulted from declining foreign exchange rates and rising global market prices, the Nigerian Liquefied Natural Gas Limited supplies 70% of the cooking gas used in Nigeria.
According to some estimates, Nigeria’s LPG industry is expected to be worth $10 billion, expanding at the highest rate globally. The country’s annual per capita LPG usage increased from 1.8 kg in 2015 to 5 kg in 2021.
The Petroleum Products Pricing Regulatory Agency reports that in 2020, domestic cooking gas consumption surpassed one million metric tonnes.
According to the report, the rate of consumption in 2020 was the first time in the country’s history that LPG consumption was above the 1 million MT threshold.
Punch also discovered that NLNG presently charges N9 million for the sale of 20MT of cooking gas to marketers.
President of the Nigerian Association of Liquefied Petroleum Gas Marketers, Oladapo Olatunbosun, confirmed the development.
He said:
“Terminal owners did not import any product so how could they attribute this round of increase in prices to FX and price at the international market? I can authoritatively tell you that the last consignment they sold was supplied by NLNG, and another consignment same NLNG is currently on the way to be delivered to the terminal.“Depot owners want to impoverish Nigerians and want to make the government look bad. Now the retail price has reached N1,200 per kilogram. How can the common man survive this? This is pure exploitation because as soon as they even make the money; they would ship it out of Nigeria because they don’t have their families here. They are foreigners who just use Nigeria as an avenue where they can make quick money and send it to their countries for investment,”
Legit.ng earlier reported that marketers of Liquefied Petroleum Gas warned that Nigerians may have to pay more for cooking gas in the months ahead.
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Nigerians earlier expressed dissatisfaction with the hike in the price of cooking gas, which has reportedly hit over N1,000 per kilogram (Kg), Legit.ng reported.
Those who bought cooking gas recently told Legit.ng they were unhappy with the increase in cooking gas prices and how hardship in Nigeria persists.
This is coming after Marketers of Liquefied Petroleum Gas earlier warned that Nigerians may have to pay more for cooking gas in the months ahead.
Source: Legit.ng
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