Nigerian households and businesses face increasing challenges due to the rising costs of essential resources such as cooking gas and diesel, exacerbating financial strains amid stagnant incomes and currency devaluation.
Market surveys reveal a significant surge in prices, with the cost of a 12.5kg cooking gas cylinder jumping from N11,250 in December 2023 to N15,000 in February 2024, marking a 33.3% increase. Similarly, diesel prices have climbed to N1,270 per liter from N800 per liter during the same period last year, driven by currency depreciation and heightened demand, particularly from tanker drivers transporting petroleum products across the country.
The depreciation of the Naira, now trading at N1,400/$ in the official market, amplifies the financial strain experienced by households and businesses, which struggle with limited income growth. Additionally, the electricity supply remains unreliable, with power generation declining by 17.8% year-on-year, further compounding the challenges faced by consumers.
To address these pressing issues, the Nigerian Gas Association (NGA) calls on the Federal Government to expedite the implementation of the Nigerian Autogas Policy, a key component of the National Gas Expansion Programme (NGEP) introduced two years ago.Members of the NGA express readiness to collaborate with the government in promoting the adoption of autogas through strategic engagements and awareness campaigns.
Source: Vanguard