The price of Liquefied Petroleum Gas (LPG), commonly known as cooking gas, has soared to N14,150 for a 12.5kg cylinder, marking a significant 38% increase year-on-year compared to N10,323.33 in April 2023. Similarly, aviation fuel prices have risen to between N1,300 and N1,500 per litre in the domestic market, up by 33% from around N1,000 during the same period last year.
According to the Nigerian Association of Liquefied Petroleum Gas Marketers (NALPGM) President, Mr. Oladapo Olatunbosun, the surge in cooking gas prices is attributed to the impact of the foreign exchange crisis on the domestic market. He explained that as foreign exchange rates increase, the price of LPG also rises due to its pricing being determined by foreign exchange flows.
In response, Minister of Petroleum (Gas), Ekperikpe Ekpo, highlighted government efforts to promote the use of cooking gas, including tax incentives and measures to prevent gas exportation. He assured that ongoing engagements with stakeholders aim to increase domestic gas production, which would lead to price reduction.
Source: Vanguard