Gas retailers have raised concerns that the price of a 12.5kg cooking gas cylinder may soar to N18,000 by December unless the Federal Government intervenes to regulate the activities of terminal owners.
Olatunbosun Oladapo, the President of the Nigerian Association of Liquefied Petroleum Gas Marketers, expressed his worries about the skyrocketing prices of Liquefied Petroleum Gas (cooking gas) at terminals. He noted that prices had abruptly risen from between N9-N10 million per 20 metric tons to N14 million per 20 metric tons.
Olatunbosun emphasized that if the Federal Government doesn’t take measures to control terminal owners’ actions, the price of cooking gas could continue to surge and reach as high as N18,000 for a 12.5kg cylinder by December.
He attributed this rise to terminal owners exploiting high foreign exchange rates to increase prices, causing immense hardship for consumers.
He pointed out that there was no justification for such price hikes, especially since the Nigerian Liquefied Natural Gas Limited still supplied the market.
According to Olatunbosun, the blame for the increase in prices falls on the Nigerian Liquefied Natural Gas Limited (NLNG) and terminal owners, as well as the Nigerian National Petroleum Company Limited (NNPCL), all of which have increased their prices.
The gas price hike has made it difficult for many low-income earners to afford cooking gas, pushing some to resort to alternative cooking methods like firewood and charcoal. Olatunbosun also raised concerns about unfulfilled promises of palliatives and donations by certain organizations that had pledged to help improve people’s lives.
While NavGas and Nipco Plc’s spokespersons cited forex challenges and the international market as factors contributing to the price hike, they disputed the claim of prices as high as N1,200 per kilogram. However, they didn’t provide specific information on the landing cost.
As consumers grapple with increasing cooking gas prices, the situation highlights the importance of government intervention to ensure affordable and accessible cooking gas for all.
