Gas Retailers have Issued a Warning that the Price of a 12.5kg Cooking Gas cylinder may Surge to N18,000 by December if the Federal Government doesn’t curb the actions of Terminal Owners.
Olatunbosun Oladapo, the President of the Nigerian Association of Liquefied Petroleum Gas Marketers, explained that the Cost of Liquefied Petroleum Gas, Commonly known as Cooking Gas, has seen a “drastic surge” at Terminals.
The Price has abruptly risen from a range of N9-N10 million per 20 metric tons to N14 million per 20 metric tons.
Oladapo expressed concern, stating, “There is an alarming escalation in Gas Prices at present, and I fear that if the Federal Government doesn’t intervene to Monitor the activities of these Terminal Owners, Prices could climb as high as N18 million per metric ton by December.
This means that a 12.5kg Cylinder could cost as much as N18,000.”
He further pointed out that Terminal Owners were using the excuse of high Foreign Exchange rates to justify Price hikes, further exacerbating the Hardships faced by the Public.
Oladapo contended that there was no justification for these Price Increases, as the Nigerian Liquefied Natural Gas Limited (NLNG) still supplies the Market.
He stated, “NNPCL currently acquires 59 percent of the Gas Produced by NLNG, even though NLNG has also raised its price from N6 million to N8 million.
Now, because NLNG has Increased its price, NNPCL and Terminal Owners have followed Suit by raising the price to N14 million.
“The Impending Price Increase is not the Retailers’ fault.
It is the doing of NLNG and Terminal Owners.
Even NNPCL is using the pretext of Privatization to raise Prices.
Just last week, 1kg was N800 at the Terminal, but now it’s N1,200 and could potentially reach N1,500 by December if Measures aren’t taken.”
