Findings by TimesNow.com.ng show that dealers of liquified petroleum gas (LPG), also known as cooking gas, have crashed the commodity’s price following supply improvements.
According to a market survey conducted by TimesNow.com.ng, the dealers have crashed the product’s price to N900 per kilogramme from the N1,300 it sold weeks ago.
The dealers reported improvements in supplies from various depots, saying that the price also crashed due to the relative availability of foreign exchange for import.
A manager at Gasland depot in the Iju-Ishaga area of Lagos, who pleaded anonymity, revealed that the price crash also followed the Nigerian government’s removal of value-added tax (VAT) from the product.
He stated that the deport sold the product at N1,300 per kilogramme two weeks ago but crashed the price to N900.
He revealed that 12.5kg sells for about N10,000 from the N14,300 it sold two weeks prior.
Recent data from the National Bureau of Statistics (NBS) disclosed that the price of 12.5kg of LPG increased by 46.88% in one year.
The NBS revealed this in its annual LPG price watch report for February.
The NBS said the price of refilling 12.5kg of cooking gas increased to N15,060.38, compared to N10,253.39 in the month under review.
The report said the average price for refilling a 12.5kg cooking gas cylinder rose by 28.33% in one month, from N11.735.72 in January 2024 to N15,060.38 in February 2024, TheCable reported.
The report said:
TimesNow.com.ng also reported that the demand for cooking gas recorded a decline amid increasing living expenses.
This development comes as numerous efforts by the federal government to enhance supply and encourage domestic usage failed.
The Nigerian Bureau of Statistics recently released data indicating a rise in the inflation rate from 28.92% in December 2023 to 29.90% in January 2024.
Source: TimesNow.com.ng
