A survey by TimesNow.com.ng reveals that the price of liquified petroleum gas (LPG), also known as cooking gas, has plummeted to a four-month low.
Dealers of the commodity quoted the product price low, attributing it to various interventions by the Nigerian government.
TimesNow.com.ng previously reported that the Nigerian government removed Value Added Tax (VAT) and import duty on LPG to boost local supplies.
Also, the government began the free distribution of one million unrestrained LPG cylinders nationwide to enhance access.
Findings by TimesNow.com.ng show that dealers across Nigeria have crashed the cooking gas price below N900 per kilogramme for the first time in four months.
The first time cooking gas was sold below N800 was early in 2024, when dealers announced a price reduction after it hit N1,300 per kilogramme.
According to dealers, the crash is attributable to the naira’s relative stability in the official market and improved supplies.
A manager at Gasland, one of the major LPG marketers, disclosed that the commodityâs price fell due to government interventions, improved access to forex for import, and the stability of the naira.
The manager, who spoke anonymously, said the government need to sustain its interventions in the sector to ensure that more Nigerians use cooking gas.
TimesNow.com.ng reported that despite repeated attempts by the Nigerian government to crash cooking gas prices, dealers have reported a hike in the cost of the commodity, citing foreign exchange challenges as the reason.
Checks by TimesNow.com.ng show that the commodity’s price has risen slightly to N1,066 per kilogramme.
The dealers say the addition is due to the crash of the naira against the US dollar.
Source: TimesNow.com.ng
