Again! Cooking Gas Price To Increase Next Week

Again! Cooking Gas Price To Increase Next Week

See New Price, As Cooking Gas Price Drops

The price of Liquefied Petroleum Gas (cooking gas) is set to increase next week, which is expected to put severe pressure on the finances of Nigerian households.

Recall that in recent months, the price of cooking has been on a downward trend, but that is about to change, according to marketers.

Also, recall that in June, the average retail price for refilling a 5kg cylinder of cooking gas decreased by 6.71% month-on-month from N4,360.69 recorded in May 2023 to N4,068.26 in June 2023.

Similarly, the average retail price for refilling a 12.5kg cooking gas cylinder decreased by 4.35% monthly from N9,537.89 in May 2023 to N9,123.25 in June 2023.

The situation is about to change as Olatunbosun Oladapo, President of the Nigerian Association of Liquefied Petroleum Gas Marketers, has announced that price changes are set to be implemented next week.

Although he did not specify the extent of the increase, he attributed it to the escalating international prices, elevated tax rates, and vessel costs.

Others include forex scarcity and naira devaluation.

He said: “It is starting next week because international prices have gone up. The prices of vessels have gone up, and taxes are high, but consumers are not earning more.

“Their purchasing power has gone down. Everybody is crying. Consumers, middlemen, and retailers are feeling the impact because business is now on the low side.”

Olatunbosun added that while the price increase is unfortunate, it is inevitable.

He also said “The situation is very unfortunate because prices are going higher. Nigerian consumers are passing through very difficult times because they can no longer afford gas.”