Retailers are cautioning that by December, the cost for a 12.5kg cooking gas could reach N18,000, urging the Federal Government to regulate terminal operators.
Olatunbosun Oladapo, President of the Nigerian Association of Liquefied Petroleum Gas Marketers, highlighted that Liquefied Petroleum Gas prices have spiked considerably due to sudden increases at terminals.
“The surge in gas prices is alarming. Without government intervention to oversee terminal operators, we could see prices touch N18m per metric ton by December, translating to a 12.5kg cylinder costing N18,000,” Oladapo stated.
He added that these terminal operators are using high foreign exchange rates as an excuse to increase prices.
Oladapo further commented that despite the Nigerian Liquefied Natural Gas Limited continuing its supply, there’s no valid reason for such a price hike.
“While NLNG did raise its price, the subsequent hikes by NNPCL and terminal operators are unwarranted. Retailers aren’t to blame; the responsibility lies with NLNG and terminal owners,” Oladapo expressed.
He also emphasized the ripple effect of these increases on the average Nigerian, with many resorting to firewood and charcoal due to unaffordability.
“Following a meeting with President Tinubu last week, there were commitments to collaborate and improve living standards. But actions now seem contradictory. The promised aid and bus donations are yet to materialize,” Oladapo lamented.
Previously in August, The PUNCH reported a potential increase in cooking gas prices, which have since surged, with a 12.5kg cylinder now costing up to N10,000. While gas terminal operators lack a formal association, representatives from NavGas and Nipco Plc attributed the hike to forex and global market trends.(Punch)
