Daud Olatunji
The price of cooking gas has surged across parts of Nigeria, with consumers in Abuja paying as much as N1,800 per kilogramme, while prices have climbed to N1,650 in Lagos and Ogun states.
Findings on Thursday showed that the price increase had affected several retail outlets, raising concerns over the growing cost of household energy and the financial burden on consumers.
In Lagos, Techno Oil outlets in Festac increased their selling price from N1,450 to N1,650 per kilogramme.
Similarly, NipCo retail stations at First Gate and the Trade Fair Complex raised their prices from N1,280 to N1,480 per kilogramme.
The situation was not different in Ogun State, where Ecogas LPG refilling plant in Sagamu increased its price from N1,500 to N1,600 per kilogramme.
At Oyejo Gas Station in Shiwun, the product rose from N1,450 to N1,650 per kilogramme.
In Abuja, the price increased from N1,700 to N1,800 per kilogramme at some retail outlets, while NipCo sold the product for N1,650 per kilogramme.
The latest increase comes amid a sharp rise in depot prices, which reportedly climbed by 31.8 per cent, from N1,100 to N1,450 per kilogramme within one month.
The latest increase comes amid a sharp rise in depot prices, which reportedly climbed by 31.8 per cent, from N1,100 to N1,450 per kilogramme within one month.
Speaking on the development, a gas expert, Lawal Taofeek, attributed the rising prices to seasonal pressure on global gas demand, particularly the increase in consumption during Europe’s heating season.
According to him, the demand for gas typically rises during the cold season as European countries increase consumption for heating, putting pressure on international prices.
“This is the peak heating season in Europe, when demand for gas rises significantly as countries increase consumption for heating,” he said.
Taofeek explained that the increase in global demand was having a ripple effect on domestic LPG prices, adding that the trend could persist until late December or early January.
“This seasonal surge in demand puts upward pressure on global gas prices, which in turn affects LPG prices. The trend is expected to continue until late December or early January, as it is a seasonal period of rising gas prices,” he added..m
He, however, expressed optimism that prices would ease once the seasonal demand subsided.
The latest development is expected to put additional pressure on households already grappling with the rising cost of living, as cooking gas remains a major source of domestic energy for millions of Nigeri
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