As Nigeria marks its 63rd Independence anniversary, the price of Cooking Gas Prices Soar to 12.5kg cylinder of Liquefied Natural Gas (LNG) commonly used for cooking has surged to an alarming N12,500, according to a recent market survey conducted by our correspondent in Lagos. This significant price hike represents a concerning trend that has emerged in recent weeks.
Just a month ago, the same 12.5kg gas cylinder was priced at N10,000, Cooking Gas Prices Soar marking a startling N2,500 increase within a short span of time. This surge in cooking gas prices has left many Nigerians grappling with the financial burden of essential household items.
Olatunbosun Oladapo, the President of the Nigerian Association of Liquefied Petroleum Gas Marketers, issued a stark warning that the price of a 12.5kg cooking gas cylinder could potentially skyrocket to as high as N18,000 by December if the Federal Government does not intervene to address the situation urgently. Despite these ominous predictions, the government has yet to take action.
Oladapo expressed his concern, stating, “Yes, the price is now N1,000 per kilogram, but the government is yet to step in despite a meeting we had with the NMDPRA.” He went on to explain that gas retailers still purchase 20 metric tons of gas for a staggering N14 million at the depots. Additionally, the escalating cost of diesel, which is essential for transporting gas from Lagos to the North, has further compounded the problem. As a result, the burden of these increased costs falls squarely on the shoulders of consumers.
The situation escalated in September when terminal owners hiked the price of cooking gas from the range of N9 million to N10 million per 20 metric tons to an astonishing N14 million. Oladapo vehemently criticized these terminal owners, accusing them of exploiting the foreign exchange rate as an excuse to increase prices and worsening the suffering of the masses.
Notably, the terminal owners responsible for these price hikes have not provided any official response or explanation. Despite repeated attempts to seek clarification, spokespersons for NavGas and Nipco Plc remained silent on the issue.
This growing crisis in the cooking gas market highlights the urgent need for government intervention to protect consumers and ensure the affordability and accessibility of this essential household commodity. As Nigerians face rising costs of living, the hope remains that swift action will be taken to alleviate their financial burdens and prevent further escalation in gas prices.
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