x

Cooking Gas Prices Surge in Nigeria: New Rates Announced by Marketers

By  Milcah  Tanimu

The price per kilogram of Liquified Petroleum Gas (LPG), commonly known as cooking gas, has surged in Nigeria, according to recent market feedback. This follows a period in June when the price of LPG dropped to its lowest in four months, falling below ₦900 per kilogram.

June Price Decline

In June, market surveys showed a significant decrease in the price of cooking gas. This decline was attributed to various government measures, such as the removal of Value Added Tax (VAT) and import duties on LPG to enhance local supply. Additionally, the relative stability of the naira against the dollar in the foreign exchange market played a crucial role.

July Price Increase

However, in July, the price per kilogram of cooking gas has risen sharply to approximately ₦1,200, depending on the location and the seller. As a result, the cost for 6kg of LPG is now ₦7,200, and 12.5kg is priced at ₦15,000.

Reasons for the Hike

Marketers attribute this fresh increase to the high foreign exchange (FX) rate and market volatility. These factors have compounded the cost of importing and distributing LPG, leading to the price hike.

Inflation Impact

This price increase coincides with new data from the National Bureau of Statistics (NBS), which indicates that Nigeria’s inflation rate has hit a new high of 34.19% in June 2024. The rising inflation is primarily driven by the escalating cost of food items, pushing essential commodities beyond the reach of millions of Nigerians.

The recent surge in cooking gas prices adds to the financial strain on households already grappling with the high cost of living. As the market continues to react to economic pressures, consumers are advised to stay informed about price changes and explore alternative energy sources where possible.

Hot this week

Security: Wike Lights Up Abuja Districts, Flags – Off integrated Solar Lighting Project

By Joyce Remi-BabayejuThe FCT Minister, Barr. Nyesom Wike, on...

A’ibom shrine crisis; NGO seeks truce, appeals for discretion

By Ogenyi Ogenyi,UyoA Non Governmental Organisation, Open Forum for...

Protest Rocks Kaduna Over Alleged Oil Cartels Sabotaging Local Refining

By Achadu Gabriel, KadunaProtesters under the banner of Partners...

Anambra Community to Bury Traditional Ruler October 9

The Oko community in Orumba North Local Government Area...

ITF Celebrates 54th Anniversary, Pledges More Training for Artisans

By Israel Adamu, JosThe Industrial Training Fund (ITF), Nigeria’s...

A’Ibom Police receive 255 new Recruits

By Ogenyi Ogenyi,UyoAkwa Ibom Commissioner of Police, Baba...

Residents decry rise in domestic violence after murder of Army Officer in A’ibom

By Ogenyi Ogenyi, UyoResidents of Uyo and other parts...

Gov Mutfwang’s Re-Election, Most Noble Ambition for Plateau – Commissioner

By Israel Adamu, JosThe Commissioner for Local Government and...

ITF Celebrates 54th Anniversary, Pledges More Training for Artisans

By Israel Adamu, JosThe Industrial Training Fund (ITF), Nigeria’s...

Related Articles

Popular Categories

spot_imgspot_img