Cooking gas dealers have reportedly crashed the price of the product.
According to Intergrity news report, the crash followed the improvement in supplies from various depots and relative gain of the naira against the US dollar.
‘The report stated: ‘The dealers said the price of refilling 12.5kg of Liquified Petroleum Gas (LPG) popularly known as Cooking gas crashed from N14,000 to about N10,000.
”A market survey conducted by our correspondent showed that the dealers crashed the product’s price to N900 per kilogramme from the N1,300 it sold weeks ago.
”A manager at one of the popular Gas depots in Ibadan, who pleaded anonymity, revealed that the price crash also followed the Nigerian government’s removal of value-added tax (VAT) from the product.
“We are witnessing supply improvements, and more marketers can access the products.
” Also, we have noticed an improvement in forex availability for importers to bring in the product.
”At the main deport, the product was sold at N1,300 per kilogramme two weeks ago but crashed the price to N900 this week”, he confirmed.
However, recent data from the National Bureau of Statistics (NBS) disclosed that the price of 12.5kg of LPG increased by 46.88% in one year.
NBS revealed this in its annual LPG price watch report for February.
NBS said the price of refilling 12.5kg of cooking gas increased to N15,060.38, compared to N10,253.39 in the month under review.
The report said the average price for refilling a 12.5kg cooking gas cylinder rose by 28.33% in one month, from N11.735.72 in January 2024 to N15,060.38 in February 2024.
