Gas retailers in Nigeria have issued a warning, cautioning that the price of a 12.5kg cooking gas cylinder could skyrocket to N18,000 by December this year if the Federal Government does not impose restrictions on the activities of terminal owners.
In an interview, Olatunbosun Oladapo, the President of the Nigerian Association of Liquefied Petroleum Gas Marketers, disclosed that the price of Liquefied Petroleum Gas, commonly known as cooking gas, has seen an astronomical increase at terminals. The cost has surged from a range of N9–N10 million per 20 metric tonnes to N14 million per 20 metric tonnes.
Oladapo expressed deep concern about the ongoing, exorbitant price hikes in the gas market. He fears that without government intervention to regulate the activities of terminal owners, prices could surge even higher, potentially reaching N18 million per metric tonne by December. This alarming trend could push the price of a 12.5kg cooking gas cylinder as high as N18,000.
According to Oladapo, terminal owners are exploiting the excuse of high foreign exchange rates to justify their price hikes, further exacerbating the suffering of the masses. He firmly asserted that terminal owners lack valid justifications for these price increases, especially considering that Nigerian Liquefied Natural Gas Limited continues to supply the market.
