Cooking gas, also known as Liquefied Petroleum Gas (LPG), has seen a significant price increase in Nigeria. A 12.5-kilogram cylinder now costs N14,150, up by 38% from N10,323.33 last year. Similarly, aviation fuel prices rose by 33%, reaching between N1,300 and N1,500 per litre domestically.

According to reports, the cost of a 5kg gas cylinder has also gone up by 37%, from N4,642.27 to N5,700. Marketers attribute these hikes to the instability of foreign exchange rates.

President Oladapo Olatunbosun of the Nigerian Association of Liquefied Petroleum Gas Marketers (NALPGM) explained that gas prices are influenced by foreign exchange fluctuations. As long as there’s a foreign exchange crisis, gas prices are likely to increase accordingly.

The Minister of Petroleum (Gas), Ekperikpe Ekpo, highlighted low production and rising prices as factors deterring Nigerians from using cooking gas, despite government efforts to promote gas as a transition fuel. To incentivize the sector, the government has removed taxes and levies on gas-related equipment imports.

These developments underscore the challenges facing consumers and the government’s efforts to stabilize gas prices amid economic uncertainties.

Stay informed with us for more updates on this development.