The price of Liquefied Petroleum Gas (LPG), commonly known as cooking gas, has dropped by 31.8 per cent from a peak of about N2,200 per kilogramme to N1,500/kg, bringing much-needed relief to Nigerian households.
President of the Nigerian Association of Liquefied Petroleum Gas Marketers (NALPGAM), Edu Inyang, in an interview with Daily Sun attributed the drop to sustained engagements among industry stakeholders, regulators and government agencies aimed at improving supply and stabilising the domestic LPG market.
Inyang said the reduction is the outcome of consultations held with key players in the sector to address factors that had previously driven up prices.
“The consultations have yielded positive results. Product availability has improved and confidence has returned to the market, which has helped bring down prices,” he said.
The latest price represents a reduction of N700 per kilogramme from the previous high of N2,200/kg, translating to a 31.8 per cent decline.
The development comes after months of concern over soaring LPG prices, which had forced many households to cut back on consumption or switch to alternative cooking fuels.
On the sustainability of the price drop, Inyang expressed optimism that consumers could see further reductions if current market conditions persist.
“We expect the downward trend to continue. However, prices are influenced by a number of factors, including international market conditions, foreign exchange rates and logistics costs. If these remain favourable, consumers should continue to enjoy lower prices,” he stated.
He noted that efforts by regulators and industry operators to improve supply and remove bottlenecks in the LPG value chain were beginning to yield positive results.
Commenting on the liberalisation of the LPG market, the NALPGAM president said marketers with the requisite capacity were prepared to take advantage of import opportunities to boost supply and deepen competition.
According to him, increased participation by private operators in product importation would enhance market efficiency and help moderate prices over the long term.
The decline in cooking gas prices is expected to provide relief for millions of Nigerians grappling with high living costs and rising energy expenses.
(The Sun)
