Soaring Gas Prices: Cooking Gas Floods the Market at ₦1,500 per Kilogram
The recent surge in prices of Liquefied Petroleum Gas (LPG), commonly known as cooking gas, has left many Nigerian consumers reeling. Market trends suggest that the cost of this essential household item has reached a staggering ₦1,500 per kilogram, with many residents of Ogun and Lagos states struggling to make ends meet.
In a bid to address this crisis, Suresh Kumar, Managing Director of NIPCO Plc, has expressed his optimism that the upcoming launch of the Dangote refinery and other domestic refineries will help stabilize prices and reduce the country’s dependence on foreign imports, which account for over 60 percent of the cooking gas consumed in Nigeria.
According to recent market checks, the price of cooking gas has skyrocketed, with a 12.5kg cylinder now costing an average of ₦17,000 in Abuja, a 41.6 percent increase from just three months ago. This sudden escalation is putting significant pressure on consumers, who are already grappling with the rising cost of living.
A recent survey by Punch reveals that the price of a kilogram of cooking gas varies wildly across the city, with prices ranging from ₦1,300 to ₦1,400 in different areas. In Kubwa and Lokogoma, the product is priced between ₦16,200 and ₦16,500, while in some outlying areas like Bwari, Kurudu, and Jikwoyi, the price remains relatively stable at around ₦1,300.
Despite the Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo’s earlier promise to address rising costs and collaborate with regulators and gas producers, the current market trends suggest that prices have not only remained high but have actually escalated. This raises questions about the effectiveness of these efforts and the long-term impact on the Nigerian consumer.
