Nigerians are grappling with the steep rise in the cost of Liquefied Petroleum Gas (LPG), commonly known as cooking gas, which has surged to N1,500 per kilogram.
This comes as the average price for refilling a 12.5kg cylinder in Abuja has jumped by 41.6% to approximately N17,000, reflecting a worrying trend for consumers heavily reliant on LPG for daily cooking needs.
As reported, the price of cooking gas was significantly lower just a few months ago, selling for N12,000 in July and N11,735 in January 2024.
The recent spike in prices highlights ongoing supply issues, as over 60% of cooking gas consumed in Nigeria is still imported, raising concerns among consumers and stakeholders.
Suresh Kumar, Managing Director of NIPCO Plc, expressed optimism about the potential for local production to reduce prices in the future. He noted that the Dangote refinery and other domestic refineries could enhance supply and subsequently lower costs, emphasizing that current local production only meets less than 40% of national consumption needs.
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Recent surveys confirm that prices are peaking across various states, with some areas reporting costs as high as N17,000 for refilling cylinders. In urban centers like Abuja, the Lokogoma area sees prices soar, marking a stark increase from previous months.
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Despite promises from the Minister of State for Petroleum Resources to address rising costs, market assessments indicate that prices have continued to climb rather than fall.
Kumar called for increased support for domestic refineries to stimulate local production and lessen dependence on imports, which contribute to price volatility linked to international market fluctuations.
Kumar also highlighted the urgent need for investments in local gas processing infrastructure, which would enable a substantial increase in domestic LPG production and stabilize prices for consumers.
He urged the government to incentivize this sector to ensure greater accessibility of LPG across Nigeria, crucial for improving household energy consumption.
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