In a welcome development for Nigerian households, the retail price of Liquefied Petroleum Gas (LPG), commonly known as cooking gas, has dropped from an average of ₦1,080 per kilogram last week to ₦1,000 per kilogram this week.
This decline comes amid growing concerns about rising living costs and is expected to ease financial pressure on millions of consumers.+Full Details.
Here’s a breakdown of the cost for various cylinder sizes based on the ₦1,000/kg rate:
1kg – 1,000
3kg – 3,000
5kg – 5,000
10kg – 10,000
12kg – 12,000
12.5kg – 12,500
Factors Contributing To The Price Reduction
Improved Supply Chain Logistics: Recent improvements in domestic LPG distribution have reduced transportation bottlenecks, resulting in a more efficient delivery system across major cities and rural areas.
Increased Local Production: The Nigerian government, through the Nigerian National Petroleum Company Limited (NNPCL), has scaled up local gas production to reduce dependency on imports. This has lowered overall costs.
Stable Foreign Exchange Rate: A relatively stable naira exchange rate in recent weeks has made LPG imports more affordable, especially for suppliers still sourcing gas externally.
Government Policy Adjustments: Recent suspension of certain levies and import duties on gas-related equipment and products has helped reduce costs for importers and distributors.+See More Details. .
Market Competition: A rise in the number of private gas retailers has increased market competition, forcing prices downward to attract more customers.
𝗙𝗼𝗹𝗹𝗼𝘄 𝗢𝘂𝗿 𝗪𝗵𝗮𝘁𝘀𝗔𝗽𝗽 𝗖𝗵𝗮𝗻𝗻𝗲𝗹 𝗧𝗼 𝗚𝗲𝘁 𝗟𝗮𝘁𝗲𝘀𝘁 𝗡𝗲𝘄𝘀 𝗔𝘀 𝗜𝘁'𝘀 𝗗𝗿𝗼𝗽!
