12.5kg cooking gas hits N12,500

Price of 12.5kg of Liquefied Natural Gas or cooking gas has increased to N12,500 as Nigeria celebrates her 63rd Independence anniversary.

A market survey revealed that gas retailers had jerked up prices of 12.5kg from N10,000 reported towards the end of last month, to around N12,500 in Lagos.

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The President of the Nigerian Association of Liquefied Petroleum Gas Marketers, Olatunbosun Oladapo, warned that the price of 12.5kg cooking gas could hit as high as N18,000 by December if the Federal Government do not checkmate the activities of the terminal owners.

However, despite the warning, Olatunbosun told newsmen on Monday, that the government was yet to wade into the crisis.

Yes, the price is now N1,000 per kilogram but the government is yet to step in despite a meeting we had with the NMDPRA,” he said.

According to him, gas retailers still buy 20 metric tons of gas for N14m at the depot.

We still buy a 20 MT truck at N14m at the depots. And the price of diesel has increased that it now costs N1.7m to take gas from Lagos to the North due to the high cost of diesel. If we sell here at N1,000 per 1kg, just imagine how much it would cost in the Middle East and North.

What we pray for is for prices to come down so that the ordinary masses can benefit from the decade of gas policy of the Federal Government that seeks to make gas accessible and affordable for the common man.”

“There is a ridiculous hike in gas prices going on right now, and I am afraid that if the Federal Government does not step in to checkmate the activities of these terminal owners, price could reach as high as N18m for a 20 metric tons truck by December. This means that a 12.5kg could go as high as N18,000,” he said.

According to him; terminal owners were “hiding under the guise of high foreign exchange to increase price, and further increase the suffering of the masses” .

Punch/MTO