The price of liquefied petroleum gas (LPG), also known as cooking gas, has increased to as high as N1,650 per kilogramme (kg) in Lagos and Ogun states, and N1,800 per kg in Abuja.
It was observed on Thursday that LPG prices have increased
at retail outlets in some parts of the country.
At Techno Oil outlets in Festac, Lagos, the price rose from
N1,450 per kg to N1,650 per kg.
At NipCo retail stations in First Gate and Trade Fair
Complex, the price increased from N1,280 per kg to N1,480 per kg.
In Ogun state, the price at Ecogas LPG refilling plant in
Sagamu rose from N1,500 per kg to N1,600 per kg.
At Oyejo gas station in Shiwun, the price increased to
N1,650 per kg from N1,450 per kg.
In Abuja, TheCable observed that LPG prices rose from N1,700
per kg to N1,800 per kg, while NipCo sold the product at N1,650 per kg at its
retail outlets.
The increase followed a 31.8 percent rise in depot prices,
which climbed from N1,100 per kg to N1,450 per kg within a month.
Commenting on the development, Lawal Taofeek, a gas expert,
attributed the price increase to seasonal factors, saying rising global demand
is driving up gas prices.
“This is the peak heating season in Europe, when demand for
gas rises significantly as countries increase consumption for heating,” he
said.
“This seasonal surge in demand puts upward pressure on
global gas prices, which in turn affects LPG prices. The trend is expected to
continue until late December or early January, as it is a seasonal period of
rising gas prices.”
He added that prices should decline as the season ends.
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