Terminal owners increased the prices of Liquefied Natural Gas (LNG) or cooking gas by 60 percent in October alone.
The price of 20 metric tons of cooking gas at the terminal was N10 million at the beginning of the month.
However, as of October 20, the price had risen to N14 million per 20 metric tons.
As of Saturday, October 21, the price had risen to N16 million per 20 metric tons, representing a 66 percent rise in price within the space of one month.
The increase has been attributed to depreciation in foreign exchange and an increase in price at the international market.
A report regarding the increase read:
“Effective immediately, Ex-Navgas price is N800,000/mt. This is because of the continuous depreciation in FX & increase in international price on product. Payment made after this communication will be recapped at the new price.”
Cooking gas marketers have accused gas terminal operators of being responsible for the commodity’s price increase in Nigeria.
The LNG Limited supplied 70 percent of cooking gas consumed in Nigeria.
The Petroleum Products Pricing Regulatory Agency (PPPRA) reported that domestic consumption of cooking gas exceeded one million MT in 2020.