in

Cooking Gas Price Increases by 60%

Cooking Gas Price Increases by 60%

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.

ATTENTION: Click HERE to join our WhatsApp group and receive News updates directly on your WhatsApp!

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.

READ MORE FROM DAILY REPORT NIGERIA

Supreme Court Rejects Atiku’s Appeal Against Tinubu (VIDEO)

Edwin Clark Demands Exclusion of Abia, Imo, Ondo from NDDC

Shell to Return Operational Headquarters to Delta

NNPCL Reacts as Fire Guts Warri RefineryRefinery

NASS Dragged to Court Over N57.6bn SUVs

Tinubu Dragged to ECOWAS Over Certificate Forgery

NUC Warns NBTE Against Top-up Degree Program For Polytechnic Graduates

Nigeria Ranked Second Most Praying Nation on Earth

CBN Lifts Ban on Importation of 43 Items (FULL LIST)

Lamentations as Cooking Gas Price Hits N1,200 Per KG

Queues Return as Fuel Price Hits N1000 in Abuja

2023 WASSCE: WAEC Denies Ranking Abia as Top Performing State

Leave a Reply

Your email address will not be published. Required fields are marked *

Written by Tapre Timine

Tinubu Files Fresh Certificate Forgery Counter Suit Against Atiku

BREAKING: Supreme Court Rejects Atiku’s Appeal Against Tinubu (VIDEO)

Nigeria Leads List of Countries With Most Time Spent On Social Media

Nigeria Leads List of Countries With Most Time Spent On Social Media