The President of the Nigerian Association of Liquefied Petroleum Gas Marketers, Olatunbosun Oladapo, has indicated that the cost of cooking gas is set to rise commencing from the following week.
As reported by Punch,, Oladapo pointed to several factors including the escalating international prices, steep tax rates, vessel costs, foreign exchange scarcity, and the devaluation of the naira as the driving forces behind the intended price adjustment.
“We are expecting this adjustment to take effect next week due to the surge in international prices. Vessel expenses have surged, and coupled with high taxes, consumers are grappling with the impact, while their income remains stagnant,” he stated.
Oladapo expressed regret over the impending price increase, emphasizing the regrettable nature of the situation.
“It is deeply unfortunate that we are compelled to raise prices. This situation is particularly distressing for Nigerian consumers who are currently facing challenging times, grappling with the unaffordability of gas,” he further lamented.
He highlighted the shift in consumer behavior, noting that individuals are reverting to traditional alternatives such as firewood, charcoal, and sawdust for cooking purposes.
“The government has a vital role to play in alleviating the burdens borne by the masses. This can be achieved through the provision of relief measures, a reduction in taxes and levies. The current scenario, where a significant portion of a N700 1kg gas price goes towards taxes, leaves little room for sustainable business,” Oladapo continued.
He urged the government to reconsider its taxation strategy, advocating for taxing profits rather than the products themselves, given the dwindling consumer demand for gas.
“The burden imposed by local taxes exacerbates the challenges,” he asserted, calling upon marketers who have the ability to source products domestically to set prices with sensitivity towards consumer well-being.
In light of the upcoming price adjustment, Oladapo appealed for a more compassionate approach from all stakeholders, acknowledging the broader impact on consumers and the market alike.
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