Gas retailers have issued a warning, expressing concern that the price of a 12.5kg cooking gas cylinder may surge to N18,000 by December this year unless the Federal Government intervenes to regulate the activities of terminal owners.
In an interview with Punch, Olatunbosun Oladapo, the President of the Nigerian Association of Liquefied Petroleum Gas Marketers, revealed that the cost of Liquefied Petroleum Gas, commonly referred to as cooking gas, has sharply risen at terminals. It has escalated from the previous range of N9-N10 million per 20 metric tons to the current rate of N14 million per 20 metric tons.
Oladapo expressed deep concern about the current surge in gas prices, and he apprehensively stated that without the Federal Government’s intervention to oversee the activities of terminal owners, prices could soar as high as N18 million per metric ton by December. This projection implies that a 12.5kg cylinder could potentially cost as much as N18,000.
According to Oladapo, terminal owners are unjustifiably using the excuse of high foreign exchange rates to increase prices, thereby exacerbating the hardship faced by the general population. He insisted that terminal owners have no valid grounds for raising prices, especially since the Nigerian Liquefied Natural Gas Limited continues to supply the market.
“NNPCL currently receives 59 percent of the gas supplied by NLNG, even though NLNG has also raised its prices from N6 million to N8 million. Now, due to NLNG’s price hike, both NNPCL and terminal owners have raised their prices to N14 million. The impending price increase is not the fault of retailers; it is the result of actions taken by NLNG and terminal owners. Even NNPCL is exploiting the guise of privatization to justify their price hikes. Just last week, the cost of 1kg of gas at the terminal was N800, and now it has jumped to N1,200, with the potential to reach N1,500 by December if no action is taken.”
He raised concerns about the affordability of gas for ordinary citizens, as the majority of minimum wage earners would be unable to purchase it at such elevated prices. Consequently, many people are resorting to using firewood and charcoal as alternatives. Oladapo also criticized the inconsistency of promises made by terminal owners, who recently pledged cooperation with President Tinubu’s administration to improve living conditions but have now taken divergent actions.
“Where are all the promised palliatives and buses they pledged to donate? We have yet to see any of them,” he added.
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