Thursday, February 22, 2024
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HomeBusiness News"No More N4k": Cooking Gas Prices for 5kg and 12.5kg to Increase...

“No More N4k”: Cooking Gas Prices for 5kg and 12.5kg to Increase as Nigeria LNG 10-Month Woes Continue

Liquefied Petroleum Gas (LPG), commonly known as cooking gas, marketers have issued a warning to Nigerians, indicating that they should prepare for tougher times ahead, as prices are set to increase in the upcoming week.

According to reports from Naija News, the President of the Nigerian Association of Liquefied Petroleum Gas Marketers (NALPGAM), Olatunbosun Oladapo, stated that consumers of cooking gas should be prepared to pay higher prices for the product starting from the following week.

This development follows a period during which local consumers enjoyed lower prices for cooking gas due to a decline in international prices.

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Speaking to The Punch, Oladapo elaborated that the impending hike in cooking gas prices is a result of the surge in international prices, along with elevated tax rates and vessel costs, foreign exchange scarcity, and the devaluation of the national currency.

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The NALPGAM boss, who described the imminent price increment as unfortunate, stated “It is starting next week because international prices have gone up. The prices of vessels have gone up, and taxes are high, but consumers are not earning more.

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“Their purchasing power has gone down. Everybody is crying. Consumers, middlemen, and retailers are feeling the impact because business is now on the low side.

“The situation is very unfortunate because prices are going higher. Nigerian consumers are passing through very difficult times because they can no longer afford gas.

“The government should come in and alleviate the suffering of the masses by providing palliatives, reducing taxes and levies.

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“You can imagine that for every 1kg of gas priced at N700, tax would take way N3.50. How much is left in such a business?”

He urged the government to consider taxing profits rather than products, as consumers are now shifting away from purchasing gas. He also noted that consumers are reverting to traditional alternatives such as firewood, charcoal, and sawdust for cooking purposes…[CONTINUE READING HERE]

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